{"id":65868,"date":"2022-05-24T00:00:00","date_gmt":"2022-05-24T00:00:00","guid":{"rendered":"http:\/\/jordannewsgazette.com\/?guid=a507243a46511d29f007173c6ecd35b7"},"modified":"2022-05-24T00:00:00","modified_gmt":"2022-05-24T00:00:00","slug":"imf-mission-proposes-disbursement-of-165-million-to-jordan","status":"publish","type":"post","link":"https:\/\/jordannewsgazette.com\/imf-mission-proposes-disbursement-of-165-million-to-jordan\/","title":{"rendered":"IMF mission proposes disbursement of $165 million to Jordan"},"content":{"rendered":"
An International Monetary Fund (IMF) team led by Ali Abbas proposed an increase in disbursement allocated to Jordan by around $165 million in 2022, including an augmentation of access of around US$100 million, in light of higher external financing needs, arising from global economic pressures.<\/p>\n<\/p>\n
This will bring total IMF disbursements over 2020-2024 to Special Drawing Right (SDR) 1,438 million (or around $2 billion), including the amount drawn under the Rapid Financing Instrument.<\/p>\n<\/p>\n
This is in addition to SDR 329 million (or $469 million) disbursed as Jordan\u2019s share under the IMF General SDR allocation in August 2021.<\/p>\n<\/p>\n
The proposal followed an IMF team, led by Ali Abbas, in-person mission from May 8-23, 2022 with the Jordanian authorities.<\/p>\n<\/p>\n
The mission held discussions on the 2022 Article IV Consultation with Jordan and reached a staff-level agreement with the Jordanian authorities for the completion of the fourth review under the Extended Fund Facility (EFF) arrangement.<\/p>\n<\/p>\n
This agreement is subject to approval by the IMF\u2019s management and the Executive Board.<\/p>\n<\/p>\n
“The authorities\u2019 swift and decisive actions have mitigated the effects of the COVID-19 pandemic on the economy. Helped by the economic reopening, a recovery, supported by targeted fiscal and monetary measures, is underway, with real GDP growth expected at around 2.4 percent in 2022, and rising to above 3 percent over the medium-term,” IMF website cited Abbas as saying.<\/p>\n<\/p>\n
However, Abbas added, unemployment persists at very high levels, particularly among the youth.<\/p>\n<\/p>\n
He said, “Inflation \u2013 which has been contained in 2021 \u2013 has risen slightly this year, reaching 3.6 percent at end-April. Supported by a stronger rebound in tourism receipts and robust exports, the current account deficit will narrow from 8.8 percent of GDP in 2021 to 6.5 percent of GDP in 2022, a somewhat higher level than previously expected, primarily reflecting more elevated fuel import prices.”<\/p>\n<\/p>\n
Source: Jordan News Agency<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
An International Monetary Fund (IMF) team led by Ali Abbas proposed an increase in disbursement allocated to Jordan by around $165 million in 2022, including an augmentation of access of around US$100 million, in light of higher external financing need…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"yoast_head":"\n