IMF first review report expected in 2 months

AMMAN — The report of the first review of the Jordanian economy under a $700-million loan Extended Fund Facility (EFF) programme with the International Monetary Fund (IMF) is expected to be issued late May or early June, according to a government official.

The visit for the first review was done late 2016.  The report was not issued because Jordan was two months late in approving the fiscal measures, Minister of Finance Omar Malhas told The Jordan Times recently.

“The IMF mission came back two weeks ago to check what was done and to update the macroeconomic framework.  So yes; we are still working on the first report,” Malhas said.

Jordan is expected to receive $70 million after the first review report is completed and endorsed by the IMF.

“We will have several discussions in Amman and the US in April. In May, the report of the first review will be referred to the IMF board and it is expected to be endorsed and published late May or early June,” Malhas said.

The programme was launched in July 2016 after Jordan signed a letter of intent with the IMF and is expected to last for 36 months.

The government had then announced a set of immediate fiscal measures to raise revenues and cut spending in line with the IMF deal, starting January 2017. 

In August 2015, Jordan completed a three-year Stand-By Arrangement with the IMF, involving a nearly $2-billion loan.