Jordan : Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, an Extension of the Arrangement, and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Jordan

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

May 15, 2019

Electronic Access:

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Summary:

Since completion of the first review, Jordan has preserved macroeconomic stability in a most difficult environment. It has weathered a series of severe and highly persistent shocks, including regional conflicts, domestic uncertainty, the hosting of Syrian refugees, the disruption of critical export markets, and rising borrowing costs. 2018 proved particularly challenging, but also saw important progress on key fiscal and structural reforms. While some slippages and delays, including a persistent shortfall in revenue collection, were a setback in the authorities’ fiscal consolidation efforts, most benchmarks from the first review have now been met (with the remainder expected to be met in the next few months). The authorities have passed a critical income-tax reform, which if implemented effectively, will result in a more balanced tax system, reducing exemptions, and supporting efforts against tax evasion. More importantly, they have formulated a comprehensive medium-term reform program to create the conditions for higher and more inclusive growth. Decisive implementation is now key to sustainably improve economic prospects.

Series:

Country Report No. 19/127

Subject:

English

Publication Date:

May 15, 2019

ISBN/ISSN:

9781498313841/1934-7685

Stock No:

1JOREA2019001

Price:

$18.00 (Academic Rate:$18.00)

Format:

Paper

Pages:

99

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