Latest news with #RonvanRooden
Jordan Times
19-04-2025
- Business
- Jordan Times
Jordan, IMF reach staff-level agreement on third EFF review, $130m tranche expected
AMMAN — A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, has recently concluded its mission to Jordan as part of the third review under the Extended Fund Facility (EFF). The mission also engaged in initial discussions regarding a prospective arrangement under the IMF's Resilience and Sustainability Facility (RSF), the Jordan News Agency, Petra reported. The IMF team and the Jordanian government had reached a staff-level agreement on the third review, Petra reported. Subject to approval by IMF management and the Executive Board, the agreement would release SDR 97.784 million (approximately $130 million) from a total programme size of SDR 926.370 million (about $1.2 billion). 'Programme performance continues to be strong, despite a challenging external environment,' van Rooden said in a statement. 'All quantitative performance criteria for the third review were met, and steady progress is being made toward achieving the programme's overall objectives, including key structural benchmarks.' The IMF noted that Jordan maintained macroeconomic stability in 2024, achieving a GDP growth rate of 2.5 per cent and keeping inflation below 2 per cent. Fiscal performance was described as solid, with the budget deficit target achieved through strong policy measures, despite a drop in domestic demand and export prices. Looking ahead, economic growth is projected to accelerate to 2.7 per cent in 2025, driven by a rebound in domestic economic activity, a recovery in tourism, and higher levels of foreign direct investment, according to the IMF. The IMF also commended Jordan's commitment to advancing structural reforms aimed at promoting stronger, more inclusive growth and job creation, particularly targeting high unemployment among youth and women. Priority reforms include improving the business climate, enhancing market competition, increasing labour market flexibility, and expanding the social safety net. The government also plans to further streamline regulations and digitise public services, including tax and customs administration. The IMF staff will submit their findings to the Fund's management and Executive Board for final review and approval, according to Petra. Minister of State for Economic Affairs Muhannad Shehadeh has commended the swift and successful conclusion of the mission review, describing it as "a reflection of the government's ongoing commitment to economic stability and reform." On a post on LinkedIn, Shehadeh expressed appreciation to all those involved in the process, saying: 'I am immensely proud to express my gratitude to everyone who contributed to the swift review process, adding, "Your dedication and hard work are truly appreciated." Shehadeh also welcomed the IMF's assessment, which said that Jordan's economy continues to show resilience and maintains macroeconomic stability despite global challenges. 'This accomplishment stands as a testament to our economic resilience. In the face of repeated external shocks, we have proven our ability to remain responsive, agile, and adaptable,' he noted. The minister also reiterated the government's commitment to implementing key reforms that stimulate economic growth, in line with His Majesty King Abdullah's vision for comprehensive modernisation.
Jordan Times
19-04-2025
- Business
- Jordan Times
‘Jordan, IMF reach staff-level agreement on third EFF review'
By JT - Apr 19,2025 - Last updated at Apr 19,2025 AMMAN — A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, has concluded a mission to the Kingdom recently, as part of the third review under Jordan's economic reform program supported by the Extended Fund Facility (EFF). The mission also engaged in initial discussions regarding a prospective arrangement under the IMF's Resilience and Sustainability Facility (RSF), the Jordan News Agency, Petra reported. The IMF team and the Jordanian authorities had reached a staff-level agreement on the third review, Petra reported. 'Subject to approval by IMF management and the Executive Board, the agreement would make available SDR 97.784 million (approximately USD 130 million), out of a total program size of SDR 926.370 million (about USD 1.2 billion),' Petra said, citing an IMF statement. "Programme performance continues to be strong, despite a challenging external environment," van Rooden said in the statement. "All quantitative performance criteria for the third review were met, and steady progress is being made toward achieving the program's overall objectives, including key structural benchmarks. " According to the IMF, Jordan maintained macroeconomic stability in 2024, achieving 2.5 per cent GDP growth and keeping inflation under 2 per cent. Fiscal performance remained solid, with the budget deficit target met through strong policy measures despite a decline in domestic demand and export prices. Growth is projected to accelerate to 2.7 per cent in 2025, driven by a recovery in domestic economic activity, a rebound in tourism, and increased foreign investment inflows, according to IMF. The IMF acknowledged Jordanian authorities' commitment to advancing structural reforms aimed at fostering stronger growth and job creation, particularly to address high unemployment among youth and women. Reform priorities include improving the business climate, enhancing competition, increasing labor market flexibility, and expanding the social safety net. Additionally, the government plans to further streamline regulations and digitize public services, including tax and customs administration. The IMF staff will submit their findings to IMF management and the Executive Board for consideration and final decision, according to Petra.
Jordan News
19-04-2025
- Business
- Jordan News
Jordan and IMF Reach Staff-Level Agreement on Third EFF Review
اضافة اعلان A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, concluded a mission to Jordan on April 17 following discussions held from April 6 to 17 as part of the third review under Jordan's economic reform program supported by the Extended Fund Facility (EFF).The arrangement was initially approved by the IMF Executive Board on January 10, 2024. The mission also engaged in initial discussions regarding a prospective arrangement under the IMF's Resilience and Sustainability Facility (RSF).At the end of the mission, van Rooden announced that the IMF team and the Jordanian authorities had reached a staff-level agreement on the third review. Subject to approval by IMF management and the Executive Board, the agreement would make available SDR 97.784 million (approximately USD 130 million), out of a total program size of SDR 926.370 million (about USD 1.2 billion)."Program performance continues to be strong, despite a challenging external environment," van Rooden said in a statement. "All quantitative performance criteria for the third review were met, and steady progress is being made toward achieving the program's overall objectives, including key structural benchmarks."Jordan's economy has shown notable resilience amid regional instability, including the ongoing conflicts in Gaza and Lebanon and heightened global to the IMF, the country maintained macroeconomic stability in 2024, achieving 2.5% GDP growth and keeping inflation under 2%. Fiscal performance remained solid, with the budget deficit target met through strong policy measures despite a decline in domestic demand and export ahead, growth is projected to accelerate to 2.7% in 2025, driven by a recovery in domestic economic activity, a rebound in tourism, and increased foreign investment current account deficit is expected to narrow to 5.5% of GDP, supported by rising tourism receipts. Inflation is anticipated to remain contained at slightly over 2%, consistent with the Central Bank of Jordan's (CBJ) continued commitment to monetary CBJ also reiterated its firm commitment to the exchange rate peg to the U.S. dollar, backed by ample international banking sector remains sound and well-capitalized, reinforcing financial system stability. In the absence of further external shocks, the IMF projects growth could exceed 3% in the coming years, supported by large-scale investment projects, such as the Aqaba-Amman Conveyor Project, and opportunities for greater regional economic integration with neighboring countries, including Syria, Lebanon, and Jordanian authorities remain focused on a gradual and sustained fiscal consolidation path, aiming to reduce public debt to 80% of GDP by strategy will be pursued while safeguarding priority social and development expenditures. To that end, efforts to mobilize domestic revenues, improve spending efficiency, and ensure the financial sustainability of public utilities and the Social Security Corporation will IMF also acknowledged the authorities' commitment to advancing structural reforms aimed at fostering stronger growth and job creation, particularly to address high unemployment among youth and priorities include improving the business climate, enhancing competition, increasing labor market flexibility, and expanding the social safety net. Additionally, the government plans to further streamline regulations and digitize public services, including tax and customs progress was also made in policy discussions aimed at addressing Jordan's long-term structural vulnerabilities in the water and electricity sectors, and improving health system resilience to respond to future public health issues could be supported under a future RSF arrangement, with discussions expected to resume in Washington, D.C. in the coming IMF team expressed its appreciation to the Jordanian authorities for their open and constructive engagement during the mission. Meetings were held with Prime Minister Jafar Hassan, Minister of Finance Abdelhakim Shibli, Minister of Planning and International Cooperation Zeina Toukan, Minister of Economic Affairs Mohannad Shehadeh, Central Bank Governor Adel Al-Sharkas, as well as other senior officials from the government and the Central Bank of IMF staff will submit their findings to IMF management and the Executive Board for consideration and final
The National
18-04-2025
- Business
- The National
IMF disburses $130 million in funds to Jordan
The International Monetary Fund on Thursday announced it has disbursed roughly $130 million to Jordan as part of its extended fund facility (EFF). The Washington-based lender approved its EFF with Jordan – valued at roughly $1.2 billion – last year. 'All quantitative performance criteria for the third review were met and steady progress is being made towards achieving the programme's overall objectives, including strong progress towards meeting the structural benchmarks for this and future reviews,' IMF Mission Chief to Ron van Rooden said in a news release. The fund's EFF helps provide financial assistance to countries facing serious problems with medium-term balance of payments because of the length of time it takes to address structural weaknesses. Despite facing 'considerable external headwinds' from the conflicts in Gaza and Lebanon, the fund said Jordan's economy has remained resilient. Tourism and domestic demand are also showing signs of recovery, the fund said. The IMF projects Jordan's economy to grow by 2.7 per cent this year after slowing somewhat to 2.5 per cent last year. 'Despite increased global uncertainty, including as a result of higher trade tensions and continued conflicts in the region, growth in Jordan has started to pick up pace,' the IMF said. The IMF expects growth to surpass 3 per cent in the coming years due to economic integration with Syria, Lebanon and Iraq, as well as large investment projects. Inflation is expected to reach slightly over 2 per cent. The IMF also said Jordan's budget deficit target was met, 'as strong measures offset the loss in revenues due to lower domestic demand and lower prices of key export commodities'. The fund also said Amman made 'substantial progress' in discussing its long-term vulnerabilities in the water and electricity sectors.
