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Jordan, IMF reach staff-level deal on final review to approve $400m

Jordan, IMF reach staff-level deal on final review to approve $400m

AMMAN: The International Monetary Fund (IMF) announced Wednesday that its mission for Jordan has reached a staff-level agreement on the seventh and final review under the 36-month Stand-By Arrangement (SBA).

This agreement is subject to approval of the IMF’s executive board, which is scheduled to consider the review at the end of July. Board approval would make available to Jordan about $400 million, said Kristina Kostial, IMF mission chief for Jordan.

An IMF team visited Amman from June 9-24 to review Jordan’s economic programme, supported by SBA, in the amount of about $2 billion, or 800 per cent of Jordan’s quota at the IMF that was approved by the executive board on August 3, 2012.

“We welcome the authorities’ commitment and progress in implementing their economic programme despite a difficult regional environment stemming from the conflicts in Syria and Iraq,” Kostial said in a statement e-mailed to The Jordan Times.