AFTER 15 YEARS of IMF-directed reforms, Jordan’s economy looks ready to stand on its own two feet. With the completion of its latest stand-by arrangement in July 2004, the country has now officially graduated from a series of Fund-supported programmes. The IMF’s role will be scaled back to one of macroeconomic policy monitoring and the provision of technical assistance.
Jordan was forced to turn to the IMF after a severe financial crisis back in 1988, caused by military overspending as the country attempted to modernize its army.
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