IMF releases 166 mln USD in funding after second review of Jordan's economy

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AMMAN, May 7 (Xinhua) -- The Executive Board of the International Monetary Fund (IMF) has completed the second review of Jordan's economic performance under the Extended Arrangement under the Extended Fund Facility (EFF).

The completion of the second review enables the disbursement of about 166.4 million U.S. dollars, bringing total disbursements under the program to about 309 million U.S. dollars, the IMF said in a statement.

Jordan and the IMF signed a 36-month Extended Fund Facility in 2016. Under the 700 million U.S. dollars' program, the two sides agreed on several reforms.

Commending Jordan for preserving macroeconomic stability, maintaining a prudent monetary policy, and ensuring a sound financial system, IMF said Jordan faces a challenging environment - including low economic growth, high unemployment, and elevated public debt.

It underscored the importance of swiftly implementing policies and reforms to bring public debt on a downward path, boost investment and productivity, and enhance inclusive growth.

Referring to the UK-hosted London Initiative in February, which has demonstrated the international community's ongoing determination to support Jordan, IMF said: "Continued donor assistance is key to help Jordan cope with the refugee crisis and support the authorities' policy and reform efforts." Enditem

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