Amman, Jordan has continued a broad-based recovery amid a challenging external environment, thanks to the authorities’ effective policy response, said the International Monetary Fund (IMF) on Thursday.
While the IMF Executive Board completed the fifth review of Jordan’s program supported by the Extended Fund Facility (EFF), it said that policies should remain focused on maintaining macroeconomic and financial stability, protecting the vulnerable, and advancing reforms to boost employment, growth, and competitiveness, the IMF said in a statement.
The completion of the review will make the equivalent of SDR 257.325 million (about $343 million) immediately available.
This brings total IMF disbursements to Jordan since the start of 2020 to SDR 1,276.247 million (about US$1.699 billion) including a purchase of SDR 291.55 million (about US$407 million) in May 2020 under the Rapid Financing Instrument.
Jordan’s four-year extended arrangement amounting to the equivalent of SDR 926.37 million (about US$1.293 billion, equivalent to 270 percent of Jordan’s quota in the IMF), was approved by the IMF’s Board on March 25, 2020 and was augmented on June 30, 2021 to the equivalent of SDR 1070.47 (about $1.494 billion, equivalent to 312 percent of Jordan’s quota in the IMF).
According to the statement, stepped up donor support is crucial to help Jordan navigate the adverse exogenous shocks from elevated commodity prices and tightening global financial conditions, as it continues to shoulder the burden of hosting 1.3 million Syrian refugees.
Source: Jordan News Agency