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Jordan receives $71m from IMF

June 22, 2017 at 11:37 am

The International Monetary Fund (IMF) said it had disbursed $71 million to Jordan after its Executive Board completed its first review of the country’s economy.

In a statement issued today, the fund said that total payments to Jordan under an extended loan programme amounted to $141.9 million.

In August 2016, the IMF Executive Board approved arrangements for Jordan for a period of three years, whereby the Kingdom would receive a loan of $723 million, representing 150 per cent of Jordan’s interest in the Fund.

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In its statement, the IMF affirmed that the extended loan facility will support the Kingdom’s economic and financial reform programme aimed at controlling public finances, reducing public debt and expanding structural reforms to create conditions for further overall growth.

“The performance of the Jordanian economy has been positive, in a difficult external environment,” he said. “However, with growth without potential and rising unemployment and difficult social conditions, rapid reforms are needed to maintain performance.”

Jordan’s GDP grew by 2.2 per cent in the first quarter of this year compared to the same period last year, while unemployment in Jordan rose to 18.2 per cent in the first quarter of this year, compared to 15.8 per cent in the fourth quarter of last year.