Adds details and background
AMMAN, Oct 12 (Reuters) – Jordan’s Finance Minister Mohamad Al Ississ will keep his job in a new cabinet due to be sworn in later on Monday, underlining the country’s commitment to ambitious economic reforms backed by the International Monetary Fund, officials said.
Harvard-educated Al Ississ, who has won IMF praise for his handling of the economy during the COVID-19 pandemic,helped negotiate a four-year IMF programme worth $1.3 billion, approved in March, that signalled confidence in Jordan’s reforms.
The IMF deal will enable Jordan to access more than $3 billion in cheaper financing through concessionary loans and grants from its major Western donors that will help soften the effects of COVID-19 on its economy, they said.
Jordan’s economy is expected to shrink by more than 5.5% this year, the sharpest contraction in two decades. Before the pandemic struck, the IMF had estimated