Jordan’s International Monetary Fund-supported funding programme and reforms are “on track”, despite higher oil and commodity prices, but the country requires additional financing amid rising global risks that could pose economic headwinds, the Washington-based lender has said.
To meet the kingdom’s higher external financing needs, the fund proposed disbursing an additional $165 million in 2022, “including an augmentation of access of around $100m”, it said after the completion of its fourth review of Jordan’s loan programme.
With the disbursement of additional funding, total IMF financial assistance to Jordan under the four-year agreement, which runs until 2024, will rise to $2 billion.
This includes the $407 million Jordan received in May 2020 under the IMF’s rapid financing programme.
Jordan received an additional $469m as its share of the IMF’s general special drawing rights allocation in August 2021.
IMF special drawing rights are an international reserve asset created by the lender to supplement the official reserves of its member countries.
They are the fund's unit of exchange and are made up of a basket of the world’s five leading currencies — the US dollar, the euro, the yuan, the yen and the British pound.
SDRs are distributed to countries in proportion to their quota shares in the IMF. They help to increase a country's international reserves and reduce its reliance on more expensive domestic or external debt.
The kingdom, which has limited natural resources and imports more than 90 per cent of its energy needs, hosts more than three million refugees from Syria, Iraq and Palestine.
It relies heavily on foreign aid and grants to finance its fiscal and current account needs.
Jordan is trying to cut state subsidies and reduce its large public debt as part of its economic overhaul drive.
“Robust concessional support from donors remains crucial, especially as global risks are elevated,” said S Ali Abbas, who led the IMF staff mission to Jordan.
“Jordan continues to bear a disproportionate burden in supporting and hosting 1.3 million Syrian refugees, including providing all residents equal access to vaccination.”
The country has delivered “notably strong performance” on domestic revenue mobilisation and authorities have managed to navigate significant economic challenges related to the pandemic while protecting critical social and health spending and enacting key structural reforms.
The kingdom's economy is recovering with the help of fiscal and monetary measures.
“A stronger rebound in tourism receipts and robust exports” will help to narrow Jordan's current account deficit to 6.5 per cent of GDP in 2022, from 8.8 per cent last year, the IMF said.
The country’s economy is forecast to expand by about 2.4 per cent in 2022, lower than an earlier 2.7 per cent estimate, the fund said. Gross domestic product will rise to above 3 per cent over the medium term.
However, this year's deficit will be at a “somewhat higher level than previously expected, primarily reflecting more elevated fuel import prices”, Mr Abbas said.
Robust concessional support from donors, remains crucial, especially as global risks are elevated. Jordan continues to bear a disproportionate burden in supporting and hosting 1.3 million Syrian refugees, including providing all residents equal access to vaccination.”
S Ali Abbas,
IMF official
Despite the challenging circumstances brought on by the pandemic, sound policies have contributed to macroeconomic stability.
The central government managed to narrow its primary deficit by 1.2 per cent of GDP to 4.5 per cent in 2021.
This year, revenue collection has remained robust and the authorities are on track to meet the 2022 target for the primary deficit — excluding grants — of 3.4 per cent of GDP.
Jordan’s international reserves are adequate, helped by “prudent monetary policies, a resilient banking system and robust external financing”, Mr Abbas said.
“New electricity tariffs were rolled out in early April, which will boost Jordan’s competitiveness by lowering the costs for businesses,” he said.
However, unemployment was already high before the Covid-19 pandemic and remains elevated, particularly among the youths. Inflation, which was contained in 2021, rose slightly this year to 3.6 per cent at the end of April, the fund said.
Jordan’s fiscal reforms have been focused on broadening the tax base and “going forward, it will be critical to maintain reform momentum”, Mr Abbas said.
The country’s long-term, fixed-price gas import contracts for electricity generation, as well as adequate wheat reserves to hedge against possible global shocks, means it is better placed than many emerging markets to deal with higher food and fuel prices.
However, it will be important to contain the cost of fuel subsidies while working to protect the most vulnerable.
Abu Dhabi traffic facts
Drivers in Abu Dhabi spend 10 per cent longer in congested conditions than they would on a free-flowing road
The highest volume of traffic on the roads is found between 7am and 8am on a Sunday.
Travelling before 7am on a Sunday could save up to four hours per year on a 30-minute commute.
The day was the least congestion in Abu Dhabi in 2019 was Tuesday, August 13.
The highest levels of traffic were found on Sunday, November 10.
Drivers in Abu Dhabi lost 41 hours spent in traffic jams in rush hour during 2019
'The Last Days of Ptolemy Grey'
Rating: 3/5
Directors: Ramin Bahrani, Debbie Allen, Hanelle Culpepper, Guillermo Navarro
Writers: Walter Mosley
Stars: Samuel L Jackson, Dominique Fishback, Walton Goggins
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
World Cup final
Who: France v Croatia
When: Sunday, July 15, 7pm (UAE)
TV: Game will be shown live on BeIN Sports for viewers in the Mena region
Voy!%20Voy!%20Voy!
