Jordan : Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director, and Advisor for Jordan

Author/Editor:

International Monetary Fund. Middle East and Central Asia Dept.

Publication Date:

May 29, 2020

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

Since the approval of the EFF arrangement the near-term economic outlook has worsened considerably due to the COVID-19 crisis and the strict lockdown measures to contain it. In 2020, output is expected to contract sharply, fiscal and external balances are expected to deteriorate, public debt to increase, and a $1.5 billion balance of payments gap to emerge. With the first EFF review still several months away, and an ad hoc augmentation not being feasible in view of the difficulties in recalibrating the existing program to ensure that it remains on track to meet its objectives, the authorities have requested urgent support under the Fund’s Rapid Financing Facility (RFI). The proposed purchase of SDR 291.55 million, 85 percent of quota or about $400 million would cover about 1/4 of the financing need. The rest is expected to be covered by Jordan’s development partners and by targeting smaller accumulation of reserves than under the EFF arrangement.

Series:

Country Report No. 2020/180

Subject:

English

Publication Date:

May 29, 2020

ISBN/ISSN:

9781513545776/1934-7685

Stock No:

1JOREA2020002

Format:

Paper

Pages:

39

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