Jordan is committed to pursuing structural reforms to boost growth, according to the International Monetary Fund. Photo by Khalil Mazraawi / AFP
Jordan is committed to pursuing structural reforms to boost growth, according to the International Monetary Fund. Photo by Khalil Mazraawi / AFP
Jordan is committed to pursuing structural reforms to boost growth, according to the International Monetary Fund. Photo by Khalil Mazraawi / AFP
Jordan is committed to pursuing structural reforms to boost growth, according to the International Monetary Fund. Photo by Khalil Mazraawi / AFP

Jordan’s economy continues to recover on fiscal measures and rapid vaccination programme


Fareed Rahman
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Jordan's economy continues to recover from the impact of the coronavirus pandemic on the back of fiscal and monetary measures, as well as an accelerated vaccination programme, according to the International Monetary Fund.

The country’s economy is set to grow 2 per cent in 2021 and 2.7 per cent next year, the IMF said, after reaching a staff-level agreement on the third review of Jordan’s economic reform programme under its Extended Fund Facility arrangement.

“Despite the challenging circumstances brought on by the pandemic, sound policies have helped maintain macroeconomic stability,” the IMF said.

“The government is on track to narrow its fiscal deficit by 1 per cent of GDP in 2021, reflecting robust revenue collection on the back of a significant institutional effort to tackle tax evasion and improve tax compliance.”

Robust monetary policy and external financing also helped the country to maintain reserves at a “comfortable level,” it said.

The kingdom, which relies on foreign aid and grants to finance its fiscal and current account needs, is trying to overhaul its economy and cut state subsidies as public debt and unemployment rises. It is also looking to boost oil production and expand its non-oil economy.

“Jordan’s standing in international markets remains strong with spreads low compared to peers in the region,” the Washington based lender, said.

As of Friday, Jordan had administered 7.72 million doses, covering more than 76 per cent of its total population, according to Bloomberg's vaccine tracker.

Challenges, however, remain for the country due to the high unemployment rate, the IMF, said.

The country’s current account deficit is expected to increase to around 9.5 per cent of GDP in 2021 due to higher fuel import prices and increased intermediate imports, but is expected to decline to less than 5 per cent in 2022.

Jordan’s banking system remains “well-capitalised and liquid” and non-performing loans remained at low levels in the first half of 2021, according to the IMF.

The country also made significant progress to enhance the regime for anti-money laundering and combatting terrorism financing, including enacting a new AML/CFT law to better align with FATF (Financial Action Task Force) standards.

The FATF is an intergovernmental organisation developed by the Group of Seven countries to combat money laundering around the world.

Jordan hosts 1.3 million Syrian refugees and “robust concessional support from donors “remains crucial,” it said.

Total IMF disbursements, including the amount drawn under the Rapid Financing Instrument, over 2020-24 are expected to amount to $1.95 billion. This is in addition to $469 million disbursed to Jordan in August under the IMF’s General SDR (Special Drawing Rights) allocation.

The past Palme d'Or winners

2018 Shoplifters, Hirokazu Kore-eda

2017 The Square, Ruben Ostlund

2016 I, Daniel Blake, Ken Loach

2015 DheepanJacques Audiard

2014 Winter Sleep (Kış Uykusu), Nuri Bilge Ceylan

2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux

2012 Amour, Michael Haneke

2011 The Tree of LifeTerrence Malick

2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul

2009 The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke

2008 The Class (Entre les murs), Laurent Cantet

Indoor cricket World Cup:
Insportz, Dubai, September 16-23

UAE fixtures:
Men

Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final

Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final

DSC Eagles 23 Dubai Hurricanes 36

Eagles
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Cons: Carey 2
Pens: Carey 3

Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

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Transmission: 10-speed auto

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Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

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LA LIGA FIXTURES

Saturday (All UAE kick-off times)

Valencia v Atletico Madrid (midnight)

Mallorca v Alaves (4pm)

Barcelona v Getafe (7pm)

Villarreal v Levante (9.30pm)

Sunday

Granada v Real Volladolid (midnight)

Sevilla v Espanyol (3pm)

Leganes v Real Betis (5pm)

Eibar v Real Sociedad (7pm)

Athletic Bilbao v Osasuna (9.30pm)

Monday

Real Madrid v Celta Vigo (midnight)

How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

Updated: November 19, 2021, 11:13 AM