Jordanian delegation to complete negotiations with IMF in Washington

AMMAN — A Jordanian delegation is scheduled to head to Washington on October 18 to take part in the International Monetary Fund's (IMF) annual meeting.

Headed by Finance Minister Ezzeddine Kanakrieh, the delegation is due to complete the government's negotiations with the IMF and pave the way for the fund’s upcoming visit to the Kingdom. 

The visit is scheduled to take place before the end of the year with the aim of conducting the IMF’s third review of the Jordanian economy, which is expected to be completed by next March, Al Rai daily newspaper reported on Sunday.

Last week, the IMF concluded a 9-day mission to Amman to assess recent economic developments in the Kingdom and to convene with officials responsible for financial and monetary policies, among others in relevant institutions.

The source revealed that the new mission chief for Jordan, Chris Jarvis, expressed satisfaction with the Kingdom's financial indicators, while the deficit gave him cause for concern.

During the visit intended to examine fiscal and economic reforms being implemented in cooperation with the IMF, the mission did not come up with any recommendations or requirements related to the Jordanian economy, the source added.

On August 24, 2016, the IMF Executive Board approved a three-year extended arrangement under the Extended Fund Facility (EFF) for Jordan for an amount equivalent to SDR 514.65 million (about $723 million, or 150 per cent of Jordan’s quota) to support the Kingdom’s economic and financial reform programme.

Earlier this year, Jordan asked the IMF to extend the current programme for six more months until a decision is reached regarding a new programme with the fund.

The scheme aims to advance fiscal consolidation to lower public debt and implement broad structural reforms to enhance the conditions for more inclusive growth.