The Arab Monetary Fund (AMF) extended a loan facility worth $41 million (Dh150.5m) to Jordan, further increasing its support to ease the economic impact of the coronavirus pandemic on the country.
The Abu Dhabi-based financial institution had disbursed a $38m loan to Jordan in May to help the country ride out the pandemic and boost growth.
“The AMF follows closely the developments of the Jordanian economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Jordanian government to help the country contain the different challenges in the most effective way,” the AMF said in a statement on Thursday.
Jordan, whose economy relies heavily on foreign aid and grants, is projected to contract 3.7 per cent this year due to the impact of the pandemic, according to the International Monetary Fund. In July, the country raised $1.75 billion from a double tranche eurobond to help it cushion its economy amid the pandemic.
The kingdom was one of the first countries to close its airport in the Middle East and implemented a strict lockdown to prevent the spread of Covid-19. Jordan has registered 2,659 Covid-19 infections to date and 19 deaths, according to Worldometers, which tracks the pandemic. More than 1,900 people also recovered from the infection.
Jordan reopened its international airport in the capital Amman earlier this week after it registered a fall in the number of coronavirus cases.
The AMF said it is currently studying financing requests from other member countries and is processing them "through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times”.
The financial institution recently extended a credit facility worth $639m to Egypt to help it reform its public finance sector. The organisation has also provided loans worth $211m and $98m to Morocco and Tunisia to help them tide over the Covid-19 outbreak.
The AMF was founded in 1976 to support its member countries in implementing various economic and financial reforms to boost growth. Its member countries include the UAE, Bahrain, Saudi Arabia, Syria, Somalia, Iraq, Oman, Palestine, Kuwait, Lebanon, Libya, Jordan and Egypt.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
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Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
UAE currency: the story behind the money in your pockets
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