The government presented in the presence of the Governor of the Central Bank, Dr. Ziad Fariz, its economic recovery priorities in 2021 and 2023 to the banking sector and ABJ members.

The Minister of Planning and International Cooperation, Chairman of the Economic Development Committee Nasser Al-Shraideh, stressed during the meeting held in ABJ headquarter in the presence of Ministry of Tourism and Antiquities, Mr. Nayef Al-Fayez, and Finance Mr. Mohammed Al-Assis that the banking sector contributed significantly to achieving financial and monetary stability in the past years.

He said, “We are also counting on the banking sector during the next stage to finance growth and development,” noting that the sector is a means to enabling the government achieve the economic development plan objectives.

Al-Shuraida added that these meetings are a translation His Majesty King Abdullah II directives and a direct mandate from the Prime Minister to emphasize the principle of true and participatory partnership with the private sector to overcome economic challenges.

His Majesty King Abdullah II directed the government to develop a clear-cut economic work program linked to specific timeframes implementation in partnership with the private sector to achieve economic recovery. He continued, “The government seeks, within its plan, to set priorities, major reforms and policies to be implemented to stimulate growth and employment in partnership with various actors in the private sector.”

Mr. Al-Shraideh highlighted the key challenges facing the economy which including high unemployment rates, high production costs, slowing economic growth in addition to the decline in foreign direct investment and the budget deficit.

He said that the government’s priorities for the next two years fall under three main axes: improving investment and business environment, enhancing competition and employment and supporting priority sectors as it seeks through such axes to enable the private sector to create job opportunities and increase local and foreign investment in addition to increasing goods and services exports.

Mr. Al-Shraideh stressed that there will be a periodic review of the presented government’s priorities which are linked to a specific timeframe action plan in addition to the required procedures, the concerned authorities and the funding related to the implementation of those priorities.

The Governor of the Central Bank, Dr. Ziad Fariz, said that the government’s meeting with ABJ is evidence of the confidence in this sector and important role in the development process stressing that the priorities set by the government and its commitment to implement them confirm that we are on the right path.

He pointed out the importance of focusing within the government’s priorities on promoting exports and small industrial projects and how to enhance investment opportunities in integrated industries as well as working on developing investment awareness especially investment in technology.

The Chairman of the Board of Directors of the Association of Banks, Basem Al-Salem, in turn, praised the government’s continued integration and involvement with the private sector and the banking sector in particular, and the dedication of real participatory decision-making.

He stressed that the banking sector continues to provide the necessary financing to support and advance the economy as well as achieve the desired growth rates in line with the government’s priorities.

Proposals were submitted by the members of the association on the government’s priorities for economic recovery as the participants stressed the importance of an implementation mechanism of such priorities.