Latest news with #ResilienceAndSustainabilityFacility
The National
an hour ago
- Business
- The National
IMF disburses more than $830 million to Jordan
The International Monetary Fund disbursed $834 million to Jordan on Wednesday in two tranches. The Washington-based lender said Jordan was provided immediate access to $134 million upon the third completion of its External Fund Facility (EFF) to support Amman's economic programme. The IMF approved an additional $700 million as part of the Resilience and Sustainability Facility (RSF) to support the country's longer-term vulnerabilities in the water and electricity sectors, and to help its ability to take on public health emergencies. The fund said Jordan has consistently met the targets under its EFF programme, with economic growth reported at 2.5 per cent last year. The fund said growth this year was so far stronger than previously expected. The IMF approved the $1.2 billion EFF programme with Jordan last year. 'Jordan continues to maintain macroeconomic stability despite external headwinds from regional conflicts and heightened global economic uncertainty, owing to the authorities' steadfast pursuit of sound policies and continued strong international support,' said Kenji Okamura, IMF deputy managing director and acting chairman. In its most recently published Regional Economic Outlook, the fund said it expects economic activity to pick up this year after being affected by the Gaza war. The IMF projected in the outlook for Jordan's economy to expand by 2.6 per cent this year before accelerating further to 2.9 per cent in 2026. Both projections were lower than previous forecasts, mirroring a broader downwards trend because of tariff uncertainty. Jordan is also expected to be impacted by reduced foreign assistance following the dismantling of the US Agency for International Development, one of several countries in the region that had relied on the agency for assistance. The IMF said reforms have helped strengthen Jordan's fiscal sustainability, while further efforts should be made to enhance mobilising revenue and take measures to continue lowering its public debt. 'Efforts should also continue to improve the efficiency and viability of the public utilities to preserve the sustainability of public finances, while improving service delivery,' Mr Okamura said. The fund also said Jordan should accelerate structural reforms to improve its business environment and attract private investment. 'Strong and timely donor support remains essential to help Jordan navigate the challenging external environment, host the large number of refugees, and meet Jordan's development objectives,' Mr Okamura said. The fund said reform measures under the RSF will focus on strengthening the financial sustainability for the energy and water sectors, strengthen fiscal and financial sector resilience, and enhance pandemic preparedness.
The National
10 hours ago
- Business
- The National
IMF disburses more than $800 million to Jordan
The International Monetary Fund disbursed $834 million to Jordan on Wednesday under two of its facilities. The Washington-based lender said Jordan was provided immediate access to $134 million upon the third completion of its External Fund Facility (EFF) to support Amman's economic programme. The IMF approved an additional $700 million as part of the Resilience and Sustainability Facility (RSF) to support the country's longer-term vulnerabilities in the water and electricity sectors, and to help its ability to take on public health emergencies. The fund said Jordan has consistently met the targets under its EFF programme, with economic growth reported at 2.5 per cent in 2024. The fund said growth this year is so far stronger than previously expected. The IMF approved the roughly $1.2 billion EFF programme with Jordan last year. 'Jordan continues to maintain macroeconomic stability despite external headwinds from regional conflicts and heightened global economic uncertainty, owing to the authorities' steadfast pursuit of sound policies and continued strong international support,' Kenji Okamura, IMF deputy managing director and acting chair, said in a statement. The fund in its most recently published Regional Economic Outlook said it expects economic activity to pick up this year after experiencing spillover effects from the Gaza war. The IMF projected at the time for Jordan's economy to expand by 2.6 per cent this year before accelerating further to 2.9 per cent in 2026. Both projects were lower than the fund's previous forecasts, mirroring a broader downwards trend because of tariff uncertainty. Jordan is also expected to be impacted by reduced foreign assistance following the dismantling of the United States Agency for International Development, one of numerous countries in the region that had relied on the agency for assistance. The IMF said fiscal reforms have helped strengthen Jordan's fiscal sustainability, while further efforts should be made to enhance mobilising revenue and take measures to continue lowering its public debt. 'Efforts should also continue to improve the efficiency and viability of the public utilities to preserve the sustainability of public finances, while improving service delivery,' Mr Okamura said. The fund also said Jordan should accelerate structural reforms to improve its business environment and attract private investment. 'Strong and timely donor support remains essential to help Jordan navigate the challenging external environment, host the large number of refugees, and meet Jordan's development objectives,' Mr Okamura said. The fund said reform measures under the RSF will focus on strengthening the financial sustainability for the energy and water sectors, strengthen fiscal and financial sector resilience and enhance pandemic preparedness.
Bloomberg
3 days ago
- Business
- Bloomberg
IMF Approves $1.3 Billion for Bangladesh as Reforms Advance
The International Monetary Fund's executive board has approved a total of $1.3 billion in funding for Bangladesh as part of the ongoing loan programs, as the South Asian country pushes ahead with currency and tax reforms. The funding consists of $884 million after the IMF concluded the combined third and fourth reviews of the nation under the Extended Credit Facility and Extended Fund Facility, as well as $453 million upon Bangladesh's completion of reviews under the Resilience and Sustainability Facility, according to an IMF statement released on Monday.
