IMF announces successful completion of its second review under Extended Fund Facility with Government of Jordan
Date
10/13/2024 4:51:28 AM
(MENAFN) The International Monetary Fund (IMF) recently announced the successful completion of its second review under the Extended Fund Facility with the government of Jordan, underscoring the resilience and stability of Jordan’s economy. This recognition comes amid significant challenges stemming from escalating conflicts in the region, serving as a strong endorsement of the Jordanian economy’s capacity to endure external pressures and adapt to adverse conditions.
Experts highlight a range of economic reforms that Jordan has implemented in recent years. These reforms, combined with sound macroeconomic policies and strategic structural adjustments, have significantly strengthened the nation’s economic foundation. The Central Bank of Jordan has played a crucial role in maintaining economic stability through prudent fiscal and monetary policies, especially in light of recent conflicts involving Israel in Gaza and Lebanon. These efforts have been pivotal in shaping the IMF’s positive assessment of Jordan's economic performance.
In order to maintain this resilience and effectively navigate the geopolitical uncertainties in the region, experts stress the importance of collaboration between the public and private sectors. They recommend establishing joint economic councils that would convene regularly to evaluate the current state of the Jordanian economy, particularly in relation to external challenges. These councils would focus on developing targeted strategies to assist the sectors most affected by regional conflicts, facilitating recovery from significant economic downturns.
Jordan is already taking concrete steps to address these challenges. Key initiatives include accelerating structural reforms designed to strengthen the national economy, tackling issues such as customs evasion, and enhancing tax compliance. Efforts are also being made to improve the business environment with the goal of attracting greater investment and digitizing government services. Moreover, there is a strong emphasis on fostering genuine partnerships between public and private sectors to create a unified approach to economic recovery and growth.
By diligently pursuing these strategies and reforms, Jordan aims not only to mitigate the adverse effects of regional tensions but also to lay the groundwork for sustainable economic development in the future. This proactive approach reflects a commitment to resilience and adaptability in a complex and rapidly changing geopolitical landscape.
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