IMF provides financial support for Jordan | Business | Ammon News



IMF provides financial support for Jordan


[6/19/2012 12:00:00 AM]

AMMONNEWS - The International Monetary Fund (IMF) stressed its willingness to provide financial support for the Jordanian government’s economic program to address the economic and financial challenges.

The IMF said in a statement on Tuesday, a copy of which was obtained by Petra, that the Jordanian authorities have requested financial support from the IMF.

The IMF added that the appropriate instrument for the support has not yet been determined.

Minister of Finance Suliman Al Hafez announced that the government negotiated with the IMF to finance its program under the Precautionary Credit Line (PCL) with the value of $1.4 billion, adding that the loan’s procedures are not clear yet.

The Precautionary Credit Line (PCL) was designed to meet the needs of countries that, despite having sound policies and fundamentals, have some remaining vulnerabilities that preclude them from using the Flexible Credit Line (FCL).



*Petra

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