Jordan ‘on right track’ towards economic reform — WB

AMMAN — The World Bank has hailed Jordan’s progress in implementing the economic reforms stipulated by its $1.45 billion financing package, the second tranche of which amounts to $725 million is expected to be disbursed in November. 

Saroj Kumar Jha, World Bank regional director for the Mashreq, said that some reforms have already been completed and that 50 per cent of the total volume has already been disbursed under the programme, which the World Bank approved in June with a view to stimulate inclusive growth and create jobs. (See story).

The other 50 per cent will be disbursed when the remaining reforms are completed by the Jordanian government, he said in an exclusive interview with The Jordan Times on the sidelines of the World Bank's annual meetings. 

“As of today, our assessment is that the government has made excellent progress on implementing the reforms that were agreed on as part of this programme, and we expect all these reforms to be completed sometime in November,” Jha said.

To receive the second tranche, Jordan needs to complete seven reforms, two of which are enhancing the investment environment and creating an institutional legal framework for public-private partnerships. 

The remaining five reforms fall within the electricity sector, which represents a challenge for Jordan as it is responsible for a very large percentage of public debt.