AMMAN: The Executive Board of the International Monetary Fund (IMF) completed the seventh and final review of Jordan’s economic program supported by a Stand-By Arrangement (SBA).
The IMF said in a press release, a copy of which was obtained by Petra, that the completion of the final review enables the disbursement of US$396.3 million. The three-year SBA in the amount of US$2 billion was approved by the Executive Board on August 3, 2012.
Following the Executive Board’s decision, Mr, Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, issued the following statement: “Jordan’s Fund-supported program has helped the country to successfully weather severe external shocks, including the conflicts in Syria and Iraq. Gradual fiscal consolidation, aided by lower oil prices, ensured that public debt is expected to start stabilizing this year and, together with a prudent monetary policy, has preserved macroeconomic stability and supported confidence,” he added.
“Although growth has slowed down in the first quarter of this year, the current account deficit is narrowing, foreign reserves remain at an adequate level, and inflation is low. Policies are on track to meet their 2015 targets. Fiscal structural reform is moving forward, financial policies are appropriately focused on further enhancing the resilience of the sector, and progress is also being made toward fostering private sector development.
