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

_IMF Staff Country Reports, May 29, 2020_

## Source details

**Canonical URL:** [Jordan: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director, and Advisor for Jordan](https://www.imf.org/en/publications/cr/issues/2020/05/28/jordan-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-report-49462)

## Other formats

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## Bibliographic details
- Published: May 29, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513545776.002

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### Overview
- Paper discusses Jordan’s Request for Purchase Under the Rapid Financing Instrument (RFI).
- The coronavirus disease 2019 pandemic has had a severe impact on the Jordanian people’s lives and on the economy.
- Tourism disruption and sharp declines in remittances, exports and capital inflows have resulted in an urgent balance of payments need.
- IMF financing under the RFI will support international reserves and help meet the budget financing needs for crisis mitigation.
- The authorities remain committed to the objectives of the reform program supported by the Extended Fund Facility arrangement, which was approved by the Board in March.

### Economic impact and immediate needs
- Severe impact on lives and the economy due to COVID-19.
- Key channels of shock:
  - Tourism disruption.
  - Sharp declines in remittances.
  - Sharp declines in exports.
  - Sharp declines in capital inflows.
- Result: urgent balance of payments need.

### Authorities’ public health and mitigation response
- Implemented decisive containment and health measures that effectively limited the spread of the virus with minimal fatalities.
- Implemented a timely package of policies to mitigate the economic fallout of the pandemic.

### IMF support, financing needs, and mobilization
- IMF financing under the RFI will:
  - Support international reserves.
  - Help meet the budget financing needs for crisis mitigation.
- Mobilizing additional financing from multilateral and bilateral creditors will be essential to:
  - Support the authorities’ policy efforts.
  - Preserve macroeconomic stability.

### Policy priorities once the crisis abates
- Resume fiscal consolidation to place public debt on a declining path.
- Pursue reforms to:
  - Strengthen the competitiveness of the Jordanian economy.
  - Support inclusive growth and job creation.

### Subject tags and keywords (as provided)
- Subject: Arrears, COVID-19, External debt, Financial institutions, Fiscal policy, Fiscal stance, Health, Loans, Public debt
- Keywords: Arrears, COVID-19, CR, emergency financing request, financing, Fiscal stance, Global, growth potential, IMF lending tracker, IMF's Rapid Financing Instrument, ISCR, Loans, request for a Rapid Financing Instrument

### Publication and document specifics
- Pages: 39
- Volume: 2020
- Issue: 180
- Series: Country Report No. 2020/180
- Stock No: 1JOREA2020002
- ISBN: 9781513545776
- ISSN: 1934-7685
- DOI: https://doi.org/10.5089/9781513545776.002
- Publication date on page: May 29, 2020

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

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_Source: https://www.imf.org/en/publications/cr/issues/2020/05/28/jordan-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-report-49462_