The International Monetary Fund disbursed the first tranche of payments from its new program with Jordan, amounting to $190 million, out of $1.2 billion distributed over the 4-year period of implementing the agreement with the government.
According to data seen by the Kingdom, on January 16, the Fund transferred 144 million Special Drawing Rights; The equivalent of $190 million, while the remaining amount will be distributed over the program implementation phases, subject to eight agreed-upon reviews.
Last year, the Fund disbursed 24.017 million SDRs; This is equivalent to $31.815 million, while approximately 394.565 million Special Drawing Rights were disbursed in 2022. The equivalent of $522.688 million.
The Executive Board of the International Monetary Fund, early last month, approved a new four-year Extended Fund Facility (EFF) agreement with Jordan, worth $1.2 billion (equivalent to 926.37 million Special Drawing Rights), to support the government’s economic program.
At the time, Deputy Director General of the International Monetary Fund, Kenji Okamura, said that Jordan had succeeded in withstanding a series of shocks over the past few years, and had maintained overall stability and moderate economic growth thanks to sound policy making and great international support.
He added that these wise fiscal and monetary policies led to reducing the deficit, enhancing precautionary reserves, maintaining financial stability, and maintaining market confidence in a global and regional environment full of challenges, and he also made significant progress in implementing structural reforms.
The new Extended Fund Facility arrangement is expected to support the government’s efforts towards maintaining overall stability and continuing to build resilience, by continuing gradual fiscal consolidation to put public debt on a steady downward path, while protecting social and capital spending and improving financial conditions, in addition to efficiency. The electricity sector and maintaining the exchange rate linkage to appropriate monetary policies.
It will also support the government's efforts to focus on accelerating structural reforms to achieve stronger growth and job creation, in particular by continuing to improve the business environment, access to finance, labor market flexibility, and public administration.
The new ranking depends on Jordan's strong performance under the previous ranking. Six reviews were completed on time under the previous arrangement and all commitments set for the seventh review were met.
The new program will replace the previous program that was approved in March 2020, and was scheduled to end in March 2024. It completed 6 reviews on time out of 8 and fulfilled the obligations of the seventh review.
Finance Minister Muhammad Al-Issas stated that the program is a Jordanian strategic option that was prepared by specialized Jordanian ministries and institutions and will help the Kingdom maintain financial stability and enhance economic growth by raising the competitiveness of the national economy and supporting exports with the aim of creating jobs to reduce the unemployment rate, in addition to expanding social protection.
He stressed the government's commitment to continuing to combat tax evasion and avoidance, which achieves tax justice and raises public revenues for the treasury without adding any new tax burdens on citizens. He stressed that the program does not include raising any taxes or imposing new taxes.
The SDR is not a currency, but its value is determined on the basis of a basket of five currencies; They are the US dollar, the euro, the Chinese yuan, the Japanese yen and the British pound, with their current value in dollars estimated at $1.324720 per unit.
The International Monetary Fund disbursed the first tranche of payments from its new program with Jordan, amounting to $190 million, out of $1.2 billion distributed over the 4-year period of implementing the agreement with the government.
According to data seen by the Kingdom, on January 16, the Fund transferred 144 million Special Drawing Rights; The equivalent of $190 million, while the remaining amount will be distributed over the program implementation phases, subject to eight agreed-upon reviews.
Last year, the Fund disbursed 24.017 million SDRs; This is equivalent to $31.815 million, while approximately 394.565 million Special Drawing Rights were disbursed in 2022. The equivalent of $522.688 million.
The Executive Board of the International Monetary Fund, early last month, approved a new four-year Extended Fund Facility (EFF) agreement with Jordan, worth $1.2 billion (equivalent to 926.37 million Special Drawing Rights), to support the government’s economic program.
At the time, Deputy Director General of the International Monetary Fund, Kenji Okamura, said that Jordan had succeeded in withstanding a series of shocks over the past few years, and had maintained overall stability and moderate economic growth thanks to sound policy making and great international support.
He added that these wise fiscal and monetary policies led to reducing the deficit, enhancing precautionary reserves, maintaining financial stability, and maintaining market confidence in a global and regional environment full of challenges, and he also made significant progress in implementing structural reforms.
The new Extended Fund Facility arrangement is expected to support the government’s efforts towards maintaining overall stability and continuing to build resilience, by continuing gradual fiscal consolidation to put public debt on a steady downward path, while protecting social and capital spending and improving financial conditions, in addition to efficiency. The electricity sector and maintaining the exchange rate linkage to appropriate monetary policies.
