IMF mission starts first programme review

AMMAN — The International Monetary Fund (IMF) started its first review of the Jordanian economy after reaching an agreement on a $700 million Extended Fund Facility (EFF) programme with the Kingdom.

A mission from the IMF arrived in Amman on Tuesday to complete discussions with Jordanian officials representing the Ministry of Finance and the Central Bank of Jordan on the programme, Minister of Finance Omar Malhas said in a statement to The Jordan Times Tuesday.

“This visit is part of the programme with the IMF… It seeks to assess all measures related to the programme. The IMF mission will issue a statement following the completion of its task to outline the results,” the minister said.

The IMF delegation will also meet with officials at various ministries.

In July, Jordan signed a letter of intent with the IMF for a $700 million EFF programme.

In previous remarks to The Jordan Times, the minister said that after the first review, Jordan will get $100-$150 million before the end of the year.

The approval of the EFF is expected to help catalyse loans and grants from multilateral and bilateral sources during the programme’s period. In support of the Jordan Compact, agreed upon during the London conference in February, donors pledged considerable financial support for Jordan to address the impact of the Syrian refugees. 

In August 2015, Jordan completed a three-year Stand-By Arrangement with the IMF in the amount of nearly $2 billion.