US grants Jordan $50 million to reduce debt, bolster reserves
The US goverment signed a grant agreement Wednesday to provide Jordan $50 million to help it reduce its external debt and bolster foreign exchange reserves, an US embassy statement said.
The grant is the last portion of an overall economic assistance plan for the year 2000 valued at more than $200 million, the statement said. "The cash transfer ... is designed to support Jordan's ongoing economic restructuring and reform process, promote investment, stimulate trade, generate employment and increase household income," it said.
It will mainly be earmarked "to reduce Jordan's international debt burden and strengthen foreign reserves," the statement added.
Jordan is the fourth largest recipient of US aid, which over the past three years has totalled nearly one billion dollars in economic and military assistance.
Amman is faced with more than seven billion dollars in foreign debt and a 25-percent unemployment rate. – (AFP)
© Agence France Presse 2000
© 2000 Mena Report (www.menareport.com)