Jordan's starved economy should be fed 2 billion by IMF loan
The International Monetary Fund has reached a $2 billion loan agreement with Jordan, where the economy has been slowed by higher oil prices and uncertainty in the aftermath of the region’s Arab Spring protests.
“The IMF staff agreed to support Jordan’s agenda for a socially acceptable fiscal consolidation,” the IMF said in a statement. “It will provide liquidity during the next three years, which will allow the authorities to gradually implement their agenda”.
It said Jordan’s economy had been hit by shocks that were outside the government’s control.
The IMF said government finances were being strained by repeated disruptions to natural gas flows from Egypt that have pushed up energy prices.
Regional political tensions, coming from Syria and Egypt, and a slowing global economy have hit tourism to Jordan and caused a drop in worker remittances and foreign direct investment, the IMF said.
- The tip of the iceberg: Gaza War to 'leave a dent' in the Israeli economy
- Starting with fewer power cuts, what has Eid brought to the Egyptian economy?
- From escaping to winning: the story of the Lebanese who are 'making it big' in Brazil
- A will with no way: Egypt's charitable spirit dampened with economic hardship
- OPEC exports largest share of petroleum to Asian and Pacific countries in 2013