Jordan may issue international bonds

16 Jun 2010

(MENAFN) Jordanian Finance Minister Mohammad Abu Hammour stated that the ministry may sell bonds internationally to help the government with its finances and take advantage of low borrowing costs, Petra reported.

The sale of conventional or Islamic bonds, known as sukuk, will provide a new window to finance the government?s needs. At the same time, it will not compete with the private sector for domestic liquidity available in the local market and allows banks to finance more projects, which would reflect positively on the economy, Abu-Hammour said in a statement.

Jordan, which imports more than 90 percent of its oil, typically relies on foreign investment and grants to finance deficits in the budget and the current account.

The country will need to make necessary legislative amendments to sell Islamic sukuk and the government is currently working to remove any constraints, Abu-Hammour said.

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