Jordan: First Review Under the Extended Fund Facility Arrangement and Request for a Waiver of Nonobservance and Modifications of Performance Criteria, and Rephasing of Access—Press Release; Staff Report; and Statement by the Executive Director for Jordan

IMF Staff Country Reports, January 12, 2021

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Jordan: First Review Under the Extended Fund Facility Arrangement and Request for a Waiver of Nonobservance and Modifications of Performance Criteria, and Rephasing of Access—Press Release; Staff Report; and Statement by the Executive Director for Jordan

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Bibliographic details

• Published: January 12, 2021
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513566443.002

Executive summary and near-term assessment

• Timely containment, a large monetary stimulus, and targeted fiscal measures helped save lives and livelihoods during the first COVID-19 wave.
• A significant second wave is still unfolding.
• The economic and human impact has been sizeable:
  • real GDP is expected to decline by 3 percent in 2020;
  • unemployment has surged to record levels;
  • tourism and remittances have declined;
  • revenues of the central government and of other public sector entities have dropped;
  • public debt has risen to 90 percent of GDP.
• A new government and parliament have been ushered in, with welcome continuity in reform commitment.

Key findings and themes

• Public health response and macroeconomic policy:
  • Health containment measures combined with monetary and fiscal support mitigated immediate human and economic costs during the first COVID-19 wave.
  • Ongoing and significant risks remain due to a continuing second wave.
• Fiscal and debt dynamics:
  • Declines in government and public sector revenues have materially increased fiscal pressures.
  • Public debt reached 90 percent of GDP.
• Labor market and external sectors:
  • Unemployment surged to record levels.
  • Tourism and remittances—important external revenue sources—declined, contributing to weaker external receipts.

Publication metadata and access

• Publication title: Jordan: First Review Under the Extended Fund Facility Arrangement and Request for a Waiver of Nonobservance and Modifications of Performance Criteria, and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Jordan
• Publication date: January 12, 2021
• Pages: 101
• Volume: 2021
• Issue: 011
• Series: Country Report No. 2021/011
• DOI: https://doi.org/10.5089/9781513566443.002
• Stock No: 1JOREA2021001
• ISBN: 9781513566443
• ISSN: 1934-7685
• Subjects: Arrears, COVID-19, External debt, Fiscal stance, Public debt
• Keywords: CR, draft budget law, ISCR, level staff, reform agenda, SSC's labor support scheme, staff appraisal

Source: IMF Staff Country Report No. 2021/011 (January 12, 2021).

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