WBG Governor's Statement No. 8 - Statement by Nasser Shraideh, Governor for Jordan - 2022 Annual Meetings

Jul 19, 2026

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Statement by Nasser Shraideh, Governor of the Bank for Jordan on behalf of the Arab governors, addressing the region’s economic outlook ahead of the 2022 Annual Meetings. The statement highlights resilience despite COVID-19 shocks, then stresses renewed pressures from geopolitical spillovers, inflation, food insecurity, and rising financing costs. It calls for agile IMF and World Bank Group engagement, targeted social assistance, investment in sustainable agriculture and efficient food systems, and policy support to counter the adverse effects of global monetary tightening. It also emphasizes energy security, private-sector development, PPP financing, and actions to manage debt vulnerabilities.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages6

Reading Time15 min

AccessFree to download

Statement by the Hon. NASSER SHRAIDEH, Governor of the Bank for JORDAN, on Behalf of the ARAB GOVERNORS

Resilience and regional recovery outlook

Policy challenges and support requests to IMF and WBG

Inflation, food security, and agricultural investment

Global monetary tightening and debt sustainability risks

Private sector role, SMEs, and PPP programs

Energy security, clean technologies, and energy policy tradeoffs

Public Disclosure Authorized Public Disclosure Authorized WBG Governor's Statement No. 8 October 14, 2022 Statement by the Hon. NASSER SHRAIDEH, Governor of the Bank for JORDAN, ON BEHALF OF THE ARAB GOVERNORS Statement by the Hon. Nasser Shraideh, Governor of the Bank for Jordan, on Behalf of the Arab Governors 1- Overall, the Arab economies demonstrated resilience to the successive waves of COVID-19 and associated impacts. Recent geopolitical conflicts and their spillovers are weighing on the regional outlook and exacerbating divergence in recovery prospects. Indeed, for oil exporting countries of the region, the outlook is improving following the oil price surge partly offset by higher food prices and borrowing costs. Continued fiscal consolidation and economic diversification commitment should help boost investor confidence and achieve stronger growth over the medium term. Oil importing economies are expected to grow at a slower pace than projected earlier in the year, affected by the sharp increases in prices of energy, food, fertilizers, and metals. Over the medium term, recovery appears positive but uneven across countries, underpinned by gains from ongoing reforms, recovering demand, and improved domestic confidence. 2- Policymakers in Arab countries, especially low and middle-income countries, including those facing fragility and conflict, are faced with challenges such as tackling rising inflation, addressing food insecurity, preserving fiscal and debt sustainability, and promoting sustainable and resilient growth. We, therefore, appreciate the continued IMF and WBG engagement with our region, their valuable policy advice, as well as technical assistance, and financial support to our countries. We call on them to remain agile in their response to the countries' emerging needs, including addressing the challenges stemming from rising inflation, tightening global financial conditions, increasing debt vulnerabilities, slower growth, and climate change. 3- Rising food and energy prices and global supply chain disruptions exacerbated inflationary pressures around the world, and precipitated food security crises, addingto the already existing economic, social, and financial challenges. With the support of the IMF and WBG, our governments are taking swift and decisive measures, including targeted social assistance, to protect the vulnerable segments of the population from rising inflation. Medium and long-lasting efforts to improve food production are ongoing, but it will be crucial to boost investment in sustainable agriculture, efficient food systems, and better management of water resources. Eliminating all impediments to the food and fertilizers trade, including in legal, financial, and logistical areas, is essential to strengthening food security in our region. The IMF and WBG should designate MENA as a priority region for food security, and help devise short-and long- term strategies, as well as promoting public and private investment in this crucial sector. We look forward to the launch of IFC’s platform for food security in Africa and MENA, whose focus should be to expedite and facilitate investments in Agribusiness and related manufacturing and service sectors. We also appreciate the commitment of the IMF and the WBG to work together to support the Global Alliance for Food Security, monitor the drivers and the impact of higher prices, and help ensure that investments, financing, data, and best-practice knowledge are available to countries in need. 4- While necessary to contain inflation and anchor inflation expectations, monetary tightening in advanced economies has increased borrowing costs for developing economies, intensified capital outflow pressures, and currency depreciation. It could also highly undermine debt sustainability, worsen financing gaps, and further constrainthe fiscal space necessary to support a robust recovery. Tailored policy advice to our countries and adequate financial

FAQs

How do Arab economies described in the statement compare resilience and recovery trends?

Arab economies are described as resilient to successive COVID-19 waves, but regional outlooks face renewed stress from geopolitical conflicts. Recovery is viewed as positive yet uneven across countries, supported by reforms, demand gains, and improved domestic confidence.

What key economic and policy challenges are highlighted for policymakers in Arab countries?

The statement highlights rising inflation, food insecurity, preserving fiscal and debt sustainability, and promoting sustainable and resilient growth. It emphasizes fragility and conflict settings and asks the IMF and WBG to remain agile to emerging needs.

What actions does the statement recommend to address food and fertilizer-related pressures?

It recommends targeted social assistance to protect vulnerable groups, boosting investment in sustainable agriculture and efficient food systems, and removing impediments to food and fertilizer trade across legal, financial, and logistical areas. It also calls for prioritizing MENA in food security and supporting investment through relevant platforms and coordinated efforts.

Jul 19, 2026

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