Fitch Ratings has affirmed Jordan's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.

In this regard, Minister of Finance, Dr. Mohammad Al-issis , said "fixing Jordan’s credit rating in light of conditions of regional instability represents a testimony to resilience of the Jordanian economy."

He stressed need to continue taking the necessary measures to maintain financial stability without harming the middle class and without raising the tax burden on the citizen.

Attributing this achievement to reforms, resilient funding, the agency said Jordan's ratings are supported by a record of macroeconomic stability, progress in fiscal and economic reforms, and resilient financing linked to the liquid banking sector, public pension fund and international support.

The agency also noted Jordanian authorities maintain their commitment to fiscal consolidation, as Fitch forecasts Jordan's general government budget deficit to decline to 2.2% of GDP (5.2% at the central government level) in 2023, down from 2.7% 2022.

Additionally, the agency said Jordan successfully completed its seventh review under the current Extended Fund Facility (EFF, due to end in March 2024) and reached a Staff-Level Agreement with the IMF for a new four-year EFF (USD1.2 billion).