Jordan has agreed a new $1.3 billion program with the International Monetary Fund (IMF) and will receive a first installment of $140 million by the end of March, the state news agency Petra said on Thursday. Jordan will receive nine installments of $140 million to $150 million over the four-year program, Petra said on its Twitter account. It cited Jordans finance minister, Mohammad Al Ississ, as saying the allocations carry a 3 percent interest rate. In Washington, the IMF said it reached a staff-level agreement for the $1.3 billion program that is subject to IMF management approval and consideration by the IMF Executive Board, which is expected in March. It said the program was aimed at bolstering economic growth and stimulating job creation. Petra on Thursday said the IMF forecast Jordanian economic growth of 2.1 percent in 2020. The agency cited the IMF as saying there would be no tax hikes or increase in water prices under the new program while electricity prices would be reduced for the business sector to increase competitiveness. The IMF statement issued in Washington said Jordans structural reform agenda was "designed to improve the investment climate and reduce costs to businesses, which will make it easier to create jobs while also protecting Jordan’s poor and most vulnerable."