Jordan Gets IMF Boost

The IMF has approved a three-year $723mn Extended Fund Facility (EFF) to Jordan to support economic reforms. An initial $72.3mn is available for immediate disbursement with the remainder to be phased in over the duration of the program subject to six reviews. A previous $2bn three-year standby arrangement expired in August last year.

IMF official David Lipton says Jordan’s economy has performed well given its “strong commitment” to reform despite “a difficult external environment” including the hosting of a million Syrian refugees, which weighs on public finances.

The IMF says EFF will help Jordan attract loans and grants from multilateral and bilateral sources (MEES, 1 July). Jordan and Lebanon expect to receive aid from the Concessional Financing Facility, an international initiative coordinated by the World Bank to raise money from donors so as to address the impact of the Syrian refugee crisis in these two countries. (CONTINUED - 367 WORDS)