IMF Approves $1.3 Billion Extended Fund Facility for Jordan

(Bloomberg) -- The International Monetary Fund’s Executive Board on Wednesday approved a four-year $1.3 billion program for Jordan, Minister of Finance Mohammad Al Ississ said in an emailed statement.

The board’s decision to sign off on the extended fund facility program at a time global uncertainty is mounting in the face of the coronavirus pandemic signals the IMF’s confidence in Jordan’s economic reforms, he said. It also shows support for its efforts to mitigate the impact of the virus on people and vulnerable sectors of the economy, according to Al-Ississ.

“The recent measures taken by the government to protect the physical and economic health of our citizens in light of the coronavirus not only fit within the program’s framework, but are well aligned with it,” Al-Ississ said.

After months of talks with the IMF, the Middle Eastern country in January reached a staff-level agreement on a four-year program based on growth-supporting structural reforms and fiscal discipline.

“We will continue to work with the fund, in partnership with the Jordanian private sector, to mitigate the inevitable economic impact of the coronavirus on Jordanian businesses and citizens,” Al-Ississ said.

©2020 Bloomberg L.P.