international monetary fund
Last Updated : GMT 09:07:40
Egypt Today, egypt today
Egypt Today, egypt today
Last Updated : GMT 09:07:40
Egypt Today, egypt today

Completing first review

International Monetary Fund

Egypt Today, egypt today

Egypt Today, egypt today International Monetary Fund

Jordanian economy
Amman - Egypt Today

The Jordanian economy has performed favourably under a difficult external environment, as macroeconomic stability and external viability have been maintained, thanks to a prudent monetary policy and progress in reducing the fiscal deficit, an international agency said.  
However, with below-potential economic growth, high unemployment, and difficult social conditions, steadfast implementation of reforms is critical to preserve these achievements and enhance inclusive growth, said Mitsuhiro Furusawa, deputy managing director and acting chair of the International Monetary Fund (IMF).
The IMF issued the statement after the Executive Board on Wednesday completed the first review of Jordan’s economic performance under the extended arrangement under the Extended Fund Facility (EFF). 
The completion of the first review enables the disbursement of some $71 million, bringing total disbursements under the programme to about $142 million. 
“The authorities are committed to continue with a gradual and steady fiscal consolidation to bring public debt towards more sustainable levels. To help public finances rest on a sounder foundation, the removal of exemptions on the general sales tax and custom duties will continue over the programme period,” Furusawa said in the statement, posted on the IMF’s website. 
The IMF official highlighted that these reforms are being complemented by others to tackle tax evasion, rationalise expenditures, contain contingent liabilities and improve the financial condition of the energy and water sectors. 
“The Central Bank of Jordan has tightened its monetary policy stance since November 2016 and stands ready to increase the policy interest rates further to support the peg. The banking system is well capitalised and profitable.’’
The gradual adoption of Basel III, a comprehensive set of banking reform measures and performance benchmarks, and the authorities’ decision to complement it with an additional capital buffer, provide important resilience to shocks and will help preserve financial stability, Furusawa added.
Efforts to promote financial inclusion and facilitate access to credit and improve the business environment should help support investment and productivity, and enhance inclusive growth, the official said, adding that further reforms to reduce the cost of formal jobs are critical to address high unemployment, particularly for young people and women. 
“Continued donor support through sufficient budget grants and concessional financing will be important to help Jordan cope with the refugee crisis and support the authorities’ programme goals,” he urged.
On August 24, 2016, the Executive Board approved a three-year extended arrangement under the EFF for Jordan for an amount equivalent to about $723 million at the time of approval of the arrangement, or 150 per cent of Jordan’s quota to support the country’s economic financial reform programme. 
This programme aims at advancing fiscal consolidation to gradually lower public debt and broad structural reforms to enhance the conditions for more social-friendly inclusive growth, according to the IMF website

egypttoday
egypttoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

international monetary fund international monetary fund



GMT 06:29 2011 Monday ,14 November

Matthew cruises to win at Ochoa Invitational

GMT 03:34 2017 Wednesday ,22 March

Tillerson to skip NATO meeting next month

GMT 13:44 2013 Friday ,15 March

Israel suppress Palestinian demonstrations

GMT 16:15 2017 Monday ,01 May

Moroccan Workers’ Syndicate

GMT 11:56 2016 Wednesday ,12 October

Toyota, Suzuki eye partnership as industry consolidates

GMT 15:42 2011 Thursday ,23 June

Express checks in with foursquare

GMT 10:49 2017 Sunday ,13 August

Car rams into crowd at violent Virginia rally

GMT 17:45 2013 Sunday ,20 October

5 Indian spices that are good for your health

GMT 08:41 2012 Saturday ,15 September

Italian magazine: will print Kate topless snaps

GMT 08:02 2012 Tuesday ,05 June

Zoe Saldana in Prabal Gurung

GMT 06:11 2012 Saturday ,15 September

Tunisia’s Media Conflict: Journalists fight for freedom

GMT 14:35 2015 Friday ,24 July

Awqaf Minister hails New Suez Canal project

GMT 16:34 2017 Thursday ,28 December

Hitler's Nazi-parade Mercedes set

GMT 11:22 2011 Monday ,10 October

Paul McCartney to play in Moscow in December

GMT 05:17 2015 Friday ,25 September

Pope expresses solidarity with Muslims after stampede

GMT 05:44 2012 Saturday ,21 April

ATV engine 95 HP

GMT 03:01 2011 Monday ,19 September

Laughter, tears at US television\'s Emmy awards

GMT 12:04 2012 Wednesday ,07 March

6 Music animation draws on 10 years of eclectic radio

GMT 01:00 2015 Sunday ,05 April

Barzani congratulates Abadi on Tikrit victory

GMT 13:24 2015 Thursday ,15 October

Tesla installs 'autopilot' update

GMT 06:17 2012 Monday ,02 January

Countries across the world celebrate the New Year

GMT 04:07 2016 Tuesday ,07 June

For new era of self-driving cars

GMT 08:21 2017 Saturday ,23 December

Saudi-Sudanese Deal to Ease Transfers

GMT 11:08 2017 Thursday ,21 December

Asian markets mostly down as tax cut euphoria wanes
 
 Egypt Today Facebook,egypt today facebook  Egypt Today Twitter,egypt today twitter Egypt Today Rss,egypt today rss  Egypt Today Youtube,egypt today youtube  Egypt Today Youtube,egypt today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

egypttoday egypttoday egypttoday egypttoday
egypttoday egypttoday egypttoday
egypttoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
egypttoday, Egypttoday, Egypttoday