World Bank Group welcomes Debt Restructuring agreement

The World Bank Group yesterday, in principle, welcomed the agreement on key parameters of the proposed debt restructuring for Ghana reached by the Official Creditors’ Committee under the G20 Common Framework.

This agreement, which is consistent with the Joint WB-IMF Debt Sustainability Framework, represents a critical milestone toward restoring debt sustainability in the country.

“This agreement will help unlock financial support by international financial institutions, including a US$300million budget support operation supported by IDA that will be considered by the World Bank’s Board of Executive Directors next week. This will help Ghana in its recovery, attracting investments and restoring a sustainable growth path,” said Ousmane Diagