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IMF, Jordan Reach Agreement on Review of Economic Reform Program

The Jordanian capital, Amman (Reuters)
The Jordanian capital, Amman (Reuters)
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IMF, Jordan Reach Agreement on Review of Economic Reform Program

The Jordanian capital, Amman (Reuters)
The Jordanian capital, Amman (Reuters)

An International Monetary Fund (IMF) mission has reached a staff-level agreement on the fifth review of the Jordanian authorities’ economic reform program supported by the Extended Fund Facility (EFF) arrangement.

“Completing this review will bring total IMF disbursements over 2020-24 to around $2 billion. This is in addition to $469 million disbursed as Jordan’s share under the IMF General SDR allocation,” according to a statement from the IMF

This agreement is subject to approval by the IMF’s management and the Executive Board, said the statement.

“The latter reflects the government’s ongoing institutional and legislative efforts to tackle tax evasion and avoidance,” according to the IMF.

The Fund stressed that “sound fiscal and monetary policies have helped maintain macroeconomic stability and access to international markets.”

“The electricity sector faces significant financial challenges against the headwinds from higher international oil and gas prices," it added.

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Egypt Completes Trial Run of New Suez Canal Channel Extension

An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)
An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)
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Egypt Completes Trial Run of New Suez Canal Channel Extension

An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)
An Egyptian navy vessel see in the Suez Canal, March 30, 2021. (AFP/Getty Images)

Egypt said on Saturday it had successfully tested a new 10 km channel near the southern end of the Suez Canal.

The Suez Canal Authority said in a statement that during a trial run two ships passed through a new stretch of the canal's two-way section without incident.

Following the 2021 grounding of the container ship Ever Given that blocked the vital waterway for six days, Egypt accelerated plans to extend the second channel in the southern reaches of the canal and widen the existing channel.

Its revenue from the waterway, the gateway to the shortest route between Europe and Asia, has nevertheless tumbled since Yemen's Houthi militias began attacking ships in the Red Sea in November 2023 in what they say is solidarity with Palestinians in Gaza.

Egyptian President Abdel Fattah al-Sisi said on Thursday that due to "regional challenges", the country had lost approximately $7 billion in Suez Canal revenue in 2024, marking more than a 60% drop from 2023.

According to the Suez Canal Authority, the latest expansion extends the total length of the canal's two-way section to 82 km from a previous 72 km. The canal is 193 km long in total.

"This expansion will boost the canal's capacity by an additional 6 to 8 ships daily and enhance its ability to handle potential emergencies," the Suez Canal Authority said in its statement.

Earlier this year, Egypt said that it was considering an additional expansion project separate to the 10 km channel extension.