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Thursday, 25 August 2016

Jordan secures three-year USD 723 mn IMF loan

Speaking of Jordan: The International Monetary Fund approved a USD 723 mn extended fund facility for Jordan on Wednesday, Reuters reported. The three-year program aims to support Jordan as it seeks to reduce public debt to 77% of GDP by 2021. We’d noted at the end of last month that Jordan had signed a letter of intent for the loan. “The IMF [agreement] could help the kingdom tap more aid pledges from participants in last February’s Syrian donor conference in London to ease the impact of accommodating over a mn refugees from Syria. Although their presence fueled consumption and provided a pool of cheap and skilled labor, the refugees put pressure on meager resources and strained government finances,” Suleiman Al Khalidi writes for Reuters.

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