Jordan gets $396m coronavirus emergency assistance from IMF

The fund is under the organization’s Rapid Financial Instrument. (File/AFP)
Short Url
Updated 23 May 2020

Jordan gets $396m coronavirus emergency assistance from IMF

  • The IMF said the grant will cover about a quarter of Jordan’s external financing needs

DUBAI: Jordan’s request for emergency financial assistance amounting to about $396 million has been approved by the International Monetary Fund (IMF), Jordan Times has reported.
The fund is under the organization’s Rapid Financial Instrument created to help member countries facing an urgent financial need.
The IMF said the grant will cover about a quarter of Jordan’s external financing needs, while the rest will be provided by the country’s development partners and other initiatives.
The report said the fund will help Jordan finance essential health requirements and social protection in the country, which has been expected to suffer from losses because of the pandemic.
“The COVID-19 pandemic has had a severe impact on the Jordanian people’s lives and on the economy. Tourism disruption and sharp declines in remittances, exports and capital inflows have resulted in an urgent balance of payments need,” Mitsuhiro Furusawa, deputy managing director of IMF, said in a statement carrying the approval of the assistance.
He said authorities were committed to be transparent in spending the money.
“All government spending is subject to audit by the Jordanian Audit Bureau. All emergency spending will be audited, and the audit results will be published in the interest of transparency and accountability,” Furusawa explained.


‘Provocative’ Erdogan to drill for oil off Libya

Updated 44 min 59 sec ago

‘Provocative’ Erdogan to drill for oil off Libya

  • Turkey claims an agreement gives it the right to explore for oil and gas in an exclusive economic zone

JEDDAH: Turkish President Recep Tayyip Erdogan plans to create a “fait accompli” over rights to natural resources in the eastern Mediterranean by drilling off the coast of Libya, analysts told Arab News on Saturday.

Ankara’s announcement that it intends to activate last year’s maritime borders agreement with the Libyan government in Tripoli has brought simmering tensions to the boil.   

Turkey claims the agreement gives it the right to explore for oil and gas in an exclusive economic zone (EEZ) between its southern coast and Libya’s northeastern coast. However, Greece, Cyprus and the EU say the deal is illegal. Turkey may also face EU sanctions over drilling in Cypriot territorial waters.

Ankara has not said exactly where it will drill, but experts told Arab News they expect exploration activities to begin off Tripoli in the short term, and then near to the coastal city of Sirte.

“From a tactical point of view, Turkey may test the scenario of a crisis with Athens where escalation takes place and then, in the context of de-escalation, the two countries would have to discuss and negotiate their positions,” said Zenonas Tziarras, a researcher at PRIO Cyprus Centre.

Mona Sukkarieh, a political risk consultant and co-founder of Middle East Strategic Perspectives, said: “If we take Turkish operations off the Cypriot coast as an indicator, operations off the Libyan coast might start off on the less provocative part of the spectrum and grow bolder with time toward the more provocative part of the spectrum.

“The objective is to demonstrate a resolute determination in order to extract concessions or, at the very least, to impose itself as a player to reckon with.”