Jordan Mobilizes All Efforts to Mitigate Regional Impact on Tourism Sector - Jordan News
Jordan Mobilizes All Efforts to Mitigate Regional Impact on Tourism Sector Jordan is harnessing all its resources and efforts to overcome the repercussions of ongoing regional developments on its tourism sector, through an integrated vision aimed at protecting the gains of this vital industry and gradually restoring tourism momentum. اضافة اعلان In a session held on Saturday, the Cabinet approved a decision under which the government will cover the interest costs on new loans granted to tourism offices and hotels (excluding five-star hotels) by banks operating in the Kingdom. These loans will be provided in line with the banks' credit policies, and within the framework of the Central Bank of Jordan's economic sectors financing program. Stakeholders in the tourism sector emphasized the importance of this government decision, noting that it offers direct support that enhances the sustainability of tourism establishments and preserves their operational capacity amid current challenges. They described the move as a realistic and well-considered response by the government to the regional conditions that have weighed on tourism performance. In comments to the Jordan News Agency (Petra), they explained that the decision not only eases financial burdens on tourism businesses, but also strengthens their ability to retain staff, sustain operations, and safeguard local tourism expertise. They called for continued supportive initiatives to ensure the recovery and resilience of the sector as a major contributor to the national economy. Dr. Raef Al-Tahat, spokesperson for the Jordan Society of Tourism and Travel Agents, praised the Cabinet's decision as wise and instrumental in helping tourism offices restructure their financial situation, especially in light of declining outbound tourism due to regional instability. He added that the decision will assist offices in covering employee salaries, preserving jobs, and paying Social Security contributions—thereby enhancing sustainability and enabling businesses to maintain their roles. Tourism expert Dr. Ibrahim Al-Kurdi from the Aqaba branch of the University of Jordan's Faculty of Tourism and Hospitality, described the measures as a significant step in supporting the tourism sector. He said they reduce financial pressure on travel agencies and small-to-medium-sized hotels, the groups most vulnerable to crises. Dr. Al-Kurdi noted that the government's targeted support for the most affected segments—those with limited self-capacity to withstand economic shocks—will help prevent the closure of small and medium enterprises, preserve diversity in the tourism infrastructure, and enhance their ability to gradually recover and remain in the market. He added that the decision will positively impact investor and employee confidence in the tourism sector, showing the government's commitment to adopting flexible, responsive policies. It will also promote the sector's sustainability, enabling it to overcome the crisis and revive its activity without losing skilled labor or valuable resources. Meanwhile, Nabeih Riyal, a member of the Jordan Inbound Tour Operators Association, welcomed the government's move to cover the interest on new loans for tourism offices and hotels. He stressed the decision's timely importance, especially since inbound tourism continues to face major challenges due to regional turmoil, the aftermath of the war on Gaza, and the lingering effects of the COVID-19 pandemic. Riyal pointed out that tourism employees possess valuable skills and accumulated experience that must be preserved. He urged a comprehensive approach to enhance the sector's sustainability and support its ability to navigate both current and future crises. The Cabinet's decision stipulates that, to benefit from the government support, new loans must be exclusively allocated for covering the salaries and wages of employees at eligible tourism offices and hotels (excluding five-star hotels) for a period of three months, or for paying their Social Security contributions. These loans must be repaid within 24 months, including a six-month grace period starting from the date the funding is disbursed. The decision remains in effect until the end of September.
— (Petra)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Jordan News
10 hours ago
- Jordan News
Jordan Mobilizes All Efforts to Mitigate Regional Impact on Tourism Sector - Jordan News
Jordan Mobilizes All Efforts to Mitigate Regional Impact on Tourism Sector Jordan is harnessing all its resources and efforts to overcome the repercussions of ongoing regional developments on its tourism sector, through an integrated vision aimed at protecting the gains of this vital industry and gradually restoring tourism momentum. اضافة اعلان In a session held on Saturday, the Cabinet approved a decision under which the government will cover the interest costs on new loans granted to tourism offices and hotels (excluding five-star hotels) by banks operating in the Kingdom. These loans will be provided in line with the banks' credit policies, and within the framework of the Central Bank of Jordan's economic sectors financing program. Stakeholders in the tourism sector emphasized the importance of this government decision, noting that it offers direct support that enhances the sustainability of tourism establishments and preserves their operational capacity amid current challenges. They described the move as a realistic and well-considered response by the government to the regional conditions that have weighed on tourism performance. In comments to the Jordan News Agency (Petra), they explained that the decision not only eases financial burdens on tourism businesses, but also strengthens their ability to retain staff, sustain operations, and safeguard local tourism expertise. They called for continued supportive initiatives to ensure the recovery and resilience of the sector as a major contributor to the national economy. Dr. Raef Al-Tahat, spokesperson for the Jordan Society of Tourism and Travel Agents, praised the Cabinet's decision as wise and instrumental in helping tourism offices restructure their financial situation, especially in light of declining outbound tourism due to regional instability. He added that the decision will assist offices in covering employee salaries, preserving jobs, and paying Social Security contributions—thereby enhancing sustainability and enabling businesses to maintain their roles. Tourism expert Dr. Ibrahim Al-Kurdi from the Aqaba branch of the University of Jordan's Faculty of Tourism and Hospitality, described the measures as a significant step in supporting the tourism sector. He said they reduce financial pressure on travel agencies and small-to-medium-sized hotels, the groups most vulnerable to crises. Dr. Al-Kurdi noted that the government's targeted support for the most affected segments—those with limited self-capacity to withstand economic shocks—will help prevent the closure of small and medium enterprises, preserve diversity in the tourism infrastructure, and enhance their ability to gradually recover and remain in the market. He