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PM: Jordan sees less, positive fallout from global financial crisis
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15:52, December 21, 2008

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Jordan's Prime Minister Nader Dahabisaid Jordan has so far seen less and positive fallout from the global financial crisis, local daily The Jordan Times reported on Sunday.

Jordan is not affected by the global financial crisis to the same degree experienced by major economies such as the U.S. and Europe, Dahabi Saturday told a meeting with community leaders from the Naour District in west of Amman.

"However, this does not mean that we are in isolation from the negative impact of the global financial crisis as there will be effects," the premier added.

Most of the crisis' effects were positive so far, as manifested in the drop in prices of oil and basic food commodities, said Dahabi, adding that the government is constantly on alert and is closely following up on external developments that might impact the kingdom's economy.

Meanwhile, a recent report released by Moody's Investors Services, a leading credit ratings analysis agency, said the credit outlook for the Jordan's financial institutions is stable and positive.

The kingdom's capitalization levels are healthy and provide room for growth and for the absorption of possible loan losses despite current global economic turmoil, said the report.

However, the report warned that the efficiency levels in Jordanian banks may lessen as banks report lower profitability in light of the current economic climate.

The report also expected the country's financial institutions to be adversely affected by reduced earnings capacity and higher credit costs.


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