IMF loan to Jordan geared towards reform

The International Monetary Fund IMF has agreed to offer Jordan a loan estimated at US $220 million to help finance a three-year reform program and eliminate obstacles resulting from the decrease in Jordan's exports.

A spokesman for the IMF said Jordan will receive US $61 million immediately, of which some US $46 million will be used to alleviate problems resulting from the recession in exports.

The spokesman added that the other part of the loan will be offered by the year 2001 if reforms in Jordan continue.The reform program which will be implemented over three years includes measures to maintain monetary and financial stability and promises for maintaining good structural adjustments conducive to achieving a growth of 3.5% by the year 2001.

An official at the IMF said that the fund's approval of the program will help the efforts made by Jordan to reschedule its due debts at the Paris Club in talks that are expected to be held next May.

Jordan seeks to reschedule some US $800 million over the three years during which the IMF's offer will be provided.