Business Other News 26 Mar 2020 IMF approves $1.3 bi ...

IMF approves $1.3 bilion aid program for Jordan

Published Mar 26, 2020, 9:28 am IST
Updated Mar 26, 2020, 9:28 am IST
Representative Image (AFP)
 Representative Image (AFP)

Washington: The IMF on Wednesday approved a $1.3 billion aid plan for Jordan, made all the more necessary by the global coronavirus pandemic.

The program was initially announced at the end of January before the novel virus rocked the world's economy.

"Changes were made to the program to support unbudgeted spending covering emergency outlays and medical supplies and equipment," the IMF said in a statement.

"If the impact of the outbreak is deep enough to put at risk program objectives, the program will be adapted further to the changed circumstances, upon reaching understandings with the authorities," the statement added.

Jordan will immediately receive a first tranche of about $140 million. The rest will be dispensed over the rest of the program, subject to eight program reviews.

In addition to funds for combatting the pandemic, the program also provides for structural reforms including lowering the price of electricity for businesses and facilitating youth employment.

Jordan, whose stability is considered central to that of the entire region, is one of the most important countries that receives foreign aid, including from the United States.

The Middle Eastern nation has also long benefitted from IMF aid programs in exchange for reforms.



More From Other News