The International Monetary Fund is set to disburse $200 million for Jordan, under a Stand-By Arrangement (SMA) after the organisation’s approval of the sixth review of the countries economic performance, according to a report.

In view of the Jordanian authorities’ commitment to economic reforms and efforts to preserve macroeconomic stability amid external challenges, the IMF team and the Jordanian authorities reached a staff-level agreement on policies that can lead to the completion of the sixth review under the SBA, said the Emirates News Agency (WAM) report.

The kingdom’s growth has gradually increased to an estimated 3.1 per cent last year, supported by construction, mining and agricultures, it said.

Meanwhile, the inflation dropped to 0.2 per cent year-on-year in January, helped by lower global commodity prices.

The programme performance has stayed broadly on course and Jordan's central bank’s international reserves have continued to over-perform relative to programme targets, said the report.

However, the fiscal deficit is estimated to have slightly exceeded the 2014 target owing to revenue shortfalls the latter brought about by subdued activity in sectors that generate much of the tax revenue, it said.

Jordan’s economy this year will benefit from lower oil prices, including through reductions in the energy import bill and the current account deficit, which excluding grants is forecast to decline to 10.6 per cent of GDP in 2015, it added.