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IMF says Jordan's economy continues to face challenges

Xinhua, November 15, 2016 Adjust font size:

The International Monetary Fund (IMF) said Tuesday that the economy of Jordan continues to face challenges despite substantial successes it has achieved in the past years.

The remarks came in a report following the completion of IMF's first review of Jordan's economy due to a 700 million U.S. dollars grant agreement between the two sides.

The IMF said the country needs to take reforms on its current system of tax exemptions to support fiscal consolidation as it does not serve the purpose of boosting investment and employment as intended.

The country's economic performance, however, is expected to improve in 2017 despite lower growth in 2016, it added.

In June, the Jordanian government announced a set of immediate fiscal measures to raise revenues and cut spending according to requirements in its deal with IMF. Endit