Jordan — Financial Sector Assessment Program and Financial System Stability Assessment

Jordan’s financial sector, dominated by banks, has withstood several large external shocks (Global Financial Crisis, Arab Spring, war in Syria and influx of refugees, and COVID-19) since the latest FSAP that was conducted in 2008-09 in part thanks to measures implemented by the authorities to enhance the system’s resilience and oversight. At the current juncture, global growth headwinds, high energy and food prices, and higher interest rates are putting pressure on corporate and household sector balance sheets.

IMF Reaches Staff-Level Agreement with the Republic of Kosovo on a Stand-By Arrangement (SBA) and a Resilience and Sustainability Facility (RSF)

An IMF mission led by Mr. Gabriel Di Bella visited Pristina during March 8-24; and held follow-up virtual and in-person meetings during March 27-April 14, to discuss macroeconomic policies, the energy sector, the reform agenda, climate change mitigation and adaptation policies, and possible IMF support.

IMF Management Completes the Second Review of the Staff-Monitored Program with the Union of the Comoros

The COVID-19 pandemic and the war in Ukraine have severely affected Comoros, exacerbating already weak macroeconomic conditions. While benefiting from substantial aid from the diaspora and development partners during the pandemic, Comoros’ economic activity stagnated in 2020-2021. The expected recovery in 2022 was interrupted by Russia’s war in Ukraine and its spillovers on global commodity prices, with inflation reaching record double-digit levels in 2022 and a considerably worsened fiscal outlook. Effects of the shocks are expected to recede in 2023, with growth expected at 3 percent, although considerable uncertainty remains in the global outlook.

EIB and World Resources Institute join forces on climate adaptation, biodiversity and nature-based solutions

The European Investment Bank (EIB) and World Resources Institute (WRI) signed a memorandum of understanding on 15 April 2023 to support their shared objectives across a broad range of areas, focusing on climate action, biodiversity and nature-based solutions, agriculture and food, gender and social inclusion. The agreement will allow the two institutions to work together to create an enabling environment for investments in nature and human development.

UN Secretary-General Guterres and President Hoyer meet at United Nations

EIB President Werner Hoyer and UN Secretary-General Antonio Guterres met on the side lines of the United Nations Financing for Development Forum in New York this week to discuss how the EIB can support the delivery of the Sustainable Development Goals (SDGs), help improve the functioning of Multilateral Development Banks (MDBs) and further strengthen the EIB’s own partnerships with UN bodies.

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