IMF upbeat on Jordan’s reforms and economic situation

By bne IntelliNews July 17, 2013

Despite the difficult environment, the Jordanian government has succeeded to meet the economic conditions under its IMF USD 2.06bn three-year Stand-By Arrangement, Nemat Shafik, deputy managing director of the Fund said in a statement. The IMF’s programme has broadly stayed on track through March 2013 with central bank reserves now exceeding programme targets, he noted.

The Jordanian authorities will continue implementing appropriate policy action, consistent with the programme, to meet its objectives of consolidating the fiscal accounts, building reserves, and boosting growth, Shafic said. An IMF mission will visit Jordan in September 4-7 to conclude discussions on the second review under the Stand-By Arrangement (SBA).

The IMF completed the first review under the SBA on April 10. Total disbursements to date have amounted to USD 769mn.

Jordan‘s budget gap will shrink to 4.8% of GDP in 2013 from 8.2% the year before, the IMF forecasts. Higher grants receivables, austerity measures and falling energy imports will help Jordan improve its external balances in 2013.

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