Amman, June 30 (Petra) – The recent endorsement by the IMF’s Executive Board, following the third review of Jordan’s Extended Fund Facility (EFF) agreement, is being seen as a strong vote of confidence in the country’s economic direction.

According to Firas Sultan, representative of the financial and banking sector at the Jordan Chamber of Commerce (JCC), the outcome reflects Jordan’s ability to maintain economic stability in a region facing ongoing turbulence.

Sultan told the Jordan News Agency (Petra) that the approval unlocks immediate access to around $134 million, bringing total disbursements under the program to $595 million. This continued support, he said, signals Jordan’s success in delivering on key reform commitments, even as global uncertainties persist.

He emphasized that the IMF’s report sends a message of reassurance to international partners and investors. The Fund praised the Jordanian government’s commitment to sound fiscal policy and ongoing structural reforms that are laying the groundwork for stronger, more inclusive growth, aligning well with Jordan’s broader Economic Modernization Vision.

Notably, the IMF has also agreed to a new 30-month arrangement under its Resilience and Sustainability Facility, worth up to $700 million. Sultan described this as a critical development, particularly for helping Jordan confront long-standing challenges in the water and energy sectors, while also improving its ability to respond to future health and climate-related shocks.

Sultan highlighted several indicators of strength in Jordan’s economic fundamentals, including low and stable inflation, and robust foreign currency reserves, which stood at $22.8 billion by the end of May, enough to cover nearly nine months of imports. Inflation has remained near 2% through the first five months of the year, reflecting the effectiveness of the Central Bank’s monetary policy and further reinforcing the banking sector’s resilience.

He noted that the IMF’s recognition of Jordan’s progress is also a strong endorsement of the country’s reform-driven strategy to stimulate private sector growth, improve the business climate, and expand employment opportunities, especially for youth and women.

In conclusion, Sultan called the IMF’s review a renewed international affirmation of Jordan’s credibility and reform momentum. He urged policymakers and stakeholders to build on this moment by deepening public-private collaboration, attracting investment, and broadening economic participation to achieve long-term stability and inclusive development.

//Petra// WH

30/06/2025 11:31:14