On December 16, the IMF announced that it has reached an agreement with Ghana for an extended credit facility of US $3 Billion over 3 years.
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva has reiterated her outfit’s commitment to assist Ghana to secure an economic support programme.
This comes after the Fund on December 13 announced that it had reached a Staff-Level Agreement with Ghana for an Extended Credit Facility of US$3 billion over a three-year period to restore macroeconomic stability, among others.
In a tweet posted via Twitter on December 16. Kristalina Georgieva shared a video message following her recent interaction with President Akufo-Addo who was in the United States to attend the just-ended US-Africa Leaders’ Summit.
Very good meeting with President @NAkufoAddo. I congratulated him on Ghana reaching a staff-level agreement for IMF support. We stand with Ghana and remain committed to helping deliver relief to Ghanaians." the IMF boss wrote. Meanwhile, the Staff-Level Agreement secured with the IMF is subject to IMF Management and Executive Board approval and receipt of the necessary financing assurances by Ghana's partners and creditors. The economic program aims to restore macroeconomic stability and debt sustainability while laying the foundation for stronger and more inclusive growth," the IMF said on its website on December 13.
The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth (PC-PEG) and tackles the deep challenges facing the country,” the statement read in part.
`Key reforms aim to ensure the sustainability of public finances while protecting the vulnerable. The fiscal strategy relies on frontloaded measures to increase domestic resource mobilization and streamline expenditure. In addition, the authorities have committed to strengthening social safety nets. including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending.” it added.
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