Arab Monetary Fund Extends US$41 Million-loan To Jordan
Faizan Hashmi 7 months ago Thu 10th September 2020 | 05:30 PM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 10th Sep, 2020) Arab Monetary Fund, AMF, extended a new automatic loan to the Hashemite Kingdom of Jordan, with an amount of Arab Accounting Dinar 10 million, the equivalent of approximately US$41 million, in face of current circumstances.
The agreement was signed by Dr. Mohamad Al Ississ, Minister of Finance, on behalf of the Hashemite Kingdom of Jordan, and Dr. Abdulrahman A. Al Hamidy, Director-General Chairman of the board of Executive Directors of the AMF, on behalf of the AMF, with the aim to provide financial support to strengthen the Kingdom’s financial position and meet emergency needs.
The AMF is keen to support the efforts of its member countries to implement economic, financial and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Programme, in addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.
The AMF is also keen to provide financial and technical support to its member countries during this period in particular, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects.
The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.
The AMF follows closely the developments of the Jordanian economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Jordanian government to help the country contain the different challenges in the most effective way. In this respect, the AMF disbursed on May 14, 2020, to the Hashemite Kingdom of Jordan, the second tranche of the loan within the framework of the Structural Adjustment Facility in the Financial and Banking Sector, contracted with the Jordanian government on February 14, 2019. The tranche amounts to Arab Accounting Dinar 9.2 million, the equivalent of approximately USD 38 million, aiming to avail resources to help the country implement economic and financial reforms, while strengthening its resilience to various challenges.
The AMF is currently studying financing requests from other member countries, and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times.