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May 19 2022 11:53 AM ˚
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Jordan GDP expected to grow 2.7% — IMF

IMF
(Photo: IMF)
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AMMAN — The International Monetary Fund (IMF) forecast that Jordan’s GDP will grow this year by 2.7 percent, following its forecast of 2 percent growth last year, according to Ad-Dustour.اضافة اعلان

In a report, the IMF noted that precautionary measures and a robust vaccination campaign have mitigated the effects of COVID-19 variants on the economy, and the recovery is supported by targeted fiscal and monetary measures.

The report states that the Jordanian government made a huge progress in implementing the structural reform agenda while also meeting most structural criteria to help support recovery.

 IMF experts have suggested a more gradual course of fiscal consolidation in 2022, which remains consistent with the downward trend of debt, noting that the government has submitted to parliament a 2022 budget that corresponds with this approach.

The experts also suggested consolidating the Aqaba Special Economic Zone Authority (ASEZA) and Customs Department with national regulations, as well as reforming tax incentives for investment.  According to the report, those amendments will be reviewed in March 2022.

The report noted that the completion of the audit of these proposals would result in the availability of approximately $335.2 million.

The report indicated that the government is working on enhancing the adequacy and efficiency of the social security net by phasing out temporary support programs, allocating more supplementary programs, improving targeted methodology, moving towards full virtual payments, and facilitating registration requirements for women.

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