Tuesday 21, June 2016 by

IMF agreement with Jordan on a three-year Extended Fund Facility

The Jordanian authorities and a team of the International Monetary Fund (IMF) led by Martin Cerisola have reached a staff–level agreement on a request for a 36-month Extended Fund Facility (EFF). The proposed access to IMF credit under the arrangement will be determined in the coming weeks. This agreement is subject to completion of prior actions and approval of the IMF Executive Board, which is expected to consider Jordan’s request in July. The approval of the EFF is expected to help catalyze loans and grants from multilateral and bilateral sources during the program period, in support of the Jordan Compact, agreed in the London Conference on February 2016, where donors pledged considerable financial support for Jordan to address the impact of Syrian refugees. Jordan completed a three-year Stand-By Arrangement in the amount of about US$2 billion in August 2015.

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