IMF approves $206 million loan tranche to Jordan

Jordan-ALSHARQIYA July 2 : The International Monetary Fund revealed, on Thursday, that its Executive Board approved the disbursement of a loan tranche to Jordan worth 206 million dollars, to help the Kingdom face the repercussions of the Covid-19 pandemic and the burdens resulting from hosting 1.3 million Syrian refugees.

The fund said in a statement, "The Executive Board agreed to increase the resources available in light of the agreement to benefit from (the Extended Fund Facility) by about $206 million."

"Strengthening donor support will be a key factor in helping Jordan cope with the impact of the pandemic on the Jordanian people, and in hosting 1.3 million Syrian refugees," he added.

The statement pointed out that with this new tranche, "the total amounts disbursed by the fund to Jordan since the beginning of 2020 are about $900 million," including $396 million in emergency assistance that Amman received, in May 2020, under the "rapid financing instrument."

While the statement recalled the repercussions of the Covid-19 pandemic on Jordan and the “sharp decline in tourism in terms of human and economic losses, as unemployment reached record levels, and economic recovery was delayed,” he praised Amman’s success in “maintaining macroeconomic stability by achieving all "I have made very strong progress in implementing a large number of fundamental structural reforms."

The Fund also praised "the acceleration of the vaccination program in Jordan recently, and it is one of the first programs in the world to cover refugees."

For the International Monetary Agency, Jordan's priority in the short term should be "continuing to deal with the repercussions of the pandemic."

Hence, the Fund agreed to amend fiscal targets for the year 2021, to accommodate “the increase in spending on critical programs for health care, social protection and job support.”

The statement stressed that the Jordanian authorities "remain committed to adjusting public financial conditions in a gradual, supportive, and just manner, once the recovery is consolidated, in order to enhance the sustainability of public debt sustainability."


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