## IMF Executive Board Completes the Fourth Review under the Extended Fund Facility and First Review under the Resilience and Sustainability Facility Arrangements for Jordan

_IMF News, December 12, 2025_

## Source details

**Canonical URL:** [IMF Executive Board Completes the Fourth Review under the Extended Fund Facility and First Review under the Resilience and Sustainability Facility Arrangements for Jordan](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)

## Other formats

- [Markdown version](/en/news/articles/2025/12/12/pr-25423-jordan-imf-completes-the-4th-rev-under-eff-and-1st-rev-under-rsf-arrang/index.md)
- [Structured JSON version](/en/news/articles/2025/12/12/pr-25423-jordan-imf-completes-the-4th-rev-under-eff-and-1st-rev-under-rsf-arrang/index.json)
- [Bundle manifest](/en/news/articles/2025/12/12/pr-25423-jordan-imf-completes-the-4th-rev-under-eff-and-1st-rev-under-rsf-arrang/bundle-manifest.json)

## Bibliographic details
- Published: December 12, 2025

---

### Review outcome and financing
- 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:
  - about US$130 million under the EFF (equivalent to SDR 97.784 million).
  - about US$110 million under the RSF (equivalent to SDR 79.182 million).
- EFF arrangement totals and access:
  - EFF access amounting to SDR 926.37 million (about US$1.3 billion, equivalent to 270 percent of Jordan’s quota).
  - Total purchases under the EFF arrangement to date: SDR 535.238 million (about US$733 million).
- RSF arrangement:
  - Approved with access to SDR 514.65 million (about US$700 million, equivalent to 150 percent of Jordan’s quota).

### Macroeconomic assessment and projections
- Recent performance:
  - Economic growth accelerated to 2.7 percent in the first half of 2025.
  - Inflation remains anchored around 2 percent.
  - The Central Bank of Jordan maintained the peg to the U.S. dollar amid external headwinds.
- Projections and medium-term outlook:
  - Growth is expected to reach 3 percent in the coming years.
  - Inflation stays anchored at about 2 percent.
  - The current account deficit is projected to narrow to below 5 percent of GDP over the medium term.
  - Banking sector is stable and international reserves are strong.
- Drivers of expected improvement:
  - Major investment projects.
  - Deeper regional integration.
  - Sustained implementation of structural reforms.

### Fiscal stance and public debt objectives
- Fiscal performance:
  - Fiscal performance remains in line with program targets, with robust revenue collection and current spending discipline.
- Public debt target:
  - 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.
- Fiscal policy guidance from IMF statement:
  - The recalibrated fiscal stance for 2026 is appropriate.
  - 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.
  - Efforts needed to maintain long-term financial sustainability of the pension system and improve efficiency and financial viability of public utilities.

### Structural reforms and RSF progress
- Authorities’ reform priorities:
  - Step up pace of structural reforms to achieve stronger growth and generate more jobs.
  - Boost investment, foster competition, improve labor market flexibility, and strengthen the social safety net.
  - Digitalization of government services.
- RSF-specific advances:
  - Progress with measures addressing vulnerabilities in water and electricity sectors and enhancing health emergency preparedness.
  - The two RSF Reform Measures scheduled for this review have been completed.
- IMF emphasis:
  - Accelerated structural reforms are crucial to create a dynamic private sector, address youth unemployment and low female labor force participation, and attract private investment.
  - 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.
  - Ongoing efforts to strengthen AML/CFT framework, systemic risk analysis, financial sector oversight, and crisis management are welcome.

### Selected economic indicators, 2024–2027 (as reported)
- Output and Prices (Annual percentage change, unless otherwise noted)
  - Real GDP growth: 2024 — 2.5; 2025 — 2.7; 2026 — 2.9; 2027 — 3.0
  - GDP deflator: 2024 — 1.9; 2025 — 2.3; 2026 — 2.4
  - Nominal GDP (JD billions): 2024 — 41.6; 2025 — 43.7; 2026 — 46.1; 2027 — 48.6
  - Consumer price inflation (annual average): 2024 — 1.6; 2025 — 2.2
  - Unemployment rate (percent) 1/: 2024 — 21.4; 2025 — …
- Fiscal Operations (in percent of GDP, unless otherwise noted)
  - Revenue and grants: 2024 — 22.7; 2025 — 22.8; 2026 — 23.6; 2027 — 23.9
  - Of which: grants: 2024 — 1.7; 2025 — 1.4
  - Expenditure 2/: 2024 — 28.5; 2025 — 28.1; 2026 — 28.3; 2027 — 28.2
  - Overall central government balance 3/: 2024 — -5.9; 2025 — -5.3; 2026 — -4.8; 2027 — -4.3
  - Primary government balance (excluding grants): 2024 — -2.6; 2025 — -1.9; 2026 — -1.3; 2027 — -0.5
  - Combined public sector balance 4/: 2024 — -4.0; 2025 — -3.2; 2026 — -1.6
  - Government and guaranteed gross debt 5/: 2024 — 106.1; 2025 — 108.6; 2026 — 108.1; 2027 — 108.0
  - Government and guaranteed gross debt, net of SSC's holdings 5/: 2024 — 82.1; 2025 — 83.4; 2026 — 82.0; 2027 — 81.3
- External Sector
  - Current account balance (including grants): 2024 — -5.8; 2025 — -5.1; 2026 — -5.7; 2027 — -5.5
  - Foreign Direct Investment: (no numeric values reported in source)
  - Gross usable international reserves ($ billions) 6/: 2024 — 20.3; 2025 — 20.7; 2026 — 21.8
  - In months of imports: 2024 — 7.7; 2025 — 7.3; 2026 — 7.2; 2027 — 7.0
  - In percent of the IMF’s Reserve Adequacy Metric: 2024 — 112; 2025 — 107; 2026 — 105; 2027 — 104

### Key policy recommendations and priorities
- 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:
  - Improve the business environment and promote competition.
  - Enhance labor market flexibility to address youth unemployment and low female labor force participation.
  - Attract private investment and support private sector-led, job-rich growth.
- 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.

*IMF Executive Board press release (December 12, 2025).*

---


## References

- [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)

_Source: 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_