The Executive Board of the International Monetary Fund (IMF) approved Jordan’s request for emergency financial assistance under the Rapid Financing Instrument of about US$396 million.
The purchase under the RFI is projected to cover about a quarter of Jordan’s external financing needs stemming from the COVID-19 shock.
The rest is expected to be covered by Jordan’s development partners and by targeting smaller accumulation of reserves than under the arrangement under Extended Fund Facility (EFF) approved by the IMF on March 25, 2020.
Jordan has taken proactive efforts since the COVID-19 outbreak to protect safety of its citizens and refugees. It has implemented a strict curfew, prioritized healthcare spending, and took steps to cushion the impact of the shock on businesses and households.
Source: Jordan News Agency