Mubasher: The International Monetary Fund (IMF) has approved a $723 million loan to Jordan, according to a press release on Wednesday.

The loan facility is going to be secured in a three-year program to strengthen the countries' growth-accelerating economic and financial reforms.

The fund will immediately afford the first $72.3 million tranche, while the remaining amount would be paid over the program's span, the IMF stated.

"The executive board of the International Monetary Fund today approved a three-year extended arrangement under the extended fund facility for Jordan …This program aims at advancing fiscal consolidation to lower public debt and broad structural reforms to enhance the conditions for more inclusive growth," according to the IMF statement.