AMMAN, Nov 26 (NNN-PETRA) – The International Monetary Fund (IMF) said that, Jordan should give priority to maintaining economic stability and reducing fiscal imbalance in the coming years.
In a statement released by IMF, after it completed its visit to Jordan, the international organisation also urged the kingdom to boost growth, create jobs and strengthen social protection.
The Jordanian authorities have taken important steps to improve the business climate, making Jordan one of the world’s top three improvers, according to the World Bank’s Doing Business Indicators.
The statement said, the two sides also discussed a new three-year programme that IMF could support.
“As these (priorities for the coming years) cannot be achieved fully in the remaining months of the current IMF-supported programme, discussions began on a new three-year programme, that could be supported by the IMF,” Chris Jarvis, IMF chief of mission to Jordan said, in the statement.
“Fiscal consolidation has been slower than envisaged. Yields from efforts to broaden the tax base and mobilise revenues to support Jordan’s fiscal and development needs have fallen short of expectations,” Jarvis noted.
He referred to electricity-sector reforms as vital for Jordan, with an energy-sector road-map, as the essential first step in placing the National Electric Power Company’s finances on a firmer footing.
In 2016, Jordan reached a 36-month financial support deal worth 700 million U.S. dollars with the IMF, to embark on reforms to reduce public debt and conduct fiscal reforms.– NNN-PETRA
