Finance Minister Mohammad Issis said the new program with the International Monetary Fund (IMF), which was announced in spite of the regional tremors to which the Kingdom has been exposed, acts as an “insurance policy” to preserve financial and monetary stability and is a fundamental tenet of monetary and financial policies. The total value of the program stands at $1.2 billion over four years, representing 270 percent of Jordan’s drawing rights with the Fund, Issis said during his meeting with journalists and economic writers at the ministry’s headquarters Thursday, stressing that there is a margin of special drawing rights to address any future developments. Responding to a question posed by the Jordan News Agency (Petra), Issis said that the program provides low-interest borrowing options in international markets because it has a certificate from the Fund and international financial institutions attesting to the robustness and stability of the Jordanian economy. He emphasized that the economic vision is a crucial component of the program and that the structural reforms incorporated into the new plan are based on the modernization vision.

Source: Jordan News Agency