Jordan Times
Wednesday, April 21, 2004
IMF commends Jordan's performance
AMMAN (JT) — The International Monetary Fund (IMF)
commended Jordan's economic achievements last year after its board of executive
directors conducted the second review of the Kingdom's performance earlier this
month, Finance Minister Mohammad Abu Hammour said on Tuesday.
The board examined the country's fiscal and financial policies in addition to
the contributions made by the public and private sectors, the minister
indicated.
During last year, the government managed to maintain overall economic stability
despite adverse regional conditions, which have had their toll on the economies
of different countries in the region, Abu Hammour said.
The IMF board said Jordan proved both its ability and desire to achieve
sustainable development, through its compliance with the IMF reform programme.
Continuing with the privatisation programme and channelling its revenues toward
reducing the country's foreign debt will also empower Jordan, lowering its
foreign debt to 60 per cent by 2007, Abu Hammour added. The IMF board stressed
the efficiency of Jordan's economic management for maintaining the momentum of
reforms to strengthen the economy and to guarantee sustainable and continued
development.
Last year, the government managed to control its general spending besides
attracting foreign assistance.
The IMF executives also commended the increase in the country's exports, for the
third consecutive year.
In addition, the board indicated that the 2004 budget represented a good
beginning to reduce current expenditure and increase local revenues, in order to
achieve self-reliance amid expectation for less foreign aid in the medium-term.