Gov’t ready with plan to stimulate economy before yearend

AMMAN — Deputy Prime Minister for Economic Affairs and Minister of Industry, Trade and Supply Jawad Anani on Tuesday said that the government will announce important decisions to stimulate the economy before the end of 2016.

The measures will be based on the recommendations of the Economic Policy Council, said Anani, according to a statement released by the Trade Ministry.

Heading a meeting for the ministry's advisory board to discuss economic and trade policies, Anani said that the sales tax and customs fees would be reduced, while exemptions granted to some sectors would be gradually cancelled to encourage investment.

The decisions also include earmarking JD410 million to support SMEs and entrepreneurs, with focus on the governorates other than the capital, applying a financing mechanism in coordination with banks, the deputy premier noted.

Anani stressed the Cabinet's keenness to enhance partnership with the private sector, which will have a more active role, as the government would resort to private businessmen for consultation over economic issues. The ministry has decided to discuss the policies with private sector leaders and listen to their feedback before referring them to the Council of Ministers.

He also stressed the importance of matching between education outcomes and labour market's needs to help curb unemployment.

The official underlined the significance of women empowerment as one of the means to fight poverty. 

Representatives from the industrial and trade sectors, banks, associations, businesspeople, importers and exporters, Business Women Forum and others listened to remarks by the private sector and suggestions on how best to enhance the national economy.

Anani asserted that the proposals would be carefully studied to be reflected in the trade and economic policies in favour of the public interest.