{
  "title": "IMF Executive Board Completes the Fourth Review under the Extended Fund Facility and First Review under the Resilience and Sustainability Facility Arrangements for Jordan",
  "publication": "IMF News, December 12, 2025",
  "sourceUrl": "https://www.imf.org/en/news/articles/2025/12/12/pr-25423-jordan-imf-completes-the-4th-rev-under-eff-and-1st-rev-under-rsf-arrang",
  "canonical": "https://www.imf.org/en/news/articles/2025/12/12/pr-25423-jordan-imf-completes-the-4th-rev-under-eff-and-1st-rev-under-rsf-arrang",
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  "summary": "The Executive Board of the International Monetary Fund (IMF) today completed the fourth review of the arrangement under the Extended Fund Facility (EFF) and the first review of the Resilience and Sustainability Facility (RSF) arrangement.",
  "publishDate": "2025-12-12",
  "sections": [
    {
      "heading": "Review outcome and financing",
      "content": "- The Executive Board completed the fourth review under the Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF).\n- Immediate access provided:\n  - about US$130 million under the EFF (equivalent to SDR 97.784 million).\n  - about US$110 million under the RSF (equivalent to SDR 79.182 million).\n- EFF arrangement totals and access:\n  - EFF access amounting to SDR 926.37 million (about US$1.3 billion, equivalent to 270 percent of Jordan’s quota).\n  - Total purchases under the EFF arrangement to date: SDR 535.238 million (about US$733 million).\n- RSF arrangement:\n  - Approved with access to SDR 514.65 million (about US$700 million, equivalent to 150 percent of Jordan’s quota)."
    },
    {
      "heading": "Macroeconomic assessment and projections",
      "content": "- Recent performance:\n  - Economic growth accelerated to 2.7 percent in the first half of 2025.\n  - Inflation remains anchored around 2 percent.\n  - The Central Bank of Jordan maintained the peg to the U.S. dollar amid external headwinds.\n- Projections and medium-term outlook:\n  - Growth is expected to reach 3 percent in the coming years.\n  - Inflation stays anchored at about 2 percent.\n  - The current account deficit is projected to narrow to below 5 percent of GDP over the medium term.\n  - Banking sector is stable and international reserves are strong.\n- Drivers of expected improvement:\n  - Major investment projects.\n  - Deeper regional integration.\n  - Sustained implementation of structural reforms."
    },
    {
      "heading": "Fiscal stance and public debt objectives",
      "content": "- Fiscal performance:\n  - Fiscal performance remains in line with program targets, with robust revenue collection and current spending discipline.\n- Public debt target:\n  - Authorities committed to reducing public debt to 80 percent of GDP by 2028 through gradual fiscal consolidation and actions to lower public utilities’ losses, while protecting social and development spending.\n- Fiscal policy guidance from IMF statement:\n  - The recalibrated fiscal stance for 2026 is appropriate.\n  - Gradual fiscal consolidation, supported by the Medium-Term Revenue Strategy and enhanced spending efficiency, would help place public debt on a downward path while protecting social and capital spending.\n  - Efforts needed to maintain long-term financial sustainability of the pension system and improve efficiency and financial viability of public utilities."
    },
    {
      "heading": "Structural reforms and RSF progress",
      "content": "- Authorities’ reform priorities:\n  - Step up pace of structural reforms to achieve stronger growth and generate more jobs.\n  - Boost investment, foster competition, improve labor market flexibility, and strengthen the social safety net.\n  - Digitalization of government services.\n- RSF-specific advances:\n  - Progress with measures addressing vulnerabilities in water and electricity sectors and enhancing health emergency preparedness.\n  - The two RSF Reform Measures scheduled for this review have been completed.\n- IMF emphasis:\n  - Accelerated structural reforms are crucial to create a dynamic private sector, address youth unemployment and low female labor force participation, and attract private investment.\n  - Strong and timely donor support remains essential to help Jordan navigate external challenges and meet development objectives, including costs of hosting a large number of refugees.\n  - Ongoing efforts to strengthen AML/CFT framework, systemic risk analysis, financial sector oversight, and crisis management are welcome."
