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Jordan has agreed with the International Monetary Fund (IMF) on a new four-year loan program worth $1.2 billion, a signal of confidence for investors and one that will help cushion the economy from the adverse effects of regional conflict, Finance Minister Mohamad Al Ississ said, Reuters reported.
The new Extended Facility Facility (EFF) arrangement will replace an existing one that is set to expire in early 2024, according to a statement released by the IMF.
The IMF said Jordan has met most of its fiscal and monetary targets since the previous IMF program, which began in March 2020, such as closing tax loopholes and broadening the tax base, as well as maintaining $18 billion in foreign exchange reserves. The IMF forecasts Jordan's economy will grow 2.6 percent in 2023 and peak at 2.6 percent in 2024 due to the impact of the Hamas-Israel conflict in the Gaza Strip.
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