ABU DHABI — The Arab Monetary Fund (AMF) extended a loan facility worth $41 million (SR151 million approximately) to Jordan, further increasing its support to ease the economic impact of the coronavirus pandemic on the kingdom.

The agreement was signed by Jordan’s Finance Minister Dr. Mohamad Al Ississ and Director-General of the AMF Dr. Abdulrahman A. Al Hamidy.

The AMF is keen to support the efforts of its member countries to implement economic, financial, and structural reforms, in face of various challenges, through a number of means, including financing the needs of the balance of payments and public budgets, and financing trade through its affiliate the Arab Trade Financing Program, in addition to its role in promoting policy dialogue and consultation on economic, financial and development issues via its various forums and activities, providing technical advice to member countries in the field of economic, fiscal and financial policies, and providing training for government officials in member countries through its Institute for Training and Capacity Building.

The AMF is also keen to provide financial and technical support to its member countries during this period in particular, in light of the developments taking place due to the COVID-19, and the ensuing economic and financial repercussions in different aspects. The AMF assistance in this regard comes as a support to the reform efforts of member countries and the measures they are taking to stimulate the economy and provide liquidity in order to contain the negative effects of the virus outbreak.

The AMF follows closely the developments of the Jordanian economy and the challenges it faces due to the current circumstances and works through a fruitful partnership with the Jordanian government to help the country contain the different challenges in the most effective way. In this respect, the AMF disbursed on May 14, 2020, to Jordan, the second tranche of the loan within the framework of the Structural Adjustment Facility in the Financial and Banking Sector, contracted with the Jordanian government on Feb. 14, 2019.

The tranche amounts to Arab Accounting 9.2 million dinars, the equivalent of approximately $38 million, aiming to avail resources to help the country implement economic and financial reforms while strengthening its resilience to various challenges.

The AMF is currently studying financing requests from other member countries and is processing the requests through expeditious procedures, in order to provide support as quickly as possible, so that the borrowing member countries can meet financing needs and enhance their financial positions to face various challenges, especially in such times. — WAM