IMF team, Finance Ministry review economic indicators

AMMAN — Meetings with the International Monetary Fund (IMF) are part of periodic visits of the mission to discuss the financial reform programme being implemented in cooperation with the fund, Finance Minister Ezzeddine Kanakrieh said on Monday.

According to a Finance Ministry statement, carried by the Jordan News Agency, Petra, the meeting on Monday reviewed the Kingdom’s economic indicators, including the growth rates in exports and tourism revenues.

Discussions also focused on the procedures aimed at enhancing the economic growth, maintaining certain levels of the deficit as mentioned in the Budget Law and reducing the public debt-to-GDP ratio.

Attendees of the meeting, including Planning Minister Mohamad Al-Ississ, Central Bank of Jordan (CBJ) Governor Ziad Fariz and other officials, also discussed preparations for the third revision of the Jordanian economy’s performance under the programme with the fund, which is slated for next September.

Kanakrieh noted that other meetings are scheduled to be held later, where the mission members will hold meetings with ministries and public departments.

IMF officials are expected to conclude their visit to the Kingdom by next week.

Earlier this year, an IMF mission visited the Kingdom to conduct the second review of the national economy’s performance under the Extended Fund Facility (EFF) and, after its completion of the review, it issued a statement concluding that its outlook “brings renewed momentum despite persistent challenges”.

Jordan and the IMF signed a 36-month, $700-million EFF programme in 2016, under which the two sides agreed on six conditions that aim at reducing public debt to safe levels and stimulating the economy.

The controversial Income Tax Law, which came into effect at the beginning of this year, is part of fiscal reforms under the programme and its endorsement was a necessary step for conducting the second review of the economy under the EFF programme.

Last month, the government said it was in discussions with the international lending institution to start a new programme for development purposes.