Ammon News - AMMAN (Petra) – The Arab Monetary Fund on Thursday granted Jordan $120 million worth of loans to shore up its economic strategies and support the balance of payments.

Acting Minister of Finance Khleef Al Khawaldeh signed two financing agreements with AMF Director General Jassem El Mannai.

Al Khawaldeh, who is also the Minister of Public Sector Development, said that the agreements came under the framework of cooperation between the Kingdom and the Fund, and fell within the paradigm of Jordan’s economic reforms.

The loan will be withdraws in single payment, and repaid in four installments, one every six months, with a grace period of 18 months from the date of loan withdrawal.

El Mannai said these two loans bring to19 the number of loans given by the AFM to Jordan with a total estimated value of half a billion US dollars.

He also said that the Fund provides training opportunities for Jordanians working in the financial, monetary and statistical sectors.

The Arab Monetary Fund is an inter-governmental regional Arab financial organization, aiming to help correct any disequilibria in the balance of payments of member countries, promoting stability of exchange rates among Arab currencies and the development of Arab financial markets as well as coordinating the positions of member states in dealing with international monetary and economic problems and settling any current payment issues between the member states in order to promote trade among them.