Jordan finance minister says new IMF plan needed to reduce debt service costs

AMMAN - Jordan hopes a new program with the IMF next year would secure lower servicing of $42 billion in public debt that has spiraled in the last decade as a result of a spillover of regional conflict on its economy, the country’s finance minister said on Sunday.

“We hope to reach with the IMF understandings that ensure accelerating the tempo of economic growth,” Al Ississ told deputies during a speech in parliament ahead of approving the 9.8 billion dinars draft 2020 budget. The country’s economic growth has been hit in the last few years by high unemployment and regional conflict weighing on investor sentiment, and as demand generated from Syrian refugees receded, according to the IMF.

The IMF said in November at the end of a mission to conclude the final review of its program that public debt remained “very high” and that “international assistance” would be critical to allow “continued growth enhancing reforms.”

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