The Board of Directors of the International Monetary Fund (IMF) has successfully completed the second review of Jordan’s extended financing program after achieving all public finance objectives, according to a Ministry of Finance (MoF) statement released Thursday.
The statement noted that the IMF Board approved the second review of the “Extended Fund Facility” program in Jordan, stressing that the approval indicates confidence in Jordan’s reform momentum and financial stability, after Standard & Poor’s, Fitch, and Moody’s have recently maintained Jordan’s sovereign credit ratings.
The ministry indicated that Jordan has implemented government revenue management reforms aimed at enhancing and sustaining public revenue in a more equitable manner by combating tax evasion and patching gaps in tax avoidance instead of raising or imposing any new tax burdens.
The IMF Board also commended Jordan’s fiscal and monetary policy, deep structural reforms, and for its publication of all expenditures related to (COVID), which underlines the Kingdom’s clear commitment to transparency.
In the past period, Jordan has been able to implement a wide array of structural reforms in areas related to reducing the cost of business-doing, governance and employment, with a focus on women’s participation in the labor market.
For his part, the acting head of the International Monetary Fund stressed that the Jordanian government is still “committed to implementing a gradual fiscal adjustment that helps economic recovery, in order to enhance the ability to bear and sustain public debt and stimulate inclusive growth.”
The Fund’s management encouraged Jordan’s development partners to provide more support to the Kingdom given its strong commitment to stability and reform, and its unique and continuing contribution to hosting refugees.
Source: Jordan News Agency