IMF approves first review of Jordan’s programmer; allows withdrawal of $130mln

Amman: The International Monetary Fund (IMF) Monday approved the first review of Jordan's "Extended Fund Facility" programme that was agreed on in November 2023 and will continue until 2028. This will allow Jordan to use 97,784 additional Special Drawing Units, approximately $130 million, from the Fund's resources out of the total resources of the programme that were previously approved amounting to 926,370 Special Drawing Units, $1.2 billion, 270 per cent of the Fund's membership quota allocated to Jordan. According to a statement, the IMF stated that Jordan's economy is resilient in the face of successive challenges, including those imposed by the war on Gaza and the imbalances that affected trade across the Red Sea. This reflects Jordan's "strong" progress in recent years due to its steadfastness in implementing macroeconomic policies and structural reforms. The Jordanian economy continues to grow, as growth is expected to moderate to hit 2.4 per cent in 2024 after reaching 2.6 per cent in 2023. The g rowth pace in the Kingdom is expected to recover in 2025 should the Israeli war on Gaza stop. The statement indicates that inflation was low and reserve margins were strong. The statement stressed that despite Jordan's "strong" performance, challenges remain, especially the high unemployment rates. Source: Jordan News Agency