Jordan seeks $1bn WB loan to cut debt burden

8th April, 2019 11:31:39 printer

JORDAN: Jordan is talking to the World Bank about a $1 billion soft loan as it seeks to cut the cost of its debt repayments and revive an economy strained by more than a million Syrian refugees.

The government’s “moving on several fronts to reduce the high debt burden by considering concessional loans and focusing on triggering economic growth,” Prime Minister Omar Razzaz said at a World Economic Forum meeting on Jordan’s Dead Sea shores. It’s seeking a 30-year facility with the World Bank and an interest rate of 4 per cent, he said, report agencies.

Jordan, whose public debt of 28.3 billion dinars ($39.9 billion) nearly equals economic output, has been hurt by the rise in global commodity prices.