China grants financial and technical aid to Jordan; PM Awn Khasawneh presents his government’s policy statement in Parliament; S&P lowers Jordan credit rating
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    • Reports note that Jordan and China signed two economic cooperation agreements, under which Beijing promised to offer $10.7 million worth financial and technical assistance to the Kingdom. These agreements were signed by Planning and International Cooperation Minister Jafar Hassan, China’s Commerce Vice Minister Zhong Shan and Chinese Ambassador in Amman Yue Xiaoyong. Under the agreements, Beijing would provide $7.9 million (50 million yuan) grant to finance development projects in Jordan in addition to delivering $2.8 million worth firefighting and first aid equipment to the Civil Defence Department in Amman.1

    On domestic front, presenting his government’s policy statement in Parliament, Prime Minister Awn Khasawneh announced that his government would refer the political parties, constitutional court and elections laws to the Lower House in January, February and March respectively of 2012. Khasawneh also clarified that his government was forced to cancel all decisions on municipalities taken by the former government which were “incompatible with the Municipalities Law” and assured that the government would work on drafting a law amending the Municipalities Law and would refer it to the House before the end of 2011.2

    In other developments, expressing concern about the country’s economy and political situation, Standard & Poor’s lowered Jordan’s long-term local-currency sovereign credit rating to “BB” from “BB+”. The ratings agency also maintained its “BB/B” long- and short-term foreign-currency sovereign credit ratings on the Kingdom as well as the short-term local-currency rating at “B”.3

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