ZCZC
BCN-24
IMF-JORDAN-ECONOMY
IMF says Jordan’s economy shows positive improvement
AMMAN, May 16, 2019 (BSS/Xinhua) – The International Monetary Fund (IMF)
said Wednesday there have been signs of positive improvement in Jordan’s
economy and there was a need to continue reforms, the state-run Petra news
agency reported.
There have been some signs of improvement in the economy with the
reopening of the borders with Iraq, and exports to Iraq and Gulf countries
are rising, IMF Mission Chief Martin Cerisola said, adding that there is a
need to continue reforms.
There are also positive signs in terms of rise in tourism revenues and
remittances of expatriates, said Cerisola.
He added that continued reforms will enhance the living conditions of the
Jordanians, adding that the IMF will continue to urge donor countries to
support Jordan for it to cope with the pressure of hosting a large number of
Syrian refugees and to support fiscal reforms.
In a report released Wednesday, the IMF said Jordan has continued to
preserve macro-economic stability in a difficult environment and it will
still need substantial donor involvement.
The report, which indicated that global, regional, and domestic
environments are expected to remain difficult, highlighted that Jordan will
continue to face the burden of hosting Syrian refugees at a time of low
growth, high unemployment, and sizable financial needs.
“The recent London Initiative demonstrated that the international
community is determined to continue to support Jordan in its efforts to
tackle rigidities, reform the economy, and reduce its indebtedness,” the
report said.
“Implementation will be key to preserve stability and enhance growth and
employment; adjustment and reform on the part of the authorities, and the
fulfillment of pledges on the part of the donor community,” the report added.
Jordan weathered a series of severe and highly persistent shocks for
several years now, including protracted regional conflicts, the hosting of
Syrian refugees, the disruption of critical export markets and transportation
routes, and rising borrowing costs, the report highlighted.
The IMF stressed that the steadfast implementation of policies and reforms
is critical for stability and growth, adding that Jordan’s programme is
rightly focused on addressing lingering issues.
BSS/XINHUA/HR/1442