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
IMF Staff Country Reports, May 15, 2019
Source details
- Canonical URL
- 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
Other formats
Bibliographic details
- Published: May 15, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498313841.002
Program context and actions
- Second review under the Extended Arrangement under the Extended Fund Facility (EFF).
- Requests considered: a waiver of nonobservance of a performance criterion, an extension of the arrangement, and rephasing of access.
- Date of publication: May 15, 2019.
- Report length: 99 pages.
- Series: Country Report No. 2019/127; Issue: 127.
- DOI: https://doi.org/10.5089/9781498313841.002
- ISBN: 9781498313841
- Stock No: 1JOREA2019001
Macroeconomic assessment and near-term environment
- Findings:
- Jordanian authorities have preserved macroeconomic stability.
- Monetary policy is described as prudent.
- The financial system is characterized as sound.
- Jordan faces a challenging environment including low economic growth, high unemployment, and elevated public debt.
- Implications emphasized:
- Swift implementation of policies and reforms is important to:
- bring public debt on a downward path,
- boost investment and productivity,
- enhance inclusive growth.
Structural reforms and legal measures
- Enacted laws highlighted as growth-enhancing:
- secured transactions law,
- bankruptcy law,
- business-inspections law.
- Assessment: Enactment of these long-needed reforms is described as encouraging.
External support and financing
- International community support is noted for the new government’s commitment to:
- maintain reform momentum,
- strengthen growth,
- reduce public debt.
- The London Initiative (February 2019) helped unlock essential budget grants and concessional financing to support the authorities’ reform program.
Policy recommendations and program priorities
- Priority actions (as presented in the material):
- Swiftly implement policies and reforms to reduce public debt.
- Adopt measures to boost investment and productivity.
- Advance reforms that promote inclusive growth.
- Maintain prudent monetary policy and preserve financial system soundness while pursuing fiscal consolidation and structural reform.
Thematic tags and subject coverage
- Subjects listed: Arrears, Debt rescheduling, External debt, Income and capital gains taxes, Income tax systems, Public debt, Revenue administration, Taxes.
- Keywords included: access budget grant, Arrears, CR, electricity company NEPCO, executive board assessment, Global, Income and capital gains taxes, Income tax systems, ISCR, NEPCO, reform, reform effort, reform public sector, telecommunication company.
Source: 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 (IMF Staff Country Reports 2019, 127), May 15, 2019.
Content in this bundle
- Jordan: Second Review Under the Extended Arrangement Under the Extended Fund Facility