The International Monetary Fund (IMF) approved roughly $700 million to Jordan on Wednesday to address its long-term vulnerabilities.
The funds will be part of the Resilience and Sustainability Facility (RSF) to assist with vulnerabilities in the water and electricity sectors, and to help the country take on public health emergencies.
The 30-month arrangement under the RSF will provide Amman with access to about $700 million. The IMF disburses funds through special drawing rights, an international reserve asset the value of which is based on a basket of five currencies.
Separately, the IMF said Jordan will be given immediate access to special drawing rights of about $134 million upon the third completion of its External Fund Facility (EFF) to support Amman's economic programme.
The fund said Jordan has consistently met the targets under its EFF programme, with economic growth reported at 2.5 per cent last year. The fund said growth this year was so far stronger than previously expected.
The IMF approved the $1.2 billion EFF programme with Jordan last year.
“Jordan continues to maintain macroeconomic stability despite external headwinds from regional conflicts and heightened global economic uncertainty, owing to the authorities’ steadfast pursuit of sound policies and continued strong international support,” said Kenji Okamura, IMF deputy managing director and acting chairman.
In its most recently published Regional Economic Outlook, the fund said it expects economic activity to pick up this year after being affected by the Gaza war.
The IMF projected in the outlook for Jordan's economy to expand by 2.6 per cent this year before accelerating further to 2.9 per cent in 2026. Both projections were lower than previous forecasts, mirroring a broader downwards trend because of tariff uncertainty.
Jordan is also expected to be impacted by reduced foreign assistance following the dismantling of the US Agency for International Development, one of several countries in the region that had relied on the agency for assistance.
The IMF said reforms have helped strengthen Jordan's fiscal sustainability, while further efforts should be made to enhance mobilising revenue and take measures to continue lowering its public debt.
“Efforts should also continue to improve the efficiency and viability of the public utilities to preserve the sustainability of public finances, while improving service delivery,” Mr Okamura said.
The fund also said Jordan should accelerate structural reforms to improve its business environment and attract private investment.
“Strong and timely donor support remains essential to help Jordan navigate the challenging external environment, host the large number of refugees, and meet Jordan’s development objectives,” Mr Okamura said.
The fund said reform measures under the RSF will focus on strengthening the financial sustainability for the energy and water sectors, strengthen fiscal and financial sector resilience, and enhance pandemic preparedness.
Vikram%20Vedha
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
ESSENTIALS
The flights
Emirates, Etihad and Swiss fly direct from the UAE to Zurich from Dh2,855 return, including taxes.
The chalet
Chalet N is currently open in winter only, between now and April 21. During the ski season, starting on December 11, a week’s rental costs from €210,000 (Dh898,431) per week for the whole property, which has 22 beds in total, across six suites, three double rooms and a children’s suite. The price includes all scheduled meals, a week’s ski pass, Wi-Fi, parking, transfers between Munich, Innsbruck or Zurich airports and one 50-minute massage per person. Private ski lessons cost from €360 (Dh1,541) per day. Halal food is available on request.
Killing of Qassem Suleimani
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Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
COMPANY PROFILE
Company name: Blah
Started: 2018
Founder: Aliyah Al Abbar and Hend Al Marri
Based: Dubai
Industry: Technology and talent management
Initial investment: Dh20,000
Investors: Self-funded
Total customers: 40
The%20specs
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BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
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
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
The biog
Favourite film: The Notebook
Favourite book: What I know for sure by Oprah Winfrey
Favourite quote: “Social equality is the only basis of human happiness” Nelson Madela. Hometown: Emmen, The Netherlands
Favourite activities: Walking on the beach, eating at restaurants and spending time with friends
Job: Founder and Managing Director of Mawaheb from Beautiful Peopl
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
