WASHINGTON - The Executive Board of the International Monetary Fund (IMF) completed the sixth review of Jordan's program supported by the Extended Fund Facility (EFF). The completion of the review will make (Special Drawing Rights) SDR 24.017 million (about USD 32 million) immediately available, the IMF said in a press release on Thursday.

This brings total IMF disbursements to Jordan since the start of 2020 to SDR 1,300 million (about USD 1,735 million), including a purchase of SDR 291.55 million (about USD 390 million) in May 2020 under the Rapid Financing Instrument.

Jordan's four-year extended arrangement, amounting to SDR 926.37 million (about USD 1,235 million, equivalent to 270 percent of Jordan's quota in the IMF), was approved by the IMF's Board on March 25, 2020, and augmented on June 30, 2021, to SDR 1070.47 million (about USD 1,430 million, equivalent to 312 percent of Jordan's quota in the IMF).

On June 30, 2022, the arrangement was once again augmented, to SDR 1,145.954 million (about USD 1,530 million, equivalent to 334 percent of Jordan's quota in the IMF), according to the statement.

The Jordanian authorities have managed to successfully navigate recent external shocks and maintain macro-economic stability in an uncertain and challenging environment.

Thanks to the steadfast implementation of prudent fiscal and monetary policies, fiscal consolidation is on track, capital market access has been maintained, and inflation has remained relatively low and is declining, while reserve coverage is strong. Moreover, the economy is projected to continue to grow this year at 2.6 percent, despite the global headwinds. However, job creation is still weak, and unemployment remains too high, it added.

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