Better tidings on the horizon

Prime Minister Hani Mulki could not have been more candid and forthright when, during his interview with Jordan Television on Tuesday, he spoke about why the country's economy is where it is now.

The crisis in the country, said the premier, is nothing less and nothing more than the accumulation of grave policy errors over the past years, and even decades by former governments.

The previous governments opted for popular economic and fiscal policies, which were shortsighted in order to win a high rate of approval at a time when such polices were actually irresponsible and nearly brought the national and fiscal situation to the floor, Mulki explained.

Ever since 2010, the national debt kept growing to irresponsible levels before the very eyes of former governments, said the prime minister, indicating that the rate of national debt, continued to surge at a rate of 4.8 per cent annually since then.

It is time, therefore, to be honest with the people and call a spade a spade. The situation no longer affords hiding behind false excuses and pretending that all the reasons were beyond our control, both as a country and as people.

We have to admit, therefore, said Mulki, that we are where we are because we — government and people alike — took the country down to today's perilous path.

Mulki has counseled all stakeholders to take stock of where we are now and where we could be heading if we all — government and people — did not end the cycle of irresponsible consumerism that led citizens to living beyond their means.

If all sides cooperate, accept the hardships as temporary and embark on corrective policies and measures albeit painful, then there would be hope for a brighter future, the prime minister said.

As a matter of fact, better tidings are on the horizon. The Jordanian dinar, a measure of confidence in the country's economy, is as strong as ever. Jordan's borders with Iraq and the Gulf are opening up slowly but surely, to facilitate the flow of trade and commerce between Jordan and its neighbouring countries.

All in all, Prime Minister Mulki admitted past wrongs and omissions, and now it is time to continue along the new path for reform and to progress with patience.