The Executive Board of the International Monetary Fund (IMF) approved a three-year extended arrangement under the Extended Fund Facility (EFF) for Jordan US$723 million to support the country’s economic and financial reform program.

    In a statement issued late Thursday, the IMF said that the new funding aims to support the country’s economic and financial reform program. This program also aims at advancing fiscal consolidation to lower public debt and broad structural reforms to enhance the conditions for more inclusive growth.

    Following the Board’s decision, an amount equivalent to SDR 51.465 million (about US$72.3 million) is made available for immediate disbursement, the remaining amount will be phased in over the duration of the program, subject to six reviews, the IMF statement added.

    IMF First Deputy Managing Director and Acting Chair, David Lipton said, "the Jordanian economy has performed favorably under a difficult external environment, including the hosting of a large number of Syrian refugees. Macroeconomic stability has been maintained thanks to significant policy adjustment and reforms. However, economic performance remains below potential and the hosting of Syrian refugees weighs on the economy and public finances.

    On Wednesday, Jordanian Finance Minister Omar Malhas has announced its approval of the EFF, which is based on a national economic reform program.