IMF to disburse US$200m in loan for Jordan

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IMF to disburse US$200m in loan for Jordan

IMF to disburse US$200m in loan for Jordan

(Amman) – A loan of US$200 million for Jordan will be disbursed by the International Monetary Fund, IMF, under the Stand-By Arrangement (SBA) after the IMF Executive Board’s approval of the sixth review of the country’s economic performance, announced the IMF following discussions with the Jordanian government.
“In view of the Jordanian authorities’ commitment to economic reforms and efforts to preserve macroeconomic stability amid external challenges, the IMF team and the Jordanian authorities reached a staff-level agreement on policies that can lead to the completion of the sixth review under the SBA. The agreement is subject to the approval of the IMF Executive Board. The completion of this review would allow for the disbursement of SDR142.083 million (about US$200 million),” Kristina Kostial, who led the IMF’s mission to Jordan between 24 February-10 March to conduct the sixth review of Jordan’s economic performance under the SBA approved in August 2012, said in a press release.
Noting that Jordan’s economy is withstanding a difficult regional environment most notably, the conflicts in Syria and Iraq, and the resulting high cost of hosting refugees, disruptions to trade routes, and pressures on security spending, Kostial said that growth has gradually increased to an estimated 3.1 percent in 2014, supported by construction, mining, and agriculture. Inflation dropped to 0.2 percent year-on-year in January, helped by lower global commodity prices.
(Courtesy WAM)