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Lagarde Urges Int’l Community to Support Jordan’s Economy

Lagarde Urges Int’l Community to Support Jordan’s Economy

Saturday, 12 January, 2019 - 06:00
Prime Minister Omar Razzaz heads Jordan’s delegation at a meeting with IMF chief Christine Lagarde in Washington, DC. (Photo courtesy of Jordanian Premiership)
Cairo - Asharq Al-Awsat
The International Monetary Fund (IMF) Managing Director, Christine Lagarde, has urged the international community to support Jordan’s economy which has come under severe pressure for hosting a large number of refugees.

Following talks with Jordanian Prime Minister Omar al-Razzaz, Lagarde said: “International donor support is more important than ever to help it (Jordan) preserve economic and social stability.”

“Our teams remain in close consultation on how best to advance policies to unlock much needed concessional financing and budget grants, ahead of next month’s London Initiative 2019,” Lagarde added.

Jordan’s Planning Ministry said last month that by December 20, contracted foreign assistance to Jordan had reached a value of 3.3 billion dollars.

Planning Minister Mary Kawar told the parliament during discussions on the state budget that half of the foreign assistance in 2018 had been directed to support the budget while the rest went to the public works, health and education sectors, and to financial reform, infrastructure, energy, waste management and women’s empowerment.

A statement issued by the Jordanian premiership said Thursday that Razzaz discussed with Lagarde the latest developments in the IMF-backed fiscal reform program, adding that Jordan is implementing an economic blueprint aimed at stimulating growth and generating more jobs for Jordanians through projects in the energy, transportation and water sectors.

Jordan’s debt has reached 40 billion dollars, which is 94 percent of its gross domestic product.

According to official data, poverty rose to 20 percent and unemployment to 18.5 percent at the start of 2018.

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