On Sunday, the King of Jordan opened the second session of the country’s 15th parliament.
There, King Abdullah made an emphasis that the kingdom had to focus on its economy and job creations.
“The economy still tops our priorities, especially its social dimension, due to the economic challenges that resulted from international rising prices,” the monarch said.
“At the top of national priorities there stands, in the medium range, economic reform and the completion of a strong national economy that reflects positively on Jordanians’ standard of living.”
Jordan, one of the smallest economies in the Middle East, imports more than 90 percent of its oil and relies on foreign investment and grants. Rising property prices and investments from oil-exporting Persian Gulf countries boosted Jordan’s finance, insurance and real-estate industries by 8.5 percent
“Achieving the economic prosperity we seek requires the immediate application of measures to guarantee financial stability and enhance the investment environment,” the King said.
“Among these measures is controlling inflation, activating banking policies that guarantee the safety of banking institutions and their reputations and elevating the monitoring tools of depositors and guaranteeing clients’ rights.”
Measures will include raising the minimum wage, currently at around 155 dollars a month, reforming the tax law in a bid to encourage investors and controlling inflation.