AMMAN -- Jordan and the International Monetary Fund agreed in early June on a new reform program for 2002-2004, a Jordanian official said Sunday.

The program "reinforces the position of Jordan prior to the negotiations planned in July with the Paris Club", which includes Jordan's main creditor countries. At the meeting they will seek ways to alleviate Jordan's foreign debt, estimated at 6.9 billion dollars.

"The various details of the program will be announced soon", the source told AFP.

According to the ***Al Arab al-Yawm*** newspaper, the new program aims to reduce Jordan's foreign debt to 65 percent of Gross Domestic Product (GDP), from its current 80 percent mark.

It will also seek to raise Jordan's annual economic growth rate to six percent in 2004, from the five percent that was expected for this year.

It will aim to maintain Jordan's foreign currency reserves at above three billion dollars, a level attained for the first time this year.

In March, the IMF announced it was satisfied with the performance of the Jordanian economy under the previous reform program that ended in May 2002. Such a positive assessment has an important influence on the willingness of creditor countries to pass debt-alleviating measures.

The Jordanian government is obliged to set aside 770 million dollars, some 25 percent of its 2002 budget, to pay installments on its foreign debt and accumulated interest.

It is hoping that the Paris Club members will either reschedule or convert its debt at their upcoming meeting. Jordanian King to Visit Japan