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Middle East and Central Asia > Jordan

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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 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
Cover IMF Staff Country Reports
Jordan: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, an Extension of the Arrangement, and Rephasing of Access-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 Second Review under the Extended Arrangement under the Extended Fund Facility, Requests for a Waiver of Nonobservance of Performance Criterion, an extension of the arrangement, and rephasing of access. Discussions highlight that the Jordanian authorities have preserved macroeconomic stability, maintain a prudent monetary policy, and ensured a sound financial system. Jordan faces a challenging environment—including low economic growth, high unemployment, and elevated public debt—underscoring the importance of swiftly implementing policies and reforms to bring public debt on a downward path, boost investment and productivity, and enhance inclusive growth. The enactment of long needed growth-enhancing reforms is encouraging, including the secured transactions law, the bankruptcy law, and the business-inspections law. The international community has strongly supported the new government’s commitment to maintain the reform momentum, strengthen growth, and reduce public debt. The London Initiative in February 2019 has helped unlock essential budget grants and concessional financing to support the authorities’ reform program.
Keywords:
ISCR; CR; executive board assessment; electricity company NEPCO; NEPCO; reform effort; reform; access budget grant; reform public sector; telecommunication company; Income and capital gains taxes; Income tax systems; Arrears; Global
Cover IMF Staff Country Reports
Jordan: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This 2017 Article IV Consultation highlights that Jordan has made significant progress since the 2014 Article IV Consultation but pressing challenges remain. The gradual pick-up in growth from 2010 to 2014 ended in 2015, with real GDP growth decelerating from 2.4 percent in 2015 to 2 percent in 2016. Labor market conditions have remained challenging, particularly for youth and women, with the unemployment rate increasing to 15.8 percent in the second half of 2016. Despite considerable progress and recent improvements, the outlook remains challenging. Real GDP growth is projected to reach 2.3 percent in 2017, while inflation is expected to stabilize at about 2.5 percent by year-end.
Keywords:
ISCR; CR; deposit dollarization; electricity tariff; IMF director; central bank of Jordan; staff appraisal; Oil prices; Tariffs; Credit; Global
Cover Policy Papers
Ensuring Financial Stability in Countries with Islamic Banking
International Monetary Fund
This paper discusses the need for ensuring financial stability in countries with Islamic Banking (IB). IB continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. The legal environment within which IBs operate can be complex and challenging and may have implications for financial stability. IBs operate in diverse legal environments, some of which are more evolved than others in providing strong legal underpinnings for IB. International governance standards apply to IB but need to be customized to consider IBs’ distinct governance features. Significant progress has been achieved in developing prudential standards for IB, although broader implementation and more consistent application are needed. Progress has been slow in developing IB’s liquidity management and money markets. In recent years, hybrid financial products in IB have emerged that replicate aspects of conventional finance in an IB context, raising financial stability concerns. The IMF has played an important role in promoting financial stability in IB jurisdictions, working closely with IB standard setters, and international organization to shape IB standards and promote best practices.
Keywords:
PP; IB jurisdiction; balance sheet; IB industry; IB operation; IB practice; IB product; IB service; IB depositor; IB activity; IB products; IB governance; IBS stability; Islamic banking; Legal support in revenue administration; Deposit insurance; Capital adequacy requirements; Global; Middle East; East Asia; Central Asia; Sub-Saharan Africa
Cover IMF Staff Country Reports
Jordan: Request for an Extended 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 discusses Jordan’s Request for an extended arrangement under the Extended Fund Facility (EFF). The economic growth of Jordan remains below potential. Unemployment is high, particularly for youth and women, and the refugee crisis is weighing on the economy and public finances. Real GDP growth is projected to increase to 2.8 percent in 2016, supported by lower oil prices relative to their 2014 peak, an accommodative monetary stance, and some recovery in private investment. In view of Jordan’s balance of payment needs, the policy actions already taken, and the comprehensive package of adjustment measures proposed by the authorities, the IMF staff supports the authorities’ request for an extended arrangement under the EFF.
