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Business and Economics > Public Finance

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Cover IMF Staff Country Reports
Jordan: 2024 Article IV Consultation, Second Review Under the Extended Arrangement Under the Extended Fund Facility, and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses IMF’s 2024 Article IV Consultation, Second Review under the Extended Arrangement under the Extended Fund Facility, and Request for Modification of Performance Criteria for Jordan. Jordan continues to show resilience and maintain macro-economic stability, despite the headwinds caused by the regional conflict. This resilience reflects the authorities’ continued implementation of sound macro-economic policies and reform progress. Inflation is projected to remain low, at about 2 percent, reflecting the Central Bank of Jordan’s firm commitment to monetary stability and the exchange rate peg. Jordan’s external position remains relatively strong. Bringing the Jordanian economy onto a higher growth trajectory is essential to create more jobs and raise prosperity. This requires accelerating structural reforms, while maintaining macro-economic stability. Strong and timely international support also remains crucial to help Jordan navigate through the external headwinds, while shouldering the costs of hosting a large number of Syrian refugees.
Keywords:
digitalizing government service; Jordanian authorities; executive board assessment; pandemic preparedness; authority of the Competition Department; development objective; Gender inequality; Fiscal stance; Global
Cover IMF Staff Country Reports
Jordan: First Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper highlights Jordan’s First Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria. Jordan’s economy continues to show resilience despite a challenging external environment. The economy continues to grow, albeit at a somewhat slower pace, inflation is low, and reserve buffers are strong. Growth is projected to pick up pace in 2025, contingent upon the Israel-Gaza conflict ending and its impact fading. Uncertainty is high, however, and structural challenges remain, with continued high unemployment. Strong progress was also made in implementing structural benchmarks (SBs), with all six SBs for the first review met, and with good progress being made toward meeting SBs for the next review. The authorities remain firmly committed to sound macro-economic policies and advancing structural reforms, to maintain macro stability, further strengthen economic resilience in the face of successive external shocks, and foster stronger, job-rich growth. Steadfast implementation of structural reforms is crucial to create a more dynamic private sector that can generate sufficient jobs and contribute to higher living standards.
Keywords:
IMF's transparency policy; government finance; Jordan's economy; authorities' policy effort; near-term outlook; Fiscal stance; Structural reforms; Global
Cover High-Level Summary Technical Assistance Reports
Jordan: Climate Module of the Public Investment Management Assessment and Green Public Financial Management
Bryn Battersby
,
Diala Al Masri
,
Robert N Clifton
,
Ed Hearne
,
Murray Petrie
, and
Jad Mazahreh
The assistance assessed how climate change impacts and mitigation and adaptation responses are addressed in the public investment cycle using the Climate Module of the Public Investment Management Assessment (C-PIMA). The assistance also evaluated the scope to advance Green Public Financial Management (PFM) practices, drawing on the IMF’s new Green PFM framework. Jordan was found to performs well in the climate-aware planning and coordination institutions of the C-PIMA, but some gaps were identified in implementation aspects of the framework, and there were several areas where climate could be better integrated in the PFM system.
Keywords:
Public investment management; C-PIMA; climate change; Green PFM; climate change consideration; PFM system; planning institution; Green PFM framework; C-PIMA show Jordan; climate change planning; climate sensitivity; Public Investment Management Assessment (PIMA); Public investment spending
Cover IMF Staff Country Reports
Jordan: Request for an Extended Arrangement Under the Extended Fund Facility and Cancellation of the Current Arrangement Under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Jordan’s Request for an Extended Arrangement under the Extended Fund Facility and Cancellation of the Current Arrangement under the Extended Fund Facility (EFF). Building on Jordan’s consistently strong performance under the previous program, the new EFF arrangement will support the authorities’ efforts toward maintaining macro-stability; further building resilience, and accelerating structural reforms to achieve stronger, more inclusive growth and job creation. Sound policymaking and support from international partners have helped Jordan to withstand well a series of shocks over the past few years and to maintain macro-stability, broad-based economic growth, and market access, and strengthen social safety nets. Going forward, supported by the new EFF arrangement, policies are focused on maintaining macro-stability and further building resilience, and accelerating structural reforms to achieve stronger, more inclusive growth and job creation, to tackle high unemployment. Further progress in implementing structural reforms to improve the business environment and attract private investment is crucial to create a dynamic private sector, foster job-rich growth, and achieve the objectives of Jordan’s Economic Modernization Vision.
