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August 15 2022 4:36 AM ˚
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IMF releases $183m at the end of fourth review

IMF building
(File photo: Jordan News)
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AMMAN — The International Monetary Fund’s (IMF) Executive Board concluded its fourth review of Jordan’s economy under the Extended Fund Facility (EFF), the fund announced in a press statement Thursday.اضافة اعلان

The completion of the review makes SDR 137.24 million (about US$183 million) immediately available to Jordan, the statement said, referring to special drawing rights. According to the IMF’s website, SDR “is an international reserve asset created ... to supplement the official reserves of its member countries,” that allows members to claim money to provide itself with liquidity.

According to the IMF, the fund has provided a total of about $1.356 billion to Jordan, including $407 million in May 2020 under the Rapid Financing Instrument, which is available for members facing an urgent balance of payments need, according to the fund’s website.

In its statement, the fund said that Jordan’s economic recovery was supported by targeted fiscal and monetary measures and that the government’s revenues have “over performed”. The fund attributed this positive performance to the reduction of tax evasion and the closing of tax loopholes.

The IMF warned that the Kingdom’s unemployment rate remains high, especially among youth, and noted that inflation has “risen slightly” to reach 3.6 percent at the end of April.

“Stepped-up donor support remains critical, including to aid Jordan in hosting 1.3 million Syrian refugees,” the statement said.

“Jordan’s economic recovery has continued amid an uncertain external environment. The authorities’ effective policy response to the pandemic, including early expansion of healthcare capacity, has enabled a timely and full reopening of the economy,” the statement said citing IMF Deputy Managing Director Kenji Okamura.

“Near-term policy should focus on maintaining macro-fiscal stability, while protecting the most vulnerable, and advancing reforms to boost growth and jobs.”

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