AMMAN — The
International Monetary Fund (
IMF) has disbursed the first tranche of its new program with Jordan, totaling
$190 million out of $1.2 billion, distributed over a four-year agreement period
with the government. On January 16, the IMF transferred 144 million
Special Drawing Rights (SDRs), equivalent to $190 million, with the remaining amount to
be disbursed through stages subject to eight agreed-upon reviews. Last year,
the IMF disbursed 24.017 million SDRs, equivalent to $31.815 million, while in
2022, it disbursed about 394.565 million SDRs, equivalent to $522.688 million.
اضافة اعلان
The IMF Executive Board approved a new
Extended Fund Facility (
EFF) agreement last month with Jordan for four years,
totaling $1.2 billion (equivalent to 926.37 million SDRs) to support the
government's
economic program. IMF Deputy Managing Director Kengo Okamura
stated that Jordan has managed to withstand a series of shocks over the past
few years, maintaining overall stability and moderate
economic growth due to
sound policies and significant international support, Al-Mamlaka TV reported.
The new arrangement aims to support the
government's efforts to maintain overall stability, gradually adjust the public
debt trajectory downward, protect social and capital spending, improve
financial conditions, enhance electricity sector efficiency, and maintain an
appropriate monetary policy framework. Additionally, it will support efforts to
accelerate structural reforms for stronger growth and
job creation,
particularly by improving the business environment, accessing financing,
enhancing labor market flexibility, and improving public administration.
The new arrangement builds on Jordan's
strong performance under the previous arrangement, which completed six reviews
on time and fulfilled all commitments for the seventh review. The new program
replaces the previous one approved in March 2020, scheduled to end in March
2024, having completed six out of eight reviews and meeting obligations for the
seventh review.
Finance Minister Mohammed Al-Assaf stated
that the program is a strategic Jordanian choice prepared by specialized
Jordanian ministries and institutions. It will help maintain financial
stability, enhance economic growth by increasing the national economy's
competitiveness, supporting exports to create jobs, alleviate unemployment, and
expand social protection.
The government reaffirmed its commitment
to continue combating tax evasion and avoidance, achieving tax justice, and
increasing general treasury revenues without imposing any new tax burdens on
citizens. Special Drawing Rights (SDRs) are not a currency but are valued based
on a basket of five currencies: the US dollar, euro, Chinese yuan, Japanese
yen, and British pound, currently estimated at $1.324720 per SDR unit.
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