IMF approves US$1.3 billion funding program for Jordan


Jordan said on Wednesday that the International Monetary Fund (IMF) has approved a four-year funding program worth about 1.3 billion U.S. dollars for Jordan.

Jordan’s Minister of Finance Mohammad Al Ississ said the Extended Fund Facility Program signals support for and confidence about Jordan’s reform agenda in light of the coronavirus uncertainty.

“The (IMF Executive) Board’s decision amidst global uncertainty in light of the coronavirus pandemic signals the Fund’s confidence in Jordan’s economic reform process, and support for their efforts to mitigate the impacts of the virus on vulnerable economic sectors and individuals,” said the minister in a statement.

He added that the program calls for an increase in the volume and efficiency of social protection spending.

“We will continue to work with the IMF, in partnership with the Jordanian private sector, to mitigate the inevitable economic impact of the coronavirus on Jordanian businesses and citizens,” Al-Ississ added.

Last week, nine measures were announced by the Jordanian government as an immediate cushion to the shocks created by the raging COVID-19 pandemic to the businesses, including lowering Social Security contributes; delaying General Sales Tax and customs payments; easing bank lending, and streamlining procedures for customs.

The IMF decision signals Jordan’s macroeconomic stability to international investors, while also calling on the global community to provide further aide to Jordan, Al-Ississ said. Enditem

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