IMF completes 6th Review under the SBA for Jordan

The Executive Board of the International Monetary Fund (IMF) has completed on Friday the sixth review of Jordan’s three-year economic program supported by a Stand-By Arrangement (SBA).

A statement by the IMF Saturday said that the completion of the sixth review enables the immediate release of the equivalent of SDR 142.083 million (about US$197 million), bringing total purchases under the program to the equivalent of SDR 1.08 billion (about US$1.5 billion).

The 36-month SBA is the amount equivalent to SDR 1.364 billion (about US$1.89 billion) was approved by the Executive Board on August 3, 2012 .

In completing the sixth review, the Executive Board approved the authorities’ requests to re-phase the remaining access under the SBA over the remaining program period; and for waivers of applicability for the end-March 2015 performance criteria on the primary fiscal deficit and the combined public deficit.

The cabinet authorized Finance Minster, Umayya Toukan, to discuss and negotiate with the IMF to enable the kingdom to benefit from the Extended Fund Facility program after the end of the current three-year stand-by arrangement (SBA), which expires in August.

Source: Petra