Imf Jordan

Imf Jordan

Jordan has made progress in reforming its economy since the 2017 Article IV consultation but significant challenges remain. The head of Jordans federation of unions Ali Obus demanded that the state maintain its independence and not bow to IMF demands.

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The loan program approved on March 25 2020 will create more jobs for women and young people.

Imf jordan. The IMF encourages donors to step up their support preferably in the form of grants to help Jordan cope with the impact of the pandemic on the Jordanian people and some 13 million Syrian. Structural weaknesses in Jordans public finances and balance of payments were soon exposed leading the authorities to request the countrys first arrangement with the International Monetary Fund IMF in 1989 to facilitate orderly external financial relations and reverse a sharp decline in economic growth. BEIRUT Reuters - Jordan has agreed a new 13 billion programme with the International Monetary Fund IMF and will receive a first installment of 140 million by the end of March the state news.

AMMAN The International Monetary Fund IMF is ready to provide Jordan with additional assistance if needed as the fund expects the countrys economy to contract 37 per cent this year before it rebounds in 2021 and grows by 37 per cent. Jordans four-year EFF of SDR 92637 million about 13 billion equivalent to 270 per cent of Jordans quota in the IMF was approved by the IMFs Board on March 25 2020. The IMF in Jordan Jordans four-year Extended Fund Facility EFF is a partnership between the Jordanian government and IMF staff which focuses its 13 billion on growth jobs and social safety nets.

Washington DC The Executive Board of the International Monetary Fund IMF today approved a 48-month arrangement under the Extended Fund Facility EFF with Jordan for an amount equivalent to SDR 92637 million about US 13 billion or 270 percent of Jordans quota to support the countrys economic and financial reform program. With the release of the latest tranche of 146 million IMFs total disbursements to Jordan has reached 687m. At the IMF his work to date has covered a wide range of countriesincluding Benin Colombia Egypt Estonia Jordan Lebanon the Republic of Congo and Swazilandand policy issues like exchange rates macroprudential policy and regional integration.

An International Monetary Fund IMF team led by S. Ali Abbas concluded virtual discussions with the Jordanian authorities and reached a staff-level agreement on the first review of the authorities economic reform program supported by the Extended Fund Facility EFF arrangement. AMMAN The International Monetary Fund IMF Jordan mission chief Ali Abbas on Tuesday said that the fund will take into account new data issued by Jordan while revising the October 2020 IMF World Economic Outlook.

The IMF responded quickly by disbursing 400 million under the Rapid Financing Instrument in May to help Jordan finance urgent needs stemming from the crisis which together with disbursement under the Extended Fund Facility brought total disbursements for the year to 689 million. Jordans economic situation still difficult reforms must be implemented International Monetary Fund IMF Mission Chief to Jordan Martin Cerisola said on Wednesday May 15 2019 that there are many signs of improvement in economic performance though Jordan is facing difficult circumstances and pressing challenges. The IMF had entered into a three-year EFF agreement with Jordan in 2017 which was extended in March 2020 when the lender approved a four-year 13 billion fund facility.

In a conversation with IMF Country Focus Jordans Minister of Finance Mohamad Al-Ississ digs deeper into the economic impact of COVID-19 on his country policies theyve pursued to limit the fallout and protect the vulnerable and how rapid IMF financing has softened the blow of the pandemic and allowed the government to invest in critical areas during the crisis. 2020 was a tough year for Jordan amid a surge in coronavirus cases decline in revenues and inability to proceed with reforms as requested and the IMF agreed on some adjustments to the. Against this backdrop the IMF-supported programme with Jordan which was approved in March 2020 was re-calibrated to provide the government more space to undertake spending in support of the economy and to rephase some of the reforms.

Murray said the IMFs recommendation remains to remove tax exemptions that disproportionately benefit higher income groups in Jordanian society while keeping those exemptions related to basic food items. King Abdullah II called on parliament to lead a comprehensive. International Monetary Fund IMF spokesperson Bill Murray told reporters today 09 Nov in Washington that the IMF supports maintaining subsidies and economic measures that help the poor in Jordan.

Despite a difficult environment macroeconomic stability has been preserved external imbalances have improved markedly and reserves buffers have remained adequate.