Arab Monetary Fund to lend Jordan $40 million

AMMAN — The Finance Ministry on Thursday signed a $40 million automatic loan agreement with the Arab Monetary Fund (AMF) to support the payment balance of the Kingdom’s AMF subscription of transferrable paid currencies.

The agreement also aims at enabling the Kingdom to continue its financial and economic reforms, the Jordan News Agency, Petra, reported.

Finance Minister Omar Malhas, who signed the agreement on behalf of the government, said the deal has soft repayment conditions over four years with an interest rate of 1.3 per cent.

The Finance Ministry said the loan will be withdrawn in two batches of $32.12 million and $7.88 million, with the government paying back the loan over four equal instalments every six months after a grace period of 18 months of the withdrawal date.