Jordan's economy continues to recover from the impact of the coronavirus pandemic on the back of fiscal and monetary measures, as well as an accelerated vaccination programme, according to the International Monetary Fund.
The country’s economy is set to grow 2 per cent in 2021 and 2.7 per cent next year, the IMF said, after reaching a staff-level agreement on the third review of Jordan’s economic reform programme under its Extended Fund Facility arrangement.
“Despite the challenging circumstances brought on by the pandemic, sound policies have helped maintain macroeconomic stability,” the IMF said.
“The government is on track to narrow its fiscal deficit by 1 per cent of GDP in 2021, reflecting robust revenue collection on the back of a significant institutional effort to tackle tax evasion and improve tax compliance.”
Robust monetary policy and external financing also helped the country to maintain reserves at a “comfortable level,” it said.
The kingdom, which relies on foreign aid and grants to finance its fiscal and current account needs, is trying to overhaul its economy and cut state subsidies as public debt and unemployment rises. It is also looking to boost oil production and expand its non-oil economy.
“Jordan’s standing in international markets remains strong with spreads low compared to peers in the region,” the Washington based lender, said.
As of Friday, Jordan had administered 7.72 million doses, covering more than 76 per cent of its total population, according to Bloomberg's vaccine tracker.
Challenges, however, remain for the country due to the high unemployment rate, the IMF, said.
The country’s current account deficit is expected to increase to around 9.5 per cent of GDP in 2021 due to higher fuel import prices and increased intermediate imports, but is expected to decline to less than 5 per cent in 2022.
Jordan’s banking system remains “well-capitalised and liquid” and non-performing loans remained at low levels in the first half of 2021, according to the IMF.
The country also made significant progress to enhance the regime for anti-money laundering and combatting terrorism financing, including enacting a new AML/CFT law to better align with FATF (Financial Action Task Force) standards.
The FATF is an intergovernmental organisation developed by the Group of Seven countries to combat money laundering around the world.
Jordan hosts 1.3 million Syrian refugees and “robust concessional support from donors “remains crucial,” it said.
Total IMF disbursements, including the amount drawn under the Rapid Financing Instrument, over 2020-24 are expected to amount to $1.95 billion. This is in addition to $469 million disbursed to Jordan in August under the IMF’s General SDR (Special Drawing Rights) allocation.
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP
Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan
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The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
'Nope'
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