It will also support the government's efforts to focus on accelerating structural reforms to achieve stronger growth and job creation, in particular by continuing to improve the business environment, access to finance, labor market flexibility, and public administration.
The new ranking depends on Jordan's strong performance under the previous ranking. Six reviews were completed on time under the previous arrangement and all commitments set for the seventh review were met.
The new program will replace the previous program that was approved in March 2020, and was scheduled to end in March 2024. It completed 6 reviews on time out of 8 and fulfilled the obligations of the seventh review.
Finance Minister Muhammad Al-Issas stated that the program is a Jordanian strategic option that was prepared by specialized Jordanian ministries and institutions and will help the Kingdom maintain financial stability and enhance economic growth by raising the competitiveness of the national economy and supporting exports with the aim of creating jobs to reduce the unemployment rate, in addition to expanding social protection.
He stressed the government's commitment to continuing to combat tax evasion and avoidance, which achieves tax justice and raises public revenues for the treasury without adding any new tax burdens on citizens. He stressed that the program does not include raising any taxes or imposing new taxes.
The SDR is not a currency, but its value is determined on the basis of a basket of five currencies; They are the US dollar, the euro, the Chinese yuan, the Japanese yen and the British pound, with their current value in dollars estimated at $1.324720 per unit.
The International Monetary Fund disbursed the first tranche of payments from its new program with Jordan, amounting to $190 million, out of $1.2 billion distributed over the 4-year period of implementing the agreement with the government.
According to data seen by the Kingdom, on January 16, the Fund transferred 144 million Special Drawing Rights; The equivalent of $190 million, while the remaining amount will be distributed over the program implementation phases, subject to eight agreed-upon reviews.
Last year, the Fund disbursed 24.017 million SDRs; This is equivalent to $31.815 million, while approximately 394.565 million Special Drawing Rights were disbursed in 2022. The equivalent of $522.688 million.
The Executive Board of the International Monetary Fund, early last month, approved a new four-year Extended Fund Facility (EFF) agreement with Jordan, worth $1.2 billion (equivalent to 926.37 million Special Drawing Rights), to support the government’s economic program.
At the time, Deputy Director General of the International Monetary Fund, Kenji Okamura, said that Jordan had succeeded in withstanding a series of shocks over the past few years, and had maintained overall stability and moderate economic growth thanks to sound policy making and great international support.
He added that these wise fiscal and monetary policies led to reducing the deficit, enhancing precautionary reserves, maintaining financial stability, and maintaining market confidence in a global and regional environment full of challenges, and he also made significant progress in implementing structural reforms.
The new Extended Fund Facility arrangement is expected to support the government’s efforts towards maintaining overall stability and continuing to build resilience, by continuing gradual fiscal consolidation to put public debt on a steady downward path, while protecting social and capital spending and improving financial conditions, in addition to efficiency. The electricity sector and maintaining the exchange rate linkage to appropriate monetary policies.
It will also support the government's efforts to focus on accelerating structural reforms to achieve stronger growth and job creation, in particular by continuing to improve the business environment, access to finance, labor market flexibility, and public administration.
The new ranking depends on Jordan's strong performance under the previous ranking. Six reviews were completed on time under the previous arrangement and all commitments set for the seventh review were met.
The new program will replace the previous program that was approved in March 2020, and was scheduled to end in March 2024. It completed 6 reviews on time out of 8 and fulfilled the obligations of the seventh review.
Finance Minister Muhammad Al-Issas stated that the program is a Jordanian strategic option that was prepared by specialized Jordanian ministries and institutions and will help the Kingdom maintain financial stability and enhance economic growth by raising the competitiveness of the national economy and supporting exports with the aim of creating jobs to reduce the unemployment rate, in addition to expanding social protection.
He stressed the government's commitment to continuing to combat tax evasion and avoidance, which achieves tax justice and raises public revenues for the treasury without adding any new tax burdens on citizens. He stressed that the program does not include raising any taxes or imposing new taxes.
The SDR is not a currency, but its value is determined on the basis of a basket of five currencies; They are the US dollar, the euro, the Chinese yuan, the Japanese yen and the British pound, with their current value in dollars estimated at $1.324720 per unit.
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The International Monetary Fund disbursed to Jordan the first disbursements of its new program amounting to $190 million
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