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Jordan names new finance minister

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Jordan names new finance minister

Jordan has appointed Izzeddin Kanakrieh as its new finance minister, who will oversee negotiations with the International Monetary Fund over the completion of a three-year austerity program, Reuters reported.

Kanakrieh, a former deputy finance minister who has been with the ministry since 1986, was a member of the government team that negotiated for the IMF program set to end in 2019, according to the report.

Jordan's King Abdullah swore in Kanakrieh and other members of a new cabinet led by Prime Minister Omar al-Razzaz earlier today.

Razzaz, a former World Bank economist, replaced Hani Mulki, who stepped down last week amid massive protests over tax proposals meant to boost reforms pushed by the IMF.

The new cabinet has decided to withdraw a proposed personal and corporate tax bill, Reuters reported, citing a government official.

IMF spokesman Gerry Rice said June 7 that the institution will work with Jordan's new government to conclude a review of the country's loan program, which could lead to $70 million in financial aid release, Reuters reported.