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14 April 2011
Jordanian Finance Minister Mohammad Abu Hammour has been selected by The Banker magazine as the finance minister of the year for 2010 for the Middle East region.
The UK-based magazine attributed the selection of Abu Hammour to his efforts to keep the budget on track, boost foreign investment and launch a Eurobond, all within less than 12 months.
The minister was informed Wednesday of the final result of the process which started last year.
In its article, released December 23 of last year, it said in terms of economic performance, Jordan continues to do well despite being one of the smallest economies in the Middle East.
Although Jordan is a non-oil economy, careful and prudent management led by Abu Hammour has enabled the country to maintain stability and growth while continuing to foster business confidence, said the magazine.
Jordans foreign reserves have increased steadily, reflecting the governments sound and efficient management of the financial sector, said the article.
It added that in the latest budget, the finance minister promised that domestic revenues would cover as much as 97 per cent of current spending, quoting the minister as saying: The government will continue to enhance dependency on income generated locally as well as continue with efficient use of resources.
According to the indicative draft budget for 2012 and 2013, Abu Hammour noted that domestic revenues will represent 102 per cent and 108 per cent of current spending, respectively.
Jordan has been consistently ranked first by international organisations among Arab countries in terms of transparency in state budgets, The Banker magazine remarked, pointing out to Abu Hammours remarks that the budget will continue controlling current spending by halting the purchases of furniture and cars by public agencies and freezing their recruitment.
The magazine article also highlighted that the government lowered the budget deficit in the 2010 to JD1.02billion ($1.43billion), or 5.3per cent of gross domestic product (GDP), from the unprecedented deficit in the 2009 budget of JD1.5 billion, 8.5 per cent of the GDP.
So while the country has not yet fully recovered from the global crisis, Jordan has the financial management in place to steer the economy back in the right direction, the magazine stated.
Commenting on the selection, Abu Hammour said in remarks to The Jordan Times said the award was in recognition of the economic achievements the country has made and to the financial reforms in particular, highlighting His Majesty King Abdullah directives to work on reforms in the economic sector.
The public understanding allowed the government to implement economic and financial reforms without having a negative impact on the living standards of people of limited income, he stated, saying the reforms will have a beneficial effect on the performance of the Kingdoms economy.
Source:Abu Hammour 'Finance Minister of the Year' | Jordan Times
Jordanian Finance Minister Mohammad Abu Hammour has been selected by The Banker magazine as the finance minister of the year for 2010 for the Middle East region.
The UK-based magazine attributed the selection of Abu Hammour to his efforts to keep the budget on track, boost foreign investment and launch a Eurobond, all within less than 12 months.
The minister was informed Wednesday of the final result of the process which started last year.
In its article, released December 23 of last year, it said in terms of economic performance, Jordan continues to do well despite being one of the smallest economies in the Middle East.
Although Jordan is a non-oil economy, careful and prudent management led by Abu Hammour has enabled the country to maintain stability and growth while continuing to foster business confidence, said the magazine.
Jordans foreign reserves have increased steadily, reflecting the governments sound and efficient management of the financial sector, said the article.
It added that in the latest budget, the finance minister promised that domestic revenues would cover as much as 97 per cent of current spending, quoting the minister as saying: The government will continue to enhance dependency on income generated locally as well as continue with efficient use of resources.
According to the indicative draft budget for 2012 and 2013, Abu Hammour noted that domestic revenues will represent 102 per cent and 108 per cent of current spending, respectively.
Jordan has been consistently ranked first by international organisations among Arab countries in terms of transparency in state budgets, The Banker magazine remarked, pointing out to Abu Hammours remarks that the budget will continue controlling current spending by halting the purchases of furniture and cars by public agencies and freezing their recruitment.
The magazine article also highlighted that the government lowered the budget deficit in the 2010 to JD1.02billion ($1.43billion), or 5.3per cent of gross domestic product (GDP), from the unprecedented deficit in the 2009 budget of JD1.5 billion, 8.5 per cent of the GDP.
So while the country has not yet fully recovered from the global crisis, Jordan has the financial management in place to steer the economy back in the right direction, the magazine stated.
Commenting on the selection, Abu Hammour said in remarks to The Jordan Times said the award was in recognition of the economic achievements the country has made and to the financial reforms in particular, highlighting His Majesty King Abdullah directives to work on reforms in the economic sector.
The public understanding allowed the government to implement economic and financial reforms without having a negative impact on the living standards of people of limited income, he stated, saying the reforms will have a beneficial effect on the performance of the Kingdoms economy.
Source:Abu Hammour 'Finance Minister of the Year' | Jordan Times
