Jordan to receive $723 million IMF loan deal

"The executive board of the International Monetary Fund today approved a three-year extended arrangement under the extended fund facility for Jordan," the Fund said in a statement.

It said the $723 million loan amounting to 150 percent of Jordan's quota was to support the country's "economic and financial reform programme".

"This programme aims at advancing fiscal consolidation to lower public debt and broad structural reforms to enhance the conditions for more inclusive growth," it added.

Following the decision, about $72.3 million was to be made available for "immediate disbursement," it said, with the remainder to be phased in for the duration of the programme, subject to reviews.

Jordan's economy has been rattled from conflicts in neighbouring Syria and Iraq.

Unemployment has jumped to 14 percent of the kingdom's population of 9.5 million, with the young the worst hit, according to government figures, while unofficial estimates put it as high as 30 percent.

Growth slumped to 2.4 percent in 2015, down from 3.1 percent the previous year.

Last month, the International Monetary Fund said it had reached an initial agreement to lend $12 billion to Egypt to bolster an economy battered by years of unrest.

Cairo will be required under the agreement to undertake economic reforms to alleviate the demand for black market dollar trading, bring down the budget deficit and government debt, as well as raise growth and create jobs.

"Egypt is a strong country with great potential but it has some problems that need to be fixed urgently," the head of the IMF delegation to Egypt, Chris Jarvis, said in a statement.

The IMF was looking to Egypt's parliament to pass a law introducing a value-added tax, the statement said, adding that the planned government measures include tax increases and cuts in energy subsidies.

The IMF's Extended Fund Facility is aimed at countries with payment imbalances and tepid growth to aid structural reforms, according to the fund's website.