Gov’t likely to seek renewal of IMF arrangement

AMMAN – The government is likely to request the International Monetary Fund (IMF) to extend the three-year stand-by arrangement (SBA), which expires in August next year. 

Finance Minister Umayya Toukan said Thursday that he would recommend to the Cabinet renewing the IMF-inspired economic programme, indicating that officials from the international financial institution are willing to consider the move. 

"During my meeting with officials from the IMF in Washington last October, I discussed extending the programme and they said they were open to such a request," Toukan told chief editors of daily newspapers and economic columnists at a meeting with Prime Minister Abdullah Ensour. 

In May of this year, IMF Managing Director Christine Lagarde said the fund was open to extending the SBA for Jordan if necessary. 

“I’m very much hopeful that we can pursue this relationship. If more is needed later on down the road, in terms of more technical assistance and more financial support, we are completely open to it and prepared to help always,” Lagarde told reporters while she was in Amman to attend a regional economic conference.    

The SBA, which was approved by the IMF’s executive board on August 3, 2012, enables Jordan exceptional access of around $2 billion, representing 800 per cent of Jordan’s quota in the IMF.