Press Release No. 13/263

Press Release: Statement by IMF Deputy Managing Director Nemat Shafik after a Meeting with Jordan’s Minister of Finance and Governor of the Central Bank

July 16, 2013

Ms. Nemat Shafik, Deputy Managing Director of the International Monetary Fund (IMF), made the following statement in Washington after meeting last week with Jordan’s Finance Minister Umayya Toukan and the Central Bank Governor Ziad Fariz:

“We had very good discussions on Jordan’s recent economic developments and its performance under the IMF-supported program. Despite a difficult environment, the program has broadly stayed on track through March 2013 with central bank reserves now exceeding program targets. I am pleased to learn that the Jordanian authorities intend to continue implementing appropriate policy action, consistent with the program, to meet the program’s objectives of consolidating the fiscal accounts, building reserves, and boosting growth. As planned, a mission will visit Amman during September 4-17 with the purpose of concluding discussions of the second review under the Stand-By Arrangement.”

Jordan’s 36-month SBA was approved on August 3, 2012, for SDR 1.364 billion (about US$2.06 billion; see Press Release No. 12/288) to support the national program of economic reforms aimed at maintaining macroeconomic stability and improving the fiscal and external positions, while protecting the vulnerable segments of the population and fostering stronger and more inclusive growth.

The IMF Executive Board completed the first review under the SBA on April 10. Total disbursements to date have amounted to SDR 511.5 million (about US$769 million).