IMF mission briefed on economic developments

AMMAN — An International Monetary Fund (IMF) mission visited Amman from September 17 to September 26, during which the new mission chief for Jordan, Chris Jarvis, was introduced and assessed recent economic developments in the Kingdom, according to an IMF statement sent to The Jordan Times on Saturday.

A mission to complete the third review of the IMF's Extended Fund Facility (EFF) will take place after the IMF holds its annual meetings in October, the statement added.

In addition to conducting the third review of the Jordanian economy, the IMF mission is scheduled to discuss the Kingdom's fiscal and economic indicators, Finance Minister Ezzeddine Kanakrieh said earlier this month. 

Specifically, the scheme aims at advancing fiscal consolidation to lower public debt, and implementing broad structural reforms to enhance conditions for more inclusive growth.

The minister at the time noted that the mission's visit is part of a series of visits intended to examine fiscal and economic reforms being implemented in cooperation with the IMF.

Jarvis headed the delegation, which comprised former mission chief  Martin Cerisola and a team of specialists scheduled to meet with officials from the Ministries of Finance, Planning and Energy, Industry, Trade and Supply, Water, as well as representatives from the Central Bank of Jordan, among others, according to the minister.

In August 2016, to support the Kingdom’s economic and financial reform programme, the IMF Executive Board approved a three-year extended arrangement with Jordan under the EEF for an amount equivalent to SDR514.65 million (about $723 million, or 150 per cent of Jordan’s quota).