April 29, 2014 / 5:40 PM / in 4 years

IMF completes review of Jordan, disburses $264.7 mln loan tranche

WASHINGTON, April 29 (Reuters) - The International Monetary Fund on Tuesday said it had completed reviews of Jordan’s performance under a three-year loan agreement, enabling the immediate release of $264.7 million in disbursements.

The latest tranche brings total disbursements under the program to about $1.3 billion.

“The Jordanian authorities remain committed to reforms and prudent policies despite a difficult environment. Their Fund-supported economic program, focused on reducing external and fiscal vulnerabilities, remains broadly on track,” IMF Deputy Managing Director Naoyuki Shinohara said in a statement.

The IMF urged Jordan to take legislative action to rein in public debt and to improve the business climate, while monetary policy should focus on preserving “comfortable reserve buffers.”

“There is also a need to step up labor market and educational reforms, strengthen public institutions, and better prioritize public investment,” the IMF said.

Reporting by Andrea Ricci; Editing by Chris Reese

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