(MENAFN- Jordan Times) Jordan's financial situation has started to get back on track, Prime Minister Fayez Tarawneh said on Saturday.
The premier noted that the government has already taken measures, including belt-tightening, to remedy the situation which is "gradually returning to the right monetary and fiscal track".
Economic reform measures taken by the government are based on four major components, the premier said, listing them as narrowing the budget deficit by cutting expenditures and reducing benefits provided for the well-off, increasing Treasury revenues, completing development projects in energy and increasing investments in the Kingdom.
At a ceremony to inaugurate the headquarters of the Jordanian Businessmen Association (JBA) and the Federation of Arab Businessmen, Tarawneh said support from donor countries and loans have also supported the Treasury.
The prime minister noted that improving the investment environment in order to increase local and foreign investments is also among the government's priorities in order to increase growth and consequently reduce unemployment.
Tarawneh highlighted challenges facing the Kingdom, especially after the Arab Spring and the global financial crisis, in addition to the frequent disruptions in the supply of Egyptian gas.
Underlining the important role of the private sector in supporting the national economy, the premier called for a genuine and strong partnership between the public and private sectors based on the Kingdom's best interests.
He pointed out that the main approaches to ensure an increase in growth rates and the recovery of the economy lay in attracting investments.
Tarawneh stressed that the JBA is the "ideal economic ambassador" for Jordan abroad, due to its "high integrity" in dealings at the Arab and international levels.
Earlier in the day, Tarawneh met with JBA President Hamdi Tabaa and highlighted his keenness to hold an extended meeting between the association's members and the government's economic team to discuss laws on the agenda of the Lower House's second extraordinary session.
Tabaa said the association is the only private entity that includes Jordanian businesspeople from inside and outside Jordan in order to build bridges among them.
In 1997, the JBA established the Federation of Arab Businessmen, whose members represent 15 Arab countries.
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