Sharkas: The aim of the vision of economic modernization is to improve the lives of citizens | Money and business | zad jordan news

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The Governor of the Central Bank, Dr. Adel Sharkas, confirmed that the vision of economic modernization as a major pivot comes within the comprehensive reform package that His Majesty King Abdullah II called for its implementation.

This took place during a dialogue session held today, Thursday by the Association of Banks, to discuss the role of the markets and financial services sector in the vision of economic modernization and how to unlock potential to build the future, in the presence of the Chairman of the Association of Banks, Bassem Khalil Al-Salem, Dr Banks, as well as representatives of other financial sectors.

Sharkas indicated that the aim of the document is to increase economic growth in partnership between the public and private sectors, so that it is reflected in the improvement of the living conditions of citizens and the creation of more jobs, and points out the importance of the likes this session to focus on the role of the banking sector in the vision, and the importance of synergizing and uniting the efforts of the financial sectors to achieve the goals of the vision.

In turn, Al-Salem said, this session came to discuss the vision of economic modernization, and to see in particular the role of the financial sectors in it.
He explained that the new vision is based on three main pillars of the financial sector; To ensure continuous economic growth, in terms of financing for sustainability and financing for all in terms of promoting financial inclusion, and financing for growth in order to develop infrastructure and the business environment, in addition to the role of the financial sector in the leading the digital transformation process in other sectors due to the provision of financial services in an innovative and dependent technology.

He added that the banking sector is moving at a steady pace, which is reflected in the improvement of the standard of living of citizens, through its deep role in the economy, and the promotion of the wheel of development through the financing programs and projects it provides and to it. participate. , in addition to providing financial technology services that will improve the level of services it obtains.

Al-Salem stressed that the financial and banking sector in Jordan is strong and solid, representing twice the gross domestic product, giving it the advantage of attractive local and foreign investment, while the sector works in partnership to support initiatives that other sectors stimulates, in particular, financing for small and medium-sized enterprises, especially as its share of facilities exceeds 10 per cent of the total, thus stimulating employment policies in general.

In turn, the director-general of the Association of Banks, dr. Maher Al-Mahrooq, said that the mechanism of the market and service sector work took place in 4 phases, as it was represented in the discussion of the current situation of the sectors in Jordan, the ten-year vision and growth priorities for the sub-sectors, factors that may make, and then come up with an implementation map.

Regarding the summary of the results of the matrix of enablers, he pointed out that the financial markets and services sector provide more than 30 priorities, represented in 12 financial services initiatives, and the results are limited to 6 empowerers who the directions and aspirations of the sub-sectors, the banking sector, the capital market, insurance, financial leasing, microfinance and financial technologies, in addition to providing more than 30 other priorities.

He pointed out that these priorities are represented by the economic workshop in 12 initiatives, and the sector has adopted a clear mechanism of action in its discussion and dialogue sessions to come up with initiatives, as in the short and medium term time matrix is ​​reflected. .

Dr. Al-Mahrouq stressed that the Jordanian financial sector has strong potential as one of the drivers of development and growth in the national economy in general and the economic sectors individually, thus improving the ability to achieve the goals set by His Majesty King Abdullah II desire. in job creation, expanding the middle class and providing a better life for Jordanians.

And he pointed out that the financial sector, especially the banking sector, has a number of strengths that support the new economic orientation, as it is the intermediary that overlaps with other sectors such as industry, trade, tourism and technology, in addition to its primary role in terms of savings, provision of financing and the comprehensiveness of the service it provides.

During the dialogue workshop, Al-Mahrouq reviewed a number of key points for the role of the market and financial services sector in the vision of economic modernization and pointed out that the sector includes 7 sub-sectors: banking, insurance, capital market, financial leasing. , microfinance, financial technology, banking and money transfer, which gives it a huge advantage in the future economic movement in general.

He also pointed out that the banking sector is developing new financing instruments that will contribute to the promotion of economic growth in the future, especially capital financing instruments in terms of providing Islamic financing securities and instruments and activating them as financing instruments through the financial market, and preparation for the introduction of sustainable green financing instruments that take into account environmental needs and Transition to a green economy.

In turn, Counselor Tariq Abu Ghazaleh spoke about the implementation mechanisms, and how the government will move from a supplier to an enabler for the sectors, noting that the economic vision includes 8 engines that drive economic growth.

He pointed out that the vision’s goal is to double gross domestic product to reach 58.1 billion dinars in 2033, compared to 30.2 billion dinars in 2021, especially as the plan grows related to employment and growth related to the provision of opportunities separated, with the aim of setting priorities.

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