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DUBAI: Jordan’s request for emergency financial assistance amounting to about $396 million has been approved by the International Monetary Fund (IMF), Jordan Times has reported.
The fund is under the organization’s Rapid Financial Instrument created to help member countries facing an urgent financial need.
The IMF said the grant will cover about a quarter of Jordan’s external financing needs, while the rest will be provided by the country’s development partners and other initiatives.
The report said the fund will help Jordan finance essential health requirements and social protection in the country, which has been expected to suffer from losses because of the pandemic.
“The COVID-19 pandemic has had a severe impact on the Jordanian people’s lives and on the economy. Tourism disruption and sharp declines in remittances, exports and capital inflows have resulted in an urgent balance of payments need,” Mitsuhiro Furusawa, deputy managing director of IMF, said in a statement carrying the approval of the assistance.
He said authorities were committed to be transparent in spending the money.
“All government spending is subject to audit by the Jordanian Audit Bureau. All emergency spending will be audited, and the audit results will be published in the interest of transparency and accountability,” Furusawa explained.