The Arab Monetary Fund (AMF) extends a new Ordinary Loan to the Hashemite Kingdom of Jordan, with an amount of Arab Accounting Dinar 12.79 million, the equivalent of approximately USD 51 million, to support the economic reforms implemented by the Kingdom
The AMF has completed the linking of Central Bank of Jordan to “Buna Platform”, which the AMF launched to support regional financial integration and encourage inter-Arab trade and investments
The Arab Monetary Fund (AMF) extended a new Ordinary Loan to the Hashemite Kingdom of Jordan, with the amount of Arab Accounting Dinar 12.79 million, the equivalent of approximately USD 51 million. The loan agreement was signed on Monday, May 15, 2023, 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 avail financial resources to support the country’s financial position and its efforts to implement economic and financial reforms.
On this occasion, his Excellency the Jordanian Minister of Finance expressed his appreciation for the support provided by the AMF and the important role it plays in strengthening the ability of Arab countries to maintain economic stability and face current challenges. In turn, his Excellency the Director General of the AMF congratulated Jordan on its success in implementing the economic reform programs, which contribute to improving the outlook for its credit rating by rating agencies, stressing the AMF keenness to continue the fruitful partnership with the Jordanian government to help the country address the different challenges in the most effective way.
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 economic challenges, especially in such times.
It is noteworthy that the AMF supports the efforts of its member countries to implement economic, financial, monetary and structural reforms, 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 and technical assistance for government officials in member countries through its Institute for Training and Capacity Building.
Moreover, within the framework of its endeavors to support regional financial integration, encourage inter-Arab trade and investments and link with the main trading partners of Arab countries, the AMF completed the establishment of the Arab Regional Payments Clearing and Settlement Organization “Buna Platform” with the aim of encouraging the use of Arab currencies in inter-financial and investment transactions, and contributing to strengthening compliance in clearing and settling these transactions. It is worth noting that “Buna Platform” is in line with relevant international standards and has international acceptance, as it is seen as a model for alignment with the G20 directions to enhance cross-border payments. In this context, the AMF has completed the linking of the Central Bank of Jordan to “Buna Platform”, making it the fifth Arab central bank to be linked to the platform, and started transfers in Jordanian dinars through the platform.