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FINANCIAL NEWS
IMF confirms USD723m loan to Jordan
25 Aug 2016
(MENAFN) The International Monetary Fund approved USD723mn loan to Jordan in a three-year program in order to support economic and financial reforms to low public debt.
Moreover, the program aims at advancing fiscal consolidation to lower public debt and broad structural reforms to enhance the condition for inclusive growth.
Additionally, the deal will focus on cutting public debt to 77 percent of GDP by 2021 from 94 percent recently.
Meanwhile, debt increased by around a third to USD32bn in five years as economic strains reduced profits and foreign aid, making Jordan to borrow more.
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