added that the decision will positively impact investor and employee confidence in the tourism sector, showing the government's commitment to adopting flexible, responsive policies. It will also promote the sector's sustainability, enabling it to overcome the crisis and revive its activity without losing skilled labor or valuable resources. Meanwhile, Nabeih Riyal, a member of the Jordan Inbound Tour Operators Association, welcomed the government's move to cover the interest on new loans for tourism offices and hotels. He stressed the decision's timely importance, especially since inbound tourism continues to face major challenges due to regional turmoil, the aftermath of the war on Gaza, and the lingering effects of the COVID-19 pandemic. Riyal pointed out that tourism employees possess valuable skills and accumulated experience that must be preserved. He urged a comprehensive approach to enhance the sector's sustainability and support its ability to navigate both current and future crises. The Cabinet's decision stipulates that, to benefit from the government support, new loans must be exclusively allocated for covering the salaries and wages of employees at eligible tourism offices and hotels (excluding five-star hotels) for a period of three months, or for paying their Social Security contributions. These loans must be repaid within 24 months, including a six-month grace period starting from the date the funding is disbursed. The decision remains in effect until the end of September. — (Petra)
Jordan News
17 hours ago
- Jordan News
Standards Authority Clarifies Procedures for New Vehicles – Detailed Instructions Within Two Weeks - Jordan News
Standards Authority Clarifies Procedures for New Vehicles – Detailed Instructions Within Two Weeks The Jordan Standards and Metrology Organization (JSMO) has clarified the new regulatory procedures that will be applied to all types of imported passenger vehicles—whether new or used, powered by gasoline, electricity, or hybrid systems (gasoline-electric)—in accordance with the recent Cabinet decision. اضافة اعلان In a statement issued on Sunday, the organization announced that the decision mandates all imported vehicles to undergo conformity assessment procedures, based on technical instructions issued by JSMO. The vehicles must comply with one of the internationally recognized technical regulation systems—European, American, or Gulf standards. The decision will take effect for all vehicles starting from the beginning of October. The organization confirmed that it will issue detailed instructions within two weeks outlining the procedures and technical requirements for the conformity assessment of all types of vehicles, whether new or used. It emphasized that conformity assessment procedures are a fundamental pillar for ensuring compliance with internationally approved technical specifications. These procedures aim to enhance public safety standards, improve the quality of imported vehicles, and prevent the entry of non-compliant vehicles into the local market. The statement also noted that since 2024, the organization began requiring conformity assessment documents for new electric vehicles. As a result, electric vehicles meeting the organization's requirements have already been successfully imported, demonstrating the effectiveness of the current regulatory approach. The organization called for cooperation and adherence to the Cabinet's decision to ensure its effective implementation, serve the public interest, and strengthen consumer protection. اطرح سؤالك على ChatGPT
Ammon
a day ago
- Ammon
Jordan's Economic Resilience Strengthened by IMF Support
Raad Mahmoud Al-Tal Jordan continues to demonstrate strong economic resilience despite facing persistent regional conflicts and global uncertainty. The recent completion of the third review under the Extended Fund Facility (EFF) by the International Monetary Fund (IMF) confirms that Jordan's economic reform program remains firmly on track. With this review, Jordan gained immediate access to SDR 97.784 million (about US$134 million), bringing total payments under the EFF to nearly US$595 million. The IMF also approved a new 30-month Resilience and Sustainability Facility (RSF) worth SDR 514.65 million (about US$700 million), aimed at supporting long-term reforms in the water and energy sectors and improving preparedness for future public health emergencies. Economic performance in 2024 exceeded expectations, with real GDP growth reaching 2.5%, reflecting the economy's ability to withstand external shocks. Inflation remained low at 1.9%, supported by the Central Bank of Jordan's commitment to monetary and financial stability and the peg to the U.S. dollar. International reserves rose to over US$20 billion by the end of 2024, surpassing the IMF's adequacy threshold. These indicators confirm that Jordan has maintained macroeconomic stability, which is crucial for investor confidence and long-term growth. Despite regional spillovers, including increased fiscal pressures, the Jordanian government has made progress in gradually reducing its fiscal deficit. The overall central government deficit stood at 6.4% of GDP in 2024, slightly higher than the previous year but expected to improve to 4.5% by 2026. Importantly, the government has continued to prioritize public investment and social spending while improving the efficiency of tax collection and expenditure. The structural fiscal balance is also expected to strengthen as reforms in revenue administration and expenditure controls take effect. The newly approved RSF provides critical financing to address structural weaknesses in two of Jordan's most strained sectors: electricity and water. These sectors have long contributed to fiscal pressures due to inefficiencies and accumulated debt. The RSF will help improve financial sustainability and service delivery, especially through reforms targeting energy efficiency and water resource management. In parallel, the program includes provisions for enhancing Jordan's capacity to manage health risks, including future pandemics, through stronger institutional and financial preparedness. However, challenges remain. Unemployment remains high at 21.4% in 2024, with youth and women disproportionately affected. While foreign direct investment (FDI) is stable at around 3% of GDP, it needs to increase to support job-rich, private-sector-led growth. The government's reform agenda under the Economic Modernization Vision is focused on improving the business environment, enhancing labor market policies, and encouraging competition and innovation. These measures are essential to attract investment, diversify the economy, and increase productivity. Jordan has shown notable resilience under difficult circumstances, supported by sound policies and close cooperation with the IMF. Continued progress depends on steadfast implementation of fiscal and structural reforms, improved governance in public utilities, and greater inclusion of youth and women in the labor force. With strong donor backing and internal policy discipline, Jordan is well-positioned to sustain growth, reduce vulnerabilities, and build a more inclusive and sustainable economy.
