The total value of loans extended in 2015 by the Fund to its borrowing member countries amounted to approximately AAD 191.2 million, equivalent to USD 800 million, representing a total of 4 loans granted to Jordan, Egypt (2 loans) and Sudan.
The loan provided to Jordan amounted to AAD 13.285 million, equivalent to USD 55.4 million. The loan aims to support a reform program in the government finance sector covering the period June 2015-June 2016, to enhance tax collection and administration, improve government procurement system, and scale up the implementation of the government finance management information system. In this regard, the Fund sent a consultation mission to Jordan during May 3-7, 2015, to reach an agreement on the components of the reform program.
The Fund signed two loans to Egypt during 2015. The first loan - amounting to AAD 78.88 million, equivalent to USD 330 million, and covering the period May 2015-May 2016 - aims at supporting a reform program in the financial and banking sector, in order to develop the financial securities central depository system, support financial sector effectiveness, and enhance the role of the Credit Guarantee Company for Small and Medium Enterprises. In this regard, the Fund sent a consultation mission to Egypt during April 19-23, 2015, to reach an agreement on the components of the reform program. Egypt also benefited from an Automatic Loan to support the balance of payments in 2015. The loan amounted to AAD 59.16 million, equivalent to USD 250 million.
The loan provided to Sudan amounted to AAD 39.9 million, equivalent to USD 166 million, within the framework of the Fund’s Extended Facility. The loan aims at supporting a comprehensive reform program over 2015 and 2016, to achieve economic and financial stability and to promote a conducive macroeconomic environment for sustainable and inclusive growth. In this regard, the Fund sent a consultation mission to Sudan during September 29-October 5, 2015 to reach an agreement on the components of the reform program.
Adding up the loans contracted by the Fund to member countries in 2015 to the balance of loans extended since the beginning of the Fund’s lending activities in 1978, the total amount of loans extended by the Fund to its members until the end of 2015 is AAD 1.95 billion, equivalent to USD 8.2 billion. The total number of loans reached 174 loans benefiting 14 member countries.
Conventional loans provided by the Fund; i.e., Automatic, Ordinary, Compensatory and Extended loans, were at the top of facilities granted by the Fund since the beginning of its lending activities in 1978 through end-2015, representing 63 percent of the total loans extended throughout this period. The structural adjustment facilities extended through various sub-categories of financial, banking and public finance sectors came second with 32 percent. The trade structural facility accounted for 3.3 percent, followed by oil structural facility with 1.7 percent.
As of the end 2015, developments in lending activities during the year resulted in an increase in the balance of loans to AAD 528.8 million, equivalent to USD 2.2 billion, representing 67 percent of paid-up capital, compared to AAD 474.3 million at the end of 2014, equivalent to USD 2.1 billion, representing 62 percent of paid-up capital.