The International Monetary Fund has approved a $723 million loan facility to Jordan in a three-year program to support economic and financial reforms aimed at lowering public debt and accelerating growth, it said on Wednesday.
The IMF said in a statement the first $72.3 million tranche was to be paid immediately, and the remaining amount would be disbursed over the duration of the program.
The deal is focused on reducing public debt to 77 per cent of GDP by 2021 from 94 per cent now.
Debt rose by almost a third to $32 billion in five years as economic strains reduced revenues and foreign aid, forcing Jordan to borrow more.
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Last Update: Wednesday, 20 May 2020 KSA 09:48 - GMT 06:48