U.S. economic aid for Jordan
Jordan-USA, Economics, 7/2/1999
The US administration on Thursday decided to provide Jordan financial aid at a value of US $144.7 million in support of the indebted Jordanian foreign economy and a slowness in growth for three years combined with a general recession in the markets of the kingdom.
The US embassy in Amman said that this aid aims at "supporting the payment budget in the kingdom and to contribute to increasing economic opportunities and financing several water and drainage projects."
It is the first part of this year's aid, which is expected to reach US $200 million. The US embassy statement added that this amount of aid is the largest in the history of US aid to Jordan.
The US aid was put into four agreements, three of which were signed in Amman on Wednesday by Jordanian Deputy Prime Minister Rima Khalaf and the US ambassador to Jordan, William Burns. The first aid in a sum of US $60 million was allotted to financing water projects and developing water resources.
Another US $50 million was allotted in support of the payments balance as it will be used in alleviating burdens of the foreign debts of US $6.8 billion. This donation will also help Jordan in the economic reforms programs and finding work opportunities and increasing incomes. The third donation of US $24.7 million aims at financing programs for financing small economic projects to alleviate unemployment rate in Jordanian market, estimated at 27%. The fourth donation program is expected to be signed next month at a value of US $10 million in support of the health sector in Jordan.
Since he assumed power in Jordan on February 7, King Abdullah Bin Hussein has been seeking the support of the donating states to Jordan, economically through cancelling part of the foreign debts and rescheduling other parts.
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