(MENAFN- Jordan News Agency) The Cabinet, on Wednesday, tasked Minister of Finance, Umayyah Toukan, to discuss and negotiate with the International Monetary Fund (IMF) over the Extended Fund Facility program after the end of the current three-year stand-by arrangement (SBA), which expires in August.
The SBA, which was approved by the IMF's executive board on August 3, 2012, enables Jordan exceptional access of around $2 billion, representing 800 per cent of Jordan's quota in the IMF. During a meeting held under the chairmanship of Acting Prime Minister, Deputy Prime Minister and Minister of Education, Mohammad Thnaibat, the cabinet also mandated Toukan to set an agreement with the U.S. Treasury Department and the National Security Council at the White House and State Department and International Cooperation on bond issuance by the Jordanian government guaranteed by the United States of America (Euro Bond) worth $1.5 billion.
The proposed program aims to increase the productivity, reform the national economy and address economic distortions. The program does not contain any conditions on the overall financial sector and focuses on structural reforms in the labor market, water sector and business environment.
The current program has achieved financial balance and success in rebalancing public finances of the state and structural reforms in a number of sectors, including the energy sector, according to international institutions and donor countries.
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