| Foreword
(32 kb pdf file) |
| List
of Abbreviations (352 kb pdf file) |
| Summary
of Findings and Lessons (384 kb pdf
file) |
|
|
I. |
Introduction
(384 kb pdf file) |
|
|
II. |
The
Design of Jordan's IMF-Supported Programs
(448
kb pdf file) |
| |
|
A. |
Approaches
to External and Fiscal Sustainability in Program Design |
| |
|
B. |
Growth
Objectives and the Magnitude and Composition of Targeted Adjustment
in Key Macroeconomic Variables |
| |
|
C. |
Inflation
Objectives and the Design of Monetary and Exchange Rate Policy |
| |
|
D. |
Structural
Reforms Addressed by IMF-Supported Programs |
| |
|
E. |
Design
of Conditionality |
|
|
III. |
Effectiveness
of the Programs—What was Achieved and How (480
kb pdf file) |
| |
|
A. |
Substantial
Progress Toward External Viability |
| |
|
B. |
Limited
Progress Toward Fiscal Sustainability |
| |
|
C. |
Success
in Achieving and Maintaining Low Inflation |
| |
|
D. |
Growth
Performance Was Strongly Influenced by Factors External to the Programs |
| |
|
E. |
Mixed Record on Program Implementation and Effectiveness of Conditionality |
| |
|
F. |
Poverty |
|
|
IV.
|
The
Role of IMF Surveillance and Technical Assistance Activities (416
kb pdf file) |
| |
|
A. |
Article
IV Consultations and Programs |
| |
|
B. |
Evolution
of Advice on Exchange Rate Policy |
| |
|
C. |
Financial
Sector Assessment Program and Data Report on Standards and Codes |
| |
|
D. |
The
Contribution of Technical Assistance |
|
|
V.
|
Issues
Related to IMF Internal Processes and Policies (384
kb pdf file) |
|
|
Boxes |
| |
2-1. |
Paris
Club Rescheduling and IMF Signaling |
| |
2-2. |
Public
Debt Law of 2001 |
| |
3-1. |
The
1998 Data Misreporting Episode |
| |
4-1. |
Evolution
of IMF Staff Views on Jordan's Exchange Rate Policy |
| |
5-1. |
Selected
Findings from OED's Jordan Country Assistance Evaluation |
|
|
Figures |
| |
2.1. |
Medium-Term
Targets for External Current Account and Projected Evolution of External
Grants |
| |
2.2. |
The
Envisaged Adjustment in Fiscal Balance, Excluding Grants |
| |
2.3. |
Envisaged
Adjustment in Public Expenditures |
| |
3.1. |
Current
Account Balance, Including Official Transfers |
| |
3.2. |
Current
Account Balance, Excluding Official Transfers |
| |
3.3. |
External
Debt and Debt Servicing |
| |
3.4. |
Projections
and Outturns of Fiscal Indicators |
| |
3.5. |
Inflation |
| |
3.6. |
Jordanian
Dinar and U.S. Dollar Interest Rates and International Reserves |
| |
3.7. |
"Adequate"
Versus Actual Level of Reserves |
| |
3.8. |
Real
GDP Growth |
| |
3.9. |
Trends
in Private Investment |
| |
3.10. |
Real
GDP Growth |
| |
4.1. |
Real
Effective Exchange Rate and Export Volume |
| |
Tables |
|
|
1.1. |
Jordan's
IMF Arrangements |
|
|
2.1. |
Target
Dates for Elimination of Exceptional Financing Needs |
| |
2.2. |
Some
Stylized Facts About the Composition of Targeted Adjustment |
| |
2.3. |
Medium-Term
Fiscal Objectives and Projections of Different IMF-Supported Programs
and Papers |
| |
3.1. |
Cross-Country
Comparison of Debt Burden Indicators |
| |
3.2. |
Envisaged
Versus Actual Fiscal Adjustment |
| |
3.3. |
Poverty
Indicators |
|
|
5.1. |
Access
Limits |
| |
Annexes
(576 kb pdf file)
|
| |
1. |
Jordan's
IMF Arrangements |
| |
2. |
Chronology
of Selected Political and Economic Events, 1989–2004 |
| |
3. |
Review
of IMF Staff's Debt Sustainability Analyses and Their Input Into Program
Design |
| |
4. |
Objectives,
Strategies and Policies in Jordan's IMF-Supported Programs |
| |
5. |
Review
of the Fiscal Structural Content Under IMF Arrangements |
| |
6. |
Chronology
of Exchange Rate Policy Changes and Related Events |
| |
7. |
Objectives
and Macroeconomic Policies in Jordan's Recent Economic and Social
Development Plans |
| |
8. |
Variables
Used for Setting Quantitative Performance Criteria Under IMF Arrangements |
| |
9. |
Review
of Fiscal Outcomes |
| |
10. |
Structural
Conditionality |
| |
11. |
The
Political Economy of the General Sales Tax in Jordan |
| |
12. |
Results
from Survey of Stakeholders |
| |
13. |
Background
Tables |
| |
14. |
List
of People Interviewed During IEO Mission, November 21–December
1, 2004 |
|
|
Annex
Boxes |
| |
A5.1. |
The
2002 Fiscal Strategy Paper |
| |
A9.1. |
Chronology
of Tax and Import Tariff Reforms |
| |
Annex
Figures |
| |
A1.1. |
Outstanding
IMF Credit |
| |
A9.1. |
Government
Revenues |
| |
A9.2. |
Composition
of Tax Revenue |
| |
A9.3. |
Composition
of Current Expenditures |
| |
A12.1. |
IMF
Influence over Domestic Policies |
| |
A12.2. |
Assessment
of Domestic Ownership of Programs and Conditionality |
| |
A12.3. |
Impact
of IMF-Supported Programs on Policies and Performance |
|
|
Annex
Tables |
| |
A1.1. |
Jordan's
IMF Arrangements |
| |
A5.1. |
Follow-Up
on Specific Suggestions for Reforms Contained in the 2002 Fiscal Strategy
Paper |
| |
A9.1. |
Fiscal
Adjustment, 1989–2004 |
| |
A13.1. |
Selected
Financial Indicators, 1983–88 |
| |
A13.2. |
Medium-term
Macroeconomic Framework in IMF Arrangements |
| |
A13.3. |
Summary
of Key Adjustment Targets in IMF-Supported Programs |
| |
A13.4. |
Summary
of Key Adjustment Outturns in IMF-Supported Programs |
| |
A13.5. |
Selected
Economic Indicators |
| |
A13.6. |
Structural
Conditions Per Program Year |
| |
A13.6. |
The
ROSC Report's Findings and Action Taken by the Authorities |
| Bibliography
(416 kb pdf file) |
| Statement
by the Managing Director (64 kb pdf file) |
| IMF
Staff Response (64 kb pdf file) |
| IEO
Comments on Staff Response (32 KB pdf
file) |
|
The Acting Chair's Summing Up (32 KB
pdf file) |
