JBA received IMF Delegation for the Sixth Review Under the Stand-By Arrangement , headed by Ms. Kristina Kostial, IMF chief of the IMF Jordan team on 5/3/2015. The meeting was attended by HE Mr. Thabet Al Taher JBA Vice Chairman , JBA Board Members Abdel Halim Abdin , Yussri Tahboub , and Hussam Al Hudhud and Mr Tariq Hijazi JBA director . The Sixth Review Under the Stand-By Arrangement between IMF and the Gov. of Jordan , aims to review Jordan’s economic program in light of the Gov. commitments to IMF according to the Stand-By Arrangement (SBA) that was signed in 2012 under which the Gov. receives a loan of $2 bill . Up till the 5th review Jordan received a sum of $1.3 bill , the remaining $700 mill will be disbursed as $129 mill payments till the end of 2015 . The current mission will discuss with the Gov. their planned economic policies for 2015 and beyond.
HE Mr. Hamdi Tabba’a welcomed the delegation and explained JBA viewpoints regarding the structural Reform Program and the Gov. economic policy and steps taken to implement the program , he expressed the private sector dissatisfaction with the recent income tax law , he said that the Gov. is mainly concerned with increasing the budget income rather than focusing on the investment climate and attracting foreign investors to maintain the growth and generate jobs. He reviewed the main challenges facing the Jordanian economy especially the energy sector and that the raise in electricity tariff will hurt the industry at a time where the production cost rising affecting the competitiveness of the exports and the Jordanian economy . He expressed the private sectors hopes that the income tax to be revised by Nov. 2015 as the House of the Senate promised during a meeting with JBA members , He said that since the PPP Law has been issued the Gov. should privatize the water sector services giving priority to the Jordanian private sector . He called for revising the higher education system and the vocational training programs in order to address the needs for labor in the local market and the Gulf States in order to provide jobs for the youth and reduce unemployment ,and provide incentives for the private sector to higher more local labor force. HE called for reducing the volume of the public administration ,merge the public institutions and adopt strict regulations for the reduction of public spending .
MS Kristina Kostial praised the developments in the Jordanian economy and the Gov. steps to implement the reform program and expressed willingness to hold further meetings with the private sector to discuss the latest developments in the coming visits of the mission .
