Jordan Taps IMF Funds

Jordan this week accessed $197mn of new IMF credit from its SDR1.364bn ($1.89bn) August 2012 three-year standby arrangement. Withdrawals on the facility now total $1.5bn.

As this arrangement is due to expire in August 2015, the cabinet has authorized Finance Minister Umayya Tuqan to negotiate a new follow-on facility with the fund. IMF-sponsored reforms to monetary and fiscal policy have had positive results, an official of the Finance Ministry said last month...