IMF Calls Jordan a ‘Success Story’, Says Reforms Are Essential

Aerial view of the Jordanian capital, Amman (Reuters)
Aerial view of the Jordanian capital, Amman (Reuters)
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IMF Calls Jordan a ‘Success Story’, Says Reforms Are Essential

Aerial view of the Jordanian capital, Amman (Reuters)
Aerial view of the Jordanian capital, Amman (Reuters)

Jordan has successfully maintained monetary and financial stability despite the difficulties, announced the International Monetary Fund (IMF).

Jordan needs to accelerate the pace of structural economic reforms to push growth beyond the 2 to 3 percent it has recorded on average over the past years to reduce the high unemployment rates.

Leading the IMF mission, Ron van Rooden, said that unemployment was still high, at 22.9 percent, particularly among the youth and women, asserting that "structural reforms are essential for achieving strong and inclusive growth and creating more jobs."

Van Rooden noted that the reforms include enhancing the ease of doing business and reducing the cost of doing business, promoting competition, increasing labor market flexibility, and improving governance and transparency.

He indicated that the post-pandemic recovery continues, with real GDP expected to grow by 2.6 percent in 2023. However, it remains insufficient to improve the living standards of about 11 million people.

The IMF official, ending a visit to conduct the sixth review of the country's IMF-backed program, said Jordan remained firmly on track with crucial program targets met and progress through prudent monetary and fiscal policies.

"Despite a challenging global and regional environment, Jordan has maintained macroeconomic stability," van Rooden said.

He added that Jordan's macroeconomic stability had helped it tap more favorable interest rates from international capital markets than other sovereign countries when it issued last month's Eurobond worth $1.25 billion.

"We are calling Jordan a success story because they have consistently implemented sound macroeconomic policy, fiscal policy, monetary policy."

Jordan's Finance Minister Mohammed al-Ississ commented that the four-year IMF-backed program, scheduled to end next year, helped maintain economic stability amid difficult global conditions.

Van Rooden indicated that inflation is on the way to decline to 2.7 percent in 2023, compared to 3.8, with a tight monetary policy that helped to curb global inflationary pressures.

 



Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo
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Bitcoin Jumps to Record on Institutional Investor Demand

FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025.   REUTERS/Steve Marcus/File Photo
FILE PHOTO: A bitcoin symbol is displayed on a screen before US Vice President JD Vance speaks at a Bitcoin conference in Las Vegas, Nevada, US, May 28, 2025. REUTERS/Steve Marcus/File Photo

Bitcoin rallied to an all-time high on Friday, powered by demand from institutional investors and crypto-friendly policies from US President Donald Trump's administration.
The world's largest cryptocurrency rose to a peak of $116,781.10 in the Asian session on Friday, taking its gains for the year so far to more than 24%. It was last trading at $116,563.11, Reuters said.
"Bitcoin's new all-time high is being driven by relentless institutional accumulation - major players are scooping up supply and drying up liquidity on exchanges," said Joshua Chu, co-chair of the Hong Kong Web3 Association.
In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies. He has also appointed several crypto-friendly individuals, including Securities and Exchange Commission Chair Paul Atkins and White House artificial intelligence czar David Sacks.
Trump's family businesses have also made forays into cryptocurrencies. Trump Media & Technology Group is looking to launch an exchange-traded fund to invest in multiple crypto tokens including Bitcoin, an SEC filing on Tuesday showed.
Ether, the world's second-largest cryptocurrency, similarly jumped nearly 5% to $2,956.82, after earlier hitting a five-month high of $2,998.41.