ARAB MONETARY FUND EXTENDS A NEW COMPENSATORY LOAN TO THE HASHEMITE KINGDOM OF JORDAN

With an amount of Arab Accounting Dinar 14.77 million, the equivalent of approximately USD 63 million, in face of current circumstances

The Arab Monetary Fund (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 Program, 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.

In this context, the AMF extended a new Compensatory Loan to the Hashemite Kingdom of Jordan, with the amount of Arab Accounting Dinar 14.77 million, the equivalent of approximately USD 63 million. The agreement was signed on Sunday, September 26th , 2021, by H.E. Dr. Mohammad Al-Ississ, Minister of Finance, on behalf of Hashemite Kingdom of Jordan, and H.E. 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 country’s financial position and meet emergency needs.

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 is finalizing the procedures to extend a new loan to the Hashemite Kingdom of Jordan, to support the government efforts that aim to strengthen an enabling environment for Small and Medium sized Enterprises.

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.