Cover -- CONTENTS -- BACKGROUND -- A. Strong Headwinds -- B. Program Implementation -- POLICY DISCUSSION-SAFEGUARDING EXTERNAL STABILITY WHILE MANAGING RISKS -- A. Policy Theme 1-Maintaining the Momentum on Fiscal Reforms -- B. Policy Theme 2-Preserving Buffers and Financial Stability -- C. Policy Theme 3-Inclusive Growth and Job Creation -- PROGRAM ISSUES -- A. Agreements -- B. Modalities -- STAFF APPRAISAL -- BOXES -- 1. Macroeconomic Impact of the Syria Crisis -- 2. Exchange Rate Assessment -- 3. Jordan's Interconnectedness -- 4. Water Strategy -- 5. Bank Offshore Exposures -- 6. Impediments to Growth -- 7. Credit to the Economy -- 8. Risk Assessment Matrix -- FIGURES -- 1. Real Sector and Financial Markets, 2011-14 -- 2. Monetary Sector Developments, 2011-14 -- TABLES -- 1. Selected Economic Indicators and Macroeconomic Outlook, 2012-19 -- 2a. Central Government: Summary of Fiscal Operations, 2012-19 (In millions of Jordanian dinars) -- 2b. Central Government: Summary of Fiscal Operations, 2012-19 (In percent of GDP) -- 2c. Central Government: Summary of Quarterly Fiscal Operations, 2013-15 -- 2d. NEPCO Operating Balance and Financing, 2012-17 -- 3. Summary Balance of Payments, 2012-19 -- 4a. Summary Monetary Survey, 2012-15 -- 4b. Summary Accounts of the Central Bank of Jordan, 2012-15 -- 5. Indicators of Bank Soundness, 2005-13 -- 6. Access and Phasing Under the Stand-by Arrangement -- 7. Indicators of Fund Credit 2013-20 -- 8. Capacity to Repay Indicators, 2013-19 -- ANNEXES -- I. Public Debt Sustainability Analysis -- II. External Debt Sustainability Analysis -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies -- Attachment II. Technical Memorandum of Understanding (TMU) -- CONTENTS -- FUND RELATIONS -- WORLD BANK GROUP STRATEGY AND OPERATIONS -- STATISTICAL ISSUES.