IMF, Jordan Reach Agreement On Economic Reform Program - Statement

IMF, Jordan Reach Agreement on Economic Reform Program - Statement

The International Monetary Fund and Jordan reached a staff-level agreement on the kingdom's economic reform program, paving the way for a $146 million disbursement, the IMF said in a statement on Wednesday

WASHINGTON (Pakistan Point News / Sputnik - 28th October, 2020) The International Monetary Fund and Jordan reached a staff-level agreement on the kingdom's economic reform program, paving the way for a $146 million disbursement, the IMF said in a statement on Wednesday.

"An IMF team...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...Completion of the review by the IMF board would release an amount of around US$146 million, bringing total IMF disbursements to Jordan in 2020 to US$687 million," the statement read.

IMF team leader Ali Abbas highlighted the Jordanian government's timely response to the global COVID-10 pandemic, saying it allowed the kingdom to provide robust stimulus support to the economy.

He noted that the IMF forecasts Jordan's real GDP to decline by 3 percent in 2020, and increase by 2.5 percent in 2021. He also urged kingdom's authorities to continue supporting economy by providing decisive measures in different areas, including tax reforms and structural reforms, particularly in the electricity sector.