Jordan to receive first tranche of fund immediately

25 August 2016

The rest of the fund will be released in phases

The Washington-based International Monetary Fund (IMF) has finalised a new fund programme, worth $723m, for Jordan. One-tenth of the fund will be made available immediately, according to a report by Jordanian news agency Petra.

The rest of the fund will be released in phases, and will be accompanied by six reviews by the IMF.

IMF reached a staff–level agreement on the request for a 36-month Extended Fund Facility (EFF) in June.

The fund is expected to  “facilitate loans and grants from multilateral and bilateral sources during the 36-month period, as agreed in the London Conference of February 2016,” the IMF said in June.

Donors are understood to have pledged significant financial support during the conference to address the impact of Syrian refugees, which now account for close to 14 per cent of Jordan’s total population of 9.5 million, on the kingdom’s economy.

The EFF supports Jordan’s ambitious macroeconomic and structural reform agenda under the country’s first 10-year economic framework called Vision 2025. The economic program aims to enhance the conditions for ”more inclusive economic growth, particularly in light of the challenges posed by the regional conflicts on exports, investment, and the labour market.”

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.