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2017%20RESULTS%3A%20FRENCH%20VOTERS%20IN%20UK
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MATCH INFO
Tottenham Hotspur 1
Kane (50')
Newcastle United 0
The years Ramadan fell in May
Company profile
Name: Infinite8
Based: Dubai
Launch year: 2017
Number of employees: 90
Sector: Online gaming industry
Funding: $1.2m from a UAE angel investor
England squad
Goalkeepers: Jordan Pickford, Nick Pope, Aaron Ramsdale
Defenders: Trent Alexander-Arnold, Conor Coady, Marc Guehi, Reece James, Harry Maguire, Tyrone Mings, Luke Shaw, John Stones, Ben White
Midfielders: Jude Bellingham, Conor Gallagher, Mason Mount, Jordan Henderson, Declan Rice, James Ward-Prowse
Forwards: Tammy Abraham, Phil Foden, Jack Grealish, Harry Kane, Bukayo Saka, Emile Smith Rowe, Raheem Sterling
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Results
3pm: Maiden Dh165,000 (Dirt) 1,400m, Winner: Lancienegaboulevard, Adrie de Vries (jockey), Fawzi Nass (trainer).
3.35pm: Maiden Dh165,000 (Turf) 1,600m, Winner: Al Mukhtar Star, Adrie de Vries, Fawzi Nass.
4.10pm: Handicap Dh165,000 (D) 2,000m, Winner: Gundogdu, Xavier Ziani, Salem bin Ghadayer.
4.45pm: Handicap Dh185,000 (T) 1,200m, Winner: Speedy Move, Sean Kirrane, Satish Seemar.
5.20pm: Handicap Dh185,000 (D) 1,600m, Winner: Moqarrar, Dane O’Neill, Erwan Charpy.
5.55pm: Handicap Dh175,000 (T) 1,800m, Winner: Dolman, Richard Mullen, Satish Seemar.
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20Z%20FOLD%204
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11 cabbie-recommended restaurants and dishes to try in Abu Dhabi
Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)
Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)
Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)
Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).
Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)
Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)
Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)
Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)
Pinky Food Restaurant in Tanker Mai for tilapia
Tasty Zone for Nepalese-style noodles (Dh15)
Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Sweet%20Tooth
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New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
WWE TLC results
Asuka won the SmackDown Women's title in a TLC triple threat with Becky Lynch and Charlotte Flair
Dean Ambrose won the Intercontinental title against Seth Rollins
Daniel Bryan retained the WWE World Heavyweight Championship against AJ Styles
Ronda Rousey retained the Raw Women's Championship against Nia Jax
Rey Mysterio beat Randy Orton in a chairs match
Finn Balor defeated Drew McIntyre
Natalya beat Ruby Riott in a tables match
Braun Strowman beat Baron Corbin in a TLC match
Sheamus and Cesaro retained the SmackDown Tag Titles against The Usos and New Day
R-Truth and Carmella won the Mixed Match Challenge by beating Jinder Mahal and Alicia Fox
Karwaan
Producer: Ronnie Screwvala
Director: Akarsh Khurana
Starring: Irrfan Khan, Dulquer Salmaan, Mithila Palkar
Rating: 4/5
SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E4-litre%20flat-six%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E525hp%20(GT3)%2C%20500hp%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E465Nm%20(GT3)%2C%20450Nm%20(GT4)%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh944%2C000%20(GT3)%2C%20Dh581%2C700%20(GT4)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
RESULTS
6.30pm Al Maktoum Challenge Round-2 – Group 1 (PA) $49,000 (Dirt) 1,900m
Winner RB Frynchh Dude, Pat Cosgrave (jockey), Helal Al Alawi (trainer)
7.05pm Al Bastakiya Trial – Conditions (TB) $50,000 (D) 1,900m
Winner El Patriota, Vagner Leal, Antonio Cintra
7.40pm Zabeel Turf – Listed (TB) $88,000 (Turf) 2,000m
Winner Ya Hayati, Mickael Barzalona, Charlie Appleby
8.15pm Cape Verdi – Group 2 (TB) $163,000 (T) 1,600m
Winner Althiqa, James Doyle, Charlie Appleby
8.50pm UAE 1000 Guineas – Listed (TB) $125,000 (D) 1,600m
Winner Soft Whisper, Frankie Dettori, Saeed bin Suroor
9.25pm Handicap (TB) $68,000 (T) 1,600m
Winner Bedouin’s Story, Frankie Dettori, Saeed bin Suroor
Most wanted allegations
- Benjamin Macann, 32: involvement in cocaine smuggling gang.
- Jack Mayle, 30: sold drugs from a phone line called the Flavour Quest.
- Callum Halpin, 27: over the 2018 murder of a rival drug dealer.
- Asim Naveed, 29: accused of being the leader of a gang that imported cocaine.
- Calvin Parris, 32: accused of buying cocaine from Naveed and selling it on.
- John James Jones, 31: allegedly stabbed two people causing serious injuries.
- Callum Michael Allan, 23: alleged drug dealing and assaulting an emergency worker.
- Dean Garforth, 29: part of a crime gang that sold drugs and guns.
- Joshua Dillon Hendry, 30: accused of trafficking heroin and crack cocain.
- Mark Francis Roberts, 28: grievous bodily harm after a bungled attempt to steal a £60,000 watch.
- James ‘Jamie’ Stevenson, 56: for arson and over the seizure of a tonne of cocaine.
- Nana Oppong, 41: shot a man eight times in a suspected gangland reprisal attack.
