FINANCIAL NEWS

IMF to lend Jordan USD385m in April

12 Mar 2013

(MENAFN) Jordan may receive a USD385 million loan from the International Monetary Fund (IMF) in April, Arabian Business reported.

The loan is part of a total of USD2 billion loan agreed with the Washington-based organization in August 2012, to support the country’s economy.

Jordan’s economy has sustained shocks from two years of protests that have swept the Arab world, known as “Arab Spring”.

The Kingdom, which has one of the smallest economies in the Arab world, imports almost all of its energy needs and relies on foreign grants, aid and remittances to finance its current account and budget deficits.

The IMF said that Jordan’s economy is expected to grow more than 3 percent this year, boosted by increased government spending, higher domestic consumption, and a recovery in exports. The economy grew about 2.8 percent in 2012.

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