Keywords:
EFF arrangement; reform agenda; economy well; government entity; Jordan compact; Fiscal stance; Arrears; Global
Cover IMF Working Papers
An Extended Quarterly Projection Model for the Central Bank of Jordan
Adel Al-Sharkas
,
Nedal Al-Azzam
,
Sarah AlTalafha
,
Rasha Abu Shawish
,
Ahmad Shalein
,
Auday Rawwaqah
,
Amany Al-Rawashdeh
,
Daniel Baksa
,
Mr. Philippe D Karam
, and
Mr. Jan Vlcek
The Central Bank of Jordan (CBJ) has developed a Forecasting and Policy Analysis System (FPAS) to serve as a reliable analytical framework for macroeconomic analysis, forecasting and decision-making under a pegged exchange rate regime. At the heart of the FPAS is the CBJ’s extended Jordan Analysis Model (JAM2.0). The model captures the monetary transmission mechanism and provides a consistent monetary policy framework that uses the exchange rate as an effective nominal anchor. This paper outlines the structure and properties of JAM2.0 and emphasizes the enhanced interplay and tradeoffs among monetary, fiscal, and foreign exchange management policies. Simulation and forecasting exercises demonstrate JAM2.0’s ability to match key stylized facts of the Jordanian economy, produce accurate forecasts of important macroeconomic variables, and explain the critical relationships among policies.
Keywords:
forecasting exercise; policy analysis; model forecasting; FX reserve management; headline inflation; Inflation; Exchange rate arrangements; Output gap; Real exchange rates; Global
Cover IMF Staff Country Reports
Jordan: Sixth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Jordan’s Sixth Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria. The IMF-supported program remains firmly on track, with key quantitative targets met and strong performance on structural benchmarks, reflecting the authorities’ strong ownership. Despite a challenging global environment, Jordan’s economy is projected to continue to grow this year at 2.6 percent, and inflation has remained relatively low and is declining. The Jordanian authorities have managed to successfully navigate recent external shocks and maintain macro-economic stability in an uncertain and challenging environment. Thanks to the steadfast implementation of prudent fiscal and monetary policies, fiscal consolidation is on track, capital market access has been maintained, and inflation has remained relatively low and is declining, while reserve coverage is strong. Monetary policy has responded quickly to U.S. Federal Reserve policy changes and remains focused on safeguarding the peg and maintaining strong reserve buffers.
Keywords:
government balance; transparency policy; Jordanian dinar; prudent fiscal policy; logistics support; program financing; Arrears; Fiscal stance; Interest payments; Global
Cover IMF Staff Country Reports
Jordan: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Jordan’s Fifth Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria. Jordan has continued a broad-based recovery amid a challenging external environment, thanks to the authorities’ effective policy response. Financial challenges in the electricity sector are exacerbating fiscal pressures, particularly as food subsidies have increased considerably on the back of high international prices. As agreed in the fourth review, the authorities have eliminated the subsidies on gasoline and diesel. They also met structural benchmarks on introducing goods and services tax place of taxation rules; strengthening the governance of fiscal incentives; improving the competition framework; removing legal impediments to female employment; implementing a foreign direct investment survey; and rolling out e-procurement. The 2022 and 2023 fiscal targets are being relaxed slightly to accommodate higher food-related spending. The authorities remain committed to reducing public debt/gross domestic product to 80 percent by 2027. IMF expects the implications for the program to be manageable, given the authorities’ ownership and commitment to program objectives and Jordan’s continued ability to attract development partner support.
Keywords:
staff appraisal; revenue generation; financing requirement; cabinet adoption of an action plan; fund staff; Arrears; Fiscal stance; Global
Cover IMF Staff Country Reports
Jordan: 2022 Article IV Consultation and Fourth Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Augmentation and Rephasing of Access, and Modification of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Jordan’s 2022 Article IV Consultation and Fourth Review under the Extended Arrangement under the Extended Fund Facility (EFF), Request for Augmentation and Rephasing of Access, and Modification of Performance Criteria. Jordan's EFF program remains firmly on track. The authorities have maintained macroeconomic stability and market access, while protecting the most vulnerable, and implementing key structural reforms, especially in the area of public finances. The IMF remains committed to supporting Jordan, including by augmenting access under the EFF to help address higher financing needs from higher international commodity prices and tightened global financial conditions. Donor support is critical to enable Jordan to cope with these global economic headwinds, while hosting 1.3 million Syrian refugees.
Keywords:
labor participation rates; staff appraisal; JD deposit; customs authorities; Jordanian dinar; Fiscal stance; Arrears; Global
Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover IMF Staff Country Reports
Jordan: Third Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
Preventive actions and a robust vaccination campaign mitigated the effects of COVID-19 variants on the economy. A nascent recovery, supported by targeted fiscal and monetary measures, is underway, with real GDP growth expected at 2 percent in 2021, strengthening to 2.7 percent in 2022. However, unemployment is persisting at very high levels, particularly for the youth. Core inflation, at 0.7 percent y-o-y in September, is subdued, despite higher fuel prices, reflecting a slow pass-through, but also weak domestic demand. Reserves are comfortable, and dollarization is declining.
Keywords:
transparency policy; Jordanian authorities; growth strategy; core inflation; policy effort; Jordanian dinar; government of Jordan; vaccination campaign; support private sector competitiveness; Arrears; Fiscal stance; Global