S&P Reaffirms Jordan’s Credit Rating at B/B+

SourceAl Bawaba

In a phone interview, Makhamreh said that the latest rating can go down if the government does not take proper measures to improve the economy, and could go higher if foreign currency revenues go up, with the lowering of debt and better control on spending. “The report is positive, generally speaking, but it is conditional as the government needs to do a lot of work, and COVID-19 hit to the economy has made the situation difficult,” Makhamreh said. “The rating might go down next year because debt will probably increase, especially if the 2021 budget, which will be very different, is going to depend on more borrowing to fund the government’s spending and the budget deficit,” Makhamreh said. He added that the government is committed not to increasing taxes. If this remains true, ...read more...