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Article: The pains of restructuring. (Jordan economy)
- Article from:
- The Middle East
- Article date:
- October 1, 1996
- Author:
CopyrightCOPYRIGHT 1996 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Popular resistance to Jordan's IMF-appeasing policies is only compounding the problems of the country's economy, reports KIRK ALBRECHT.
Fashback seven years: In 1989, Jordan needed international credit to try to boost a flagging economy. The International Monetary Fund (IMF) said they could help, but only if Jordan would implement a series of belt-tightening measures to re-adjust the way it spends its money. Government subsidies were cut, starting with fuels, and riots broke out in the southern city of Ma'an. The Prime Minister at the time, Zeid Al Rifai, was sacked, and Jordan began its democratisation process.
Fast forward to 16 August 1996. Three days after ...