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Jordan in discussion with IMF to get new financial support

Xinhua, June 5, 2016 Adjust font size:

Jordan said Saturday that it will soon reach a new funding program with the International Monetary Fund (IMF).

Jordan's Minister of Finance Omar Malhas said discussions are ongoing with the IMF. The volume of the new loan the IMF will extend to Jordan was not disclosed, according to a statement by the minister published on the state-run Petra news agency.

Last year, the IMF extended a 2 billion U.S. dollars loan to Jordan.

Under the new support Jordan will receive from the fund, the kingdom will carry out several reforms and work on enhancing business and investment climate, said Malhas.

Jordan will also work on reducing the ration of public debt to gross domestic product from 93 percent at present to 77 percent in the next five years.

Jordan also agreed with the IMF to reduce the losses of the state-owned National Electric Power Company. Endit