AAMAN: Jordanian authorities reached a staff-level agreement on policies that can lead to the completion of the sixth review under the SBA. 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).
A mission from the International Monetary Fund (IMF), led by Kristina Kostial, visited Amman conduct the sixth review of Jordan’s economic performance under the Stand-By Arrangement (SBA) approved in August 2012 (see Press Release No. 12/288).
“End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
A mission from the International Monetary Fund (IMF), led by Kristina Kostial, visited Amman conduct the sixth review of Jordan’s economic performance under the Stand-By Arrangement (SBA) approved in August 2012 (see Press Release No. 12/288).
“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).
“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. 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. The current account deficit, excluding grants, narrowed to 12.1 percent of GDP in 2014 from 17.1 percent in 2013, despite disruptions to gas imports from Egypt and a decline in exports to Iraq.
“Program performance has stayed broadly on course. The central bank’s international reserves have continued to over-perform relative to program targets. The government budget has been well managed. Nonetheless, the fiscal deficit is estimated to have slightly exceeded the 2014 target owing to revenue shortfalls—the latter brought about by subdued activity in sectors that generate much of the tax revenue. The electricity company NEPCO incurred some additional losses because of shortfalls in gas flows from Egypt. There has been progress on the structural side: a preliminary license was granted to the first private sector credit bureau, and efforts are ongoing to bolster cross-border bank supervision and enhance the efficiency of public capital spending.
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