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As one of the world’s most influential business hubs, the Middle East requires expert attention. Business Extra provides those experts, as well as news and insights from The National’s esteemed team of business editors and reporters, who are on top of the markets, technology, the energy sector and more.
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The Jordanian government owed 44.8 billion dinars in public debt as of February this year. That’s more than $63 billion.
It’s not $36 trillion dollars like the figure blinking on the US debt clock. But for a country like Jordan, where debt makes up more than 92 per cent of GDP, according to the International Monetary Fund, that number hits differently.
Jordan is now at a crossroads.
With US financial aid frozen in President Donald Trump’s second term, and pressure mounting from lenders like the IMF, Jordan is now forced to do more with less.
And that is in a region plagued by conflict, inflation, and youth unemployment. Jordan’s debt has been creeping up for years. And now, the country is an example of how aid and borrowing can become lifelines – but also long-term liabilities.
It lacks a thriving industrial base, relies heavily on imports, and does not have a strong supply of natural resources. For decades, aid, especially from the US, served as a financial safety net.
Today, we’re asking how did Jordan get here, and how it can get out of it.