The International Monetary Fund (IMF) announced on Tuesday that it has signed a preliminary agreement with Jordanian officials that paves the way for the payment of an additional $294 million under the four-year financial support program for the country. This agreement has been reached as Jordan's economy faces multiple challenges, including regional wars.
Jordan's Strong Performance in Implementing Economic Reforms
César Sera, head of the IMF mission in Jordan, emphasized the country's strong performance in implementing the economic reform program in a statement. He noted that despite ongoing problems and increasing uncertainty due to the prolonged war in the Middle East, Jordan has met all quantitative performance criteria and most of the structural reform objectives set for the sixth review of this program.
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This program, which began in 2024, is valued at nearly $1.2 billion, with an additional $700 million added to its financial resources a year later. The new payment still requires approval from the IMF's executive board. While Jordan's neighboring countries have been affected by regional wars, it seems that Jordan has remained sheltered from the most severe economic consequences of these conflicts.
Economic Challenges and a Bright Future
The U.S. and Israel's war with Iran, which began in late February, has caused widespread conflicts in the region. These conflicts have led to a decrease in tourism revenues, increased trade and transportation costs, and severe fluctuations in energy prices. However, César Sera stated that Jordan's economy continues to show its resilience.
He attributed this success to the commitment of Jordanian officials to cautious economic policies and proactive measures to mitigate the impacts of regional wars. The IMF has maintained its forecast for Jordan's economic growth at around 2.7% in 2026, indicating stability in the country.
The IMF also welcomed Jordan's economic reform program and called for further efforts to enhance competitiveness in the private sector, increase labor market flexibility, and encourage businesses to operate in the formal economy. This organization also reminds that Jordan has had several financial cooperation programs with the IMF since 1985 and must repay about $480 million of its debts to this institution by the end of 2027.
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