Keywords:
ISCR; CR; reform program; refugee; deficit; indirect cost; electricity company NEPCO; NEPCO; IMF quota; government balance; economic reform reform program; Syrian refugee; Government debt management; Fiscal consolidation; Loans; Global; Europe; Middle East; Africa
Cover IMF Working Papers
Tax Policy in MENA Countries: Looking Back and Forward
Mario Mansour
This paper reviews trends in taxation and revenue in MENA countries over 1990-2012, with a focus on non-resource taxes. On average, non-resource revenues declined slightly, while resource revenues soared. Country experiences vary: rates of main taxes and their revenues tend to be higher in the Magreb than in the Mashreq, except for the value-added tax, where lower rates are associated with equal or higher revenue; most oil producers raise little tax revenues—generally less than 5 percent of GDP—and most have reduced them since the late 1990s. But there are similarities: unlike common experience around the world, income taxes (not indirect taxes) have partially compensated for lost revenue from trade liberalization; revenues from indirect taxes have remained stable; personal income taxes have played an unimportant role as a revenue tool; and fees and stamp duties are significant revenue sources. Looking forward, tax reform challenges will also vary across countries: the Maghreb needs to focus on efficiency-enhancing reforms, especially in capital income and consumption taxes; the Mashreq have some room to increase revenue; and, there are ample opportunities to improve equity and reduce complexity of tax systems in all countries. Finally, the recent decline in oil prices and revenues is a reminder that even resource-rich GCC countries need to lay the basis of a tax system for the future.
Keywords:
WP; excise tax; tax system; resource country; income tax; tax administration; tax revenues; resource revenues; tax reform; MENA; personal income; trade tax; building tax institution; tax competition; tax law; Corporate income tax; Tax incentives; Value-added tax; Taxes on trade; Maghreb
Cover Policy Papers
Review of the IMF's Communications Strategy
International Monetary Fund
The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.
Keywords:
PP; Fund; staff; communications; director; transparency policy; Fund communications; communications strategy; Board communications; IMF social media account; Communications in revenue administration; Social networks; Civil society organizations; Global financial crisis of 2008-2009; Global; Africa
Cover IMF Staff Country Reports
Jordan: Staff Report for the 2014 Article IV Consultation, Third and Fourth Reviews Under the Stand-By Arrangement, Request for Waivers of Nonobservance of Performance Criterion and Applicability of Performance Criteria
International Monetary Fund. Middle East and Central Asia Dept.
This paper focuses on Jordan’s 2014 Article IV Consultation, Third and Fourth Reviews Under the Stand-By Arrangement (SBA), Request for Waivers of Nonobservance of Performance Criterion (PC) and Applicability of PCs. The program is broadly on track and, looking forward, will focus on deep tax reform. All end-2013 targets were met. The central government is expected to meet its end-March 2014 target, but the combined public sector deficit will be missed because of temporary shortfalls in gas delivery from Egypt. International reserves have continued to over-perform through March. The IMF staff supports the completion of the third and fourth reviews.
Keywords:
ISCR; CR; Executive Board's discussion; investment law; Jordanian dinar; exchange rate; credit growth; Jordan's quota; headline inflation; SBA in the amount of SDR; Government debt management; Current account; Global; Middle East
Cover Departmental Papers
Toward New Horizons: Arab Economic Transformation amid Political Transition
Mr. Harald Finger
and
Ms. Daniela Gressani
The changing political landscape in the Arab world has created opportunities for economic transformation by tackling long-standing economic issues. Nevertheless, three years after the onset of political transition, implementing necessary economic policies has proven to be challenging. This paper lays out key elements of economic policy reform for Arab countries in transition.
Keywords:
DPPP; DP; exchange rate; labor market; private sector; central bank; job creation; monetary policy