    },
    {
      "heading": "Selected economic indicators, 2024–2027 (as reported)",
      "content": "- Output and Prices (Annual percentage change, unless otherwise noted)\n  - Real GDP growth: 2024 — 2.5; 2025 — 2.7; 2026 — 2.9; 2027 — 3.0\n  - GDP deflator: 2024 — 1.9; 2025 — 2.3; 2026 — 2.4\n  - Nominal GDP (JD billions): 2024 — 41.6; 2025 — 43.7; 2026 — 46.1; 2027 — 48.6\n  - Consumer price inflation (annual average): 2024 — 1.6; 2025 — 2.2\n  - Unemployment rate (percent) 1/: 2024 — 21.4; 2025 — …\n- Fiscal Operations (in percent of GDP, unless otherwise noted)\n  - Revenue and grants: 2024 — 22.7; 2025 — 22.8; 2026 — 23.6; 2027 — 23.9\n  - Of which: grants: 2024 — 1.7; 2025 — 1.4\n  - Expenditure 2/: 2024 — 28.5; 2025 — 28.1; 2026 — 28.3; 2027 — 28.2\n  - Overall central government balance 3/: 2024 — -5.9; 2025 — -5.3; 2026 — -4.8; 2027 — -4.3\n  - Primary government balance (excluding grants): 2024 — -2.6; 2025 — -1.9; 2026 — -1.3; 2027 — -0.5\n  - Combined public sector balance 4/: 2024 — -4.0; 2025 — -3.2; 2026 — -1.6\n  - Government and guaranteed gross debt 5/: 2024 — 106.1; 2025 — 108.6; 2026 — 108.1; 2027 — 108.0\n  - Government and guaranteed gross debt, net of SSC's holdings 5/: 2024 — 82.1; 2025 — 83.4; 2026 — 82.0; 2027 — 81.3\n- External Sector\n  - Current account balance (including grants): 2024 — -5.8; 2025 — -5.1; 2026 — -5.7; 2027 — -5.5\n  - Foreign Direct Investment: (no numeric values reported in source)\n  - Gross usable international reserves ($ billions) 6/: 2024 — 20.3; 2025 — 20.7; 2026 — 21.8\n  - In months of imports: 2024 — 7.7; 2025 — 7.3; 2026 — 7.2; 2027 — 7.0\n  - In percent of the IMF’s Reserve Adequacy Metric: 2024 — 112; 2025 — 107; 2026 — 105; 2027 — 104"
    },
    {
      "heading": "Key policy recommendations and priorities",
      "content": "- Maintain sound fiscal and monetary policies to safeguard macroeconomic stability and the exchange rate peg.\n- Continue gradual, growth‑friendly fiscal consolidation while protecting social and capital spending.\n- Implement the Medium-Term Revenue Strategy and enhance spending efficiency.\n- Strengthen long-term pension sustainability and improve efficiency and financial viability of public utilities.\n- Accelerate structural reforms to:\n  - Improve the business environment and promote competition.\n  - Enhance labor market flexibility to address youth unemployment and low female labor force participation.\n  - Attract private investment and support private sector-led, job-rich growth.\n- Sustain and coordinate strong donor support to help meet development needs and refugee-related costs.\n- Continue strengthening AML/CFT framework, systemic risk analysis, financial sector oversight, and crisis management.\n\nIMF Executive Board press release (December 12, 2025).\n\n---\n\n\n References\n\n- Jordan and the IMF\n- IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- Extended Fund Facility (EFF)\n- Resilience and Sustainability Facility (RSF) arrangement\n- Press Release No. 24/004\n- Press Release No. 25/221\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/12/12/pr-25423-jordan-imf-completes-the-4th-rev-under-eff-and-1st-rev-under-rsf-arrang"
    }
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    "Published: December 12, 2025",
    "The Executive Board completed the fourth review under the Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF).",
    "Immediate access provided:",
    "EFF arrangement totals and access:",
    "RSF arrangement:",
    "Recent performance:",
    "Projections and medium-term outlook:",
    "Drivers of expected improvement:",
    "Fiscal performance:",
    "Public debt target:",
    "Fiscal policy guidance from IMF statement:",
    "Authorities’ reform priorities:",
    "RSF-specific advances:",
    "IMF emphasis:",
    "Output and Prices (Annual percentage change, unless otherwise noted)",
    "Fiscal Operations (in percent of GDP, unless otherwise noted)",
    "External Sector",
    "Maintain sound fiscal and monetary policies to safeguard macroeconomic stability and the exchange rate peg.",
    "Continue gradual, growth‑friendly fiscal consolidation while protecting social and capital spending.",
    "Implement the Medium-Term Revenue Strategy and enhance spending efficiency.",
    "Strengthen long-term pension sustainability and improve efficiency and financial viability of public utilities.",
    "Accelerate structural reforms to:",
    "Sustain and coordinate strong donor support to help meet development needs and refugee-related costs.",
    "Continue strengthening AML/CFT framework, systemic risk analysis, financial sector oversight, and crisis management.",
    "[Jordan and the IMF](http://www.imf.org/external/country/JOR/index.htm)",
    "[IMF-World Bank Debt Sustainability Framework for Low-Income Countries -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/imf-world-bank-debt-sustainability-framework-for-low-income-countries)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Extended Fund Facility (EFF)](https://www.imf.org/en/About/Factsheets/Sheets/2023/Extended-Fund-Facility-EFF)",
    "[Resilience and Sustainability Facility (RSF) arrangement](https://www.imf.org/en/About/Factsheets/Sheets/2023/Resilience-Sustainability-Facility-RSF)",
    "[Press Release No. 24/004](https://www.imf.org/en/News/Articles/2024/01/10/pr24004-jordan-imf-exec-board-approves-us1b-extended-arrangement-under-eff)",
    "[Press Release No. 25/221](https://www.imf.org/en/news/articles/2025/06/25/pr25221-jordan-imf-completes-3rd-rev-eff-arrangement-approves-us-700-mill-arrangement-under-rsf)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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