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IMF warns Jordan about unemployment, electricity reform

Jordan must address high unemployment to deliver durable, jobs-rich and inclusive growth, said IMF Managing Director Kristalina Georgieva.

The country also needs to advance electricity sector reforms, boost business competitiveness, and strengthen governance and transparency, she added.

Georgieva said that timely and targeted fiscal measures have helped protect jobs, while equitable tax reforms have helped maintain debt sustainability.

“The Fund is committed to helping the authorities in these efforts to contain the economic and financial impact of the pandemic and build a stronger and more resilient economy,” she said.

The IMF staff and Jordan reached staff-level-agreement on the second review under the Extended Fund Facility, on March 30.

This agreement includes supporting the authorities’ request for an additional $200 million , which would raise Jordan’s access to IMF resources to around $1.95 billion over 2020-24, Georgieva explained.

At the same time, a sizable monetary stimulus has supported the recovery from the pandemic, while financial stability and adequate reserve buffers have been preserved, she added.

Source: Arab News

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