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IMF Applauds Jordan’s Economic Performance Despite Regional Challenges

Dubai: Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said that despite the regional challenges facing it, the Jordanian economy continues to demonstrate resilience and steady performance. Georgieva, speaking at the Eighth Annual Arab Fiscal Forum on Sunday, highlighted that Jordan managed to navigate through increased public debt following the Israeli aggression on Gaza, attributing its success to prudent economic management and proactive strategies that have kept inflation rates relatively low compared to neighboring countries. Responding to inquiries from the Jordan News Agency (Petra), Georgieva underscored the effective partnership between the IMF and the Jordanian government, citing the recent approval of a new $1.2 billion program. She urged enhanced efficiency in revenue collection to alleviate public debt burdens, commending the government's efforts in implementing electronic tax monitoring systems and streamlining tax collection processes, which are pivotal for advancing Jordan's fiscal system. Emphasizing the importance of sustained international support for Jordan amidst regional turbulence, Georgieva stressed that such backing is crucial for enabling the country to uphold its reform agenda, ultimately reflecting positively across various economic metrics. Earlier, Jihad Azour, Director of the Middle East and Central Asia Department at the IMF, acknowledged Jordan's economic resilience in the face of regional uncertainties, noting its ability to mitigate potential fallout from conflicts like the Israeli aggression on Gaza. Azour underscored the necessity for Jordan to adopt robust financial and monetary policies to mitigate risks associated with prolonged conflicts. He highlighted the positive impact of Jordan's recent partnership with the IMF, citing its role in activating economic and financial measures, bolstering public financial stability, and facilitating borrowing at favorable interest rates, all indicative of the Kingdom's commitment to ongoing economic reforms and its steady progress in improving overall economic conditions. Source: Jordan News Agency