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Independent Evaluation Office - IEO Publications

December 6, 2005
The IEO provides objective and independent evaluation on issues related to the IMF. The Office operates independently of IMF management and at arm's length from the IMF's Executive Board.

Evaluation Report
IMF Support to Jordan, 1989–2004

The IEO would welcome feedback from the public on the report, particularly on the recommendations it makes.
Comments may be submitted at

Press Relase: Independent Evaluation Office Announces Release of Report on the Evaluation of IMF Support to Jordan, 1989–2004

Full text of main report in PDF Format: English (973 kb)  

Foreword (32 kb pdf file)

List of Abbreviations (352 kb pdf file)

Summary of Findings and Lessons (384 kb pdf file)



Introduction (384 kb pdf file)



The Design of Jordan's IMF-Supported Programs
(448 kb pdf file)

    A. Approaches to External and Fiscal Sustainability in Program Design
    B. Growth Objectives and the Magnitude and Composition of Targeted Adjustment in Key Macroeconomic Variables
    C. Inflation Objectives and the Design of Monetary and Exchange Rate Policy
    D. Structural Reforms Addressed by IMF-Supported Programs
    E. Design of Conditionality


Effectiveness of the Programs—What was Achieved and How (480 kb pdf file)

    A. Substantial Progress Toward External Viability
    B. Limited Progress Toward Fiscal Sustainability
    C. Success in Achieving and Maintaining Low Inflation
    D. Growth Performance Was Strongly Influenced by Factors External to the Programs
    E. Mixed Record on Program Implementation and Effectiveness of Conditionality
    F. Poverty


The Role of IMF Surveillance and Technical Assistance Activities (416 kb pdf file)

    A. Article IV Consultations and Programs
    B. Evolution of Advice on Exchange Rate Policy
    C. Financial Sector Assessment Program and Data Report on Standards and Codes
    D. The Contribution of Technical Assistance


Issues Related to IMF Internal Processes and Policies (384 kb pdf file)



  2-1. Paris Club Rescheduling and IMF Signaling
  2-2. Public Debt Law of 2001
  3-1. The 1998 Data Misreporting Episode
  4-1. Evolution of IMF Staff Views on Jordan's Exchange Rate Policy
  5-1. Selected Findings from OED's Jordan Country Assistance Evaluation


  2.1. Medium-Term Targets for External Current Account and Projected Evolution of External Grants
  2.2. The Envisaged Adjustment in Fiscal Balance, Excluding Grants
  2.3. Envisaged Adjustment in Public Expenditures
  3.1. Current Account Balance, Including Official Transfers
  3.2. Current Account Balance, Excluding Official Transfers
  3.3. External Debt and Debt Servicing
  3.4. Projections and Outturns of Fiscal Indicators
  3.5. Inflation
  3.6. Jordanian Dinar and U.S. Dollar Interest Rates and International Reserves
  3.7. "Adequate" Versus Actual Level of Reserves
  3.8. Real GDP Growth
  3.9. Trends in Private Investment
  3.10. Real GDP Growth
  4.1. Real Effective Exchange Rate and Export Volume


  1.1. Jordan's IMF Arrangements
  2.1. Target Dates for Elimination of Exceptional Financing Needs
  2.2. Some Stylized Facts About the Composition of Targeted Adjustment
  2.3. Medium-Term Fiscal Objectives and Projections of Different IMF-Supported Programs and Papers
  3.1. Cross-Country Comparison of Debt Burden Indicators
  3.2. Envisaged Versus Actual Fiscal Adjustment
  3.3. Poverty Indicators
  5.1. Access Limits

Annexes (576 kb pdf file)

  1. Jordan's IMF Arrangements
  2. Chronology of Selected Political and Economic Events, 1989–2004
  3. Review of IMF Staff's Debt Sustainability Analyses and Their Input Into Program Design
  4. Objectives, Strategies and Policies in Jordan's IMF-Supported Programs
  5. Review of the Fiscal Structural Content Under IMF Arrangements
  6. Chronology of Exchange Rate Policy Changes and Related Events
  7. Objectives and Macroeconomic Policies in Jordan's Recent Economic and Social Development Plans
  8. Variables Used for Setting Quantitative Performance Criteria Under IMF Arrangements
  9. Review of Fiscal Outcomes
  10. Structural Conditionality
  11. The Political Economy of the General Sales Tax in Jordan
  12. Results from Survey of Stakeholders
  13. Background Tables
  14. List of People Interviewed During IEO Mission, November 21–December 1, 2004

Annex Boxes

  A5.1. The 2002 Fiscal Strategy Paper
  A9.1. Chronology of Tax and Import Tariff Reforms

Annex Figures

  A1.1. Outstanding IMF Credit
  A9.1. Government Revenues
  A9.2. Composition of Tax Revenue
  A9.3. Composition of Current Expenditures
  A12.1. IMF Influence over Domestic Policies
  A12.2. Assessment of Domestic Ownership of Programs and Conditionality
  A12.3. Impact of IMF-Supported Programs on Policies and Performance

Annex Tables

  A1.1. Jordan's IMF Arrangements
  A5.1. Follow-Up on Specific Suggestions for Reforms Contained in the 2002 Fiscal Strategy Paper
  A9.1. Fiscal Adjustment, 1989–2004
  A13.1. Selected Financial Indicators, 1983–88
  A13.2. Medium-term Macroeconomic Framework in IMF Arrangements
  A13.3. Summary of Key Adjustment Targets in IMF-Supported Programs
  A13.4. Summary of Key Adjustment Outturns in IMF-Supported Programs
  A13.5. Selected Economic Indicators
  A13.6. Structural Conditions Per Program Year
  A13.6. The ROSC Report's Findings and Action Taken by the Authorities

Bibliography (416 kb pdf file)

Statement by the Managing Director (64 kb pdf file)

IMF Staff Response (64 kb pdf file)

IEO Comments on Staff Response (32 KB pdf file)

The Acting Chair's Summing Up (32 KB pdf file)