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IMF praises Jordan’s economic performance despite regional turmoil

By JT - Feb 12,2024 - Last updated at Feb 12,2024

AMMAN — The International Monetary Fund (IMF) on Sunday commended Jordan’s economic performance and resilience despite the challenges posed by the Israeli aggression on Gaza.

Speaking at the Eighth Arab Financial Forum on Sunday, IMF Managing Director Kristalina Georgieva said that despite the challenges in neighbouring countries, the Jordanian economy is performing well, adding that the Kingdom had achieved low inflation and stable growth through proactive economic management, according to the Jordan News Agency, Petra.

Georgieva urged Jordan to continue its reforms to enhance revenue collection and reduce public debt, which had increased after the war on Gaza. She also praised the government’s efforts to modernise its tax system by introducing electronic tax monitoring and improving tax collection processes.

Georgieva also announced that the IMF had approved a new program for Jordan worth $1.2 billion, reflecting the successful cooperation between the two sides. She also emphasised the need for sustained international support for Jordan to cope with the regional instability and to advance its economic indicators.

Jihad Azour, director of the IMF Middle East and Central Asia Department said that Jordan had shown improvement and resilience in its economy in recent years, which enabled it to withstand the expected impacts of the Israeli war on Gaza. 

He also stressed the importance of adopting effective fiscal and monetary policies to hedge against the risks of the war’s escalation.

 

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