An International Monetary Fund (IMF) delegation that visited Jordan earlier this month has reached a staff-level agreement with the local authorities over the second tranche of Jordan’s stand-by-arrangement (SBA), following assessment of the country’s economic reforms, according to an IMF press release on Monday.
Jordan will receive the second payment of the SBA, which equates to almost $385 million, as soon as the executive board approves the delegation’s request, which is expected to happen in April, explained Kristina Kostial, IMF mission chief for Jordan.
An IMF 36-month SBA was sealed with Jordan in August 2012 for a total amount of $2 billion; the agreement was made in order to support Jordan’s external financing needs.
The delegation praised the Jordanian authority's strong commitment to their national economic recovery program, according to the press statement.
“Looking into 2013, the outlook is good. Real GDP growth is expected to accelerate to above 3 percent reflecting an increase in government capital spending, higher domestic consumption, and a recovery in exports. Inflation is expected to decline to about 3.2 percent by the year's end," Kostial added.