The International Monetary Fund (IMF) Executive Board on Wednesday approved the Second Review of Jordan’s Four-Year Extended Fund Facility (EFF) Programme.

The review came with Jordan’s Ministry of Finance meeting all quantitative fiscal targets, which also align with Jordan’s 2021 budget, despite the pressures of the coronavirus, according to a statement from the Finance Ministry.

Jordan was also able to complete a high volume of reforms in the areas of lowering cost of doing business, governance and employment with a focus on female labour market participation. 

According to the Acting Chair: "The authorities remain committed to implementing a gradual, growth-friendly, and equitable fiscal consolidation as the recovery becomes entrenched, in order to bolster public debt sustainability and ensure inclusive growth.” 

Jordan has undertaken reforms aiming towards more equitable and sustainable revenue administration, looking at progressive ways to tackle tax evasion and close tax loopholes as opposed to raising marginal rates on the average citizen, read the statement. 

Authorities also were commended for publishing all COVID-related expenditure, "a signal of Jordan’s clear commitment towards transparency”. 

Fund authorities encouraged Jordan’s development partners to support the Kingdom in light of their "strong commitment to stability, reform, and continued, unique contribution towards hosting refugees”, the statement said.

The fund's approval of Jordan's second review signals confidence in Jordan's reform momentum and fiscal stability. It comes after Standard & Poor's, Fitch, and Moody's recently maintained Jordan's sovereign credit ratings.