Jordan: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; and Staff Report

International Monetary Fund

No 2024/197, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper highlights Jordan’s First Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria. Jordan’s economy continues to show resilience despite a challenging external environment. The economy continues to grow, albeit at a somewhat slower pace, inflation is low, and reserve buffers are strong. Growth is projected to pick up pace in 2025, contingent upon the Israel-Gaza conflict ending and its impact fading. Uncertainty is high, however, and structural challenges remain, with continued high unemployment. Strong progress was also made in implementing structural benchmarks (SBs), with all six SBs for the first review met, and with good progress being made toward meeting SBs for the next review. The authorities remain firmly committed to sound macro-economic policies and advancing structural reforms, to maintain macro stability, further strengthen economic resilience in the face of successive external shocks, and foster stronger, job-rich growth. Steadfast implementation of structural reforms is crucial to create a more dynamic private sector that can generate sufficient jobs and contribute to higher living standards.

Keywords: IMF's transparency policy; government finance; Jordan's economy; authorities' policy effort; near-term outlook; Fiscal stance; Structural reforms; Global (search for similar items in EconPapers)
Pages: 57
Date: 2024-07-01
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