What we're hoping to achieve is to contain the local transmission of the virus, which will enable us to gradually and slowly open back our local economy while maintaining control of the borders. It would not be easy. Those were the prime minister's initiatives. That is why I think institutions like the IMF and the World Bank make such an important contribution. Obviously, there is going to be a hit this year. officials, members of parliament, donors, key business leaders, and We're sequencing what the economy needs and how we respond to it.
We have companies, such as Expedia, functioning from their own homes in Jordan doing coding for their global needs out of Jordan. conflict and uncertainty. The fundamental goals of the programme were to raise Jordan’s growth, which has been low for years. And what we need to do is to go out of our way for those who are in need and, as Chris said very wisely, to help companies that are solvent but illiquid to be able to bypass this period.
This is not to sugarcoat the situation. We held a wide-ranging set of meetings with the prime minister, I think that will really benefit Jordan over the coming weeks and months. End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. IMF mission chief expresses confidence in Jordan’s crisis measures, recovery path, At least 22 people killed in Kabul suicide attack, Geely Azkarra: Impressive as car-like crossovers come, Iraq’s ancient ‘palm climbers’ struggle for survival, Two children rescued days after deadly Turkey quake, Ambitious but controversial: Japan's new hydrogen project, Training equips young women with skills to chart career path in agriculture sector, Poll: How Arab Americans will vote and why, The economic incompetence of Republican presidents, Prime Ministry produces video ahead of London conference, Jordanians protest income tax draft law early Saturday. What we need is concessional financing. It is providing an international public good to Europe and to the world in what it does to help refugees and is providing an essential humanitarian good.
The executive board of the International Monetary Fund has approved Jordan’s four-year Extended Fund Facility in March, 2020 (File photo) Following is the text of The Jordan Times’ interview with IMF Mission Chief to Jordan Chris Jarvis and Minister of Finance Mohamad Al-Ississ on Thursday:
Jordan can also avail itself of that facility if it seems that that support is necessary. The main pillars of the programme include lowering the cost of doing business, strengthening social protection and improving the efficiency and transparency of public services, in addition to issues such as digitisation and enhancing tax revenues from formalising the economy and expanding digital payments. In addition, the Jordan Times: What do you think of Jordan’s approach not to cut spending, but to maintain and redirect expenditure? Number three is wages.
for 1+3, enter 4. Apr 17,2020 - Last updated at Apr 17,2020, The executive board of the International Monetary Fund has approved Jordan’s four-year Extended Fund Facility in March, 2020 (File photo). © 2020 International Monetary Fund. How Can Egypt Achieve Economic Stability and Better Living Standards Together. We have fully prioritised our expenditure list. It is a programme that emphasises growth and tries to accomplish an increase in growth and job creation that Jordan really needs. And this really is a manifestation of the positive, healthy relationship that we both have going forward. the labor force and will reform the Illicit Gains Law to improve Jordan’s Similarly, Jordan is not going to be able to accomplish as much adjustment of the budget deficit this year as we had hoped and planned for, which is okay.
We need to be open to issues such as debt swaps and exchanges of various resources and the world community needs to move fast and not wait until the crisis worsens. We will be revisiting the programme with the fund to reassess the macro framework and expectations, but I think now is the time for saving the private sector to the extent that we can and helping the economy become resilient in the face of this crisis, and ensuring that we expedite our structural reforms to achieve the objectives of the programme, which will help Jordan, upon concluding this crisis, to achieve the growth that it desires. Subir Lall to succeed Chris Jarvis as IMF mission director in Egypt Egypt will soon get a new IMF mission director, as current chief Jarvis’ three-year term in the country has come to an end.
But there will be a long-term effect, as tourism isn't going to recover overnight, because international travel is likely to continue to be disrupted even if things are good in Jordan. We have seen borders closed. He is a U.K. national and before joining the IMF, he was at the U.K. Treasury. We talk very openly. Jordan will continue to service its debt and will continue to meet its external obligations. The sooner we can rebound from that, the sooner we can actually get into a V-shaped recovery rather than a U-shaped recovery and the less the negative impact will be of this crisis. Chris Jarvis is the mission chief for Egypt and an Advisor at the International Monetary Fund’s Middle East and Central Asia Department. Essentially, we see output contracting in 2020 by about 3 to 4 per cent before rebounding in 2021. Faced with that, it's important that Jordan works on promoting rapid recovery. The next thing I would say is looking at the effects on the economy and what can be done to reduce the damage. Monetary policy will continue to be anchored by the exchange rate Jarvis has over twenty years experience as an IMF economist, working mostly on emerging economies. together with development of a plan to reduce production costs and direct During downturns or situations like this with high uncertainty, investments will slow down and there is disruption of trade. Jordan Times: How does the coronavirus impact the reform process in Jordan, taking into account that the IMF has praised the Kingdom on several occasions? Minister of Finance: If anything, I believe Jordan will expedite its structural reforms.
And I think it'll be important also that the programme begins to show results in the first year or so. Inflation will
By that time, we should have a better chance to see how things are going and discuss any specific changes that need to be made.
He was previously in the IMF’s European Department where he led missions to Belarus and then Ukraine; and before that he was a speechwriter for Rodrigo de Rato and Dominique Strauss-Kahn, former Managing Directors at the IMF. fiscal consolidation and reform path will help bring down public debt over It is a good partnership from our side as well, because we're working with people who take the initiative themselves. We continue to service refugee obligations and we need to make sure that the whole world is turning inwards in their needs to meet their own heightened domestic requestsand that Jordan continues to receive the support that it needs, and frankly, deserves. There are other individual countries that have supported Jordan in the past and which I hope can do more at this time. But it is important not to lose sight of the medium-term objectives of beginning to put public debt on a downward path again to increase Jordan’s resilience. And we will certainly be flexible in reflecting on the effects of the crisis, which is beyond Jordan’s control. Applying that to Jordan, I think we need to step up and support and the World Bank needs to step up its support. program aims at enhancing the conditions for more inclusive economic It is not just the IMF, and we will also be mobilising support from others.
Following is the text of The Jordan Times’ interview with IMF Mission Chief to Jordan Chris Jarvis and Minister of Finance Mohamad Al-Ississ on Thursday: Jordan Times: The executive board of the International Monetary Fund (IMF) approved Jordan’s four-year Extended Fund Facility.
representatives from civil society.”, Phone: +1 202 623-7100Email: MEDIA@IMF.org. I think what we need to do is to continuously respond to the needs of the markets. It has also extended liquidity to banks, which is an important part of this equation because then banks can extend liquidity to their borrowers. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. The results won't be instant. The government has already done a lot of stuff. Jordan Times: How do you view Jordan’s economic resilience going forward, given its recent experiences overcoming shocks and its current macroeconomic circumstances? public-sector investment, reduced business costs, and measures to improve At the conclusion of the visit, Mr. Jarvis made the following statement: 1 year ago . This agreement is subject to IMF management approval and Executive This is really a global phenomenon. But the Central Bank of Jordan has been doing some good things and it was right to take the opportunity to lower interest rates along with the US Federal Reserve. These are our priorities at the moment. All rights reserved.
And this is a challenging time. Remarks By Chris Jarvis Chair, Staff Association Committee International Monetary Fund IMF Atrium, Washington, D.C. October 1, 2001. It was the first time that the IMF included a clause like that in an agreement due to the coronavirus and Jordan became a model for other countries to do that.
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