The International Monetary Fund (IMF) has approved the second tranche of US$600 million for Ghana.
The IMF announced this in a statement on Friday, January 19, 2024.
This comes after Ghana struck a deal with its bilateral lenders, including China and France, late last week—a key step that has unlocked the second disbursement.
This approval means Ghana has successfully passed its first review under the Fund program after receiving the initial tranche in May last year.
The government has indicated that this fresh funding will be utilized to support activities in the 2024 budget.
The government, the IMF, and the Bank of Ghana have provided details about this latest development at a joint press conference on Friday, January 19, 2024.
Ghana has successfully secured a moratorium with its official creditors, postponing debt payments until May 2026.
Reports suggest that the country expects to finalize an agreement with Eurobond investors to restructure a $13 billion debt by the end of March.
Finance Minister Ken Ofori-Atta announced that payments for $5.4 billion in bilateral obligations would be made in two installments over 16 and 17 years.
He had earlier expressed great optimism about obtaining funding from the IMF based on the financial assurance under the G20 Common Framework.
In a related development, the World Bank has announced its readiness to provide Ghana with US$300 million in budgetary support to help the country recover economically.
The World Bank’s Board of Executive Directors will convene next week to release this financial support for Ghana after welcoming the Official Creditors’ Committee’s agreement in principle on the major criteria of Ghana’s planned debt restructuring.
The post IMF approves second US$600m for immediate disbursement to Ghana appeared first on Citinewsroom - Comprehensive News in Ghana.
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