including top funds in the U.S., Europe and the Gulf, piled into the latest issue, allowing a reduction in yields at a time other sovereigns were struggling to attract investor interest. The move to global markets also eases government debt issues to local banks to fund the deficit that has crowded out credit to the private sector, bankers say. Jordan’s commitment to International Monetary Fund (IMF) reforms and investor outlook confidence helped it maintain stable sovereign ratings at a time when other emerging markets were being downgraded, Al Ississ said.
Several ratings agencies have in recent months either upgraded or affirmed the country's credit ratings, including Moody's which last November upgraded the kingdom's rating outlook to positive from stable.
Ratings agency S&P last month noted that Jordan was moving ahead with reforms aimed at enhancing investment, widening the tax base and targeting corruption, forecasting that fiscal imbalances will moderate in the coming years. Al Ississ, an advocate of fiscal prudence, said an unprecedented clamp down on tax evasion has pushed the kingdom's domestic revenues beyond IMF targets for the first time in many years without hurting growth. The IMF at the end of last year said progress with structural reforms had cushioned the economy and strengthened macro-economic stability, boosting Jordan's growth in 2022 despite global economic turbulence. (Reporting by Suleiman Al-Khalidi; Editing by Leslie Adler, Mark Porter and Josie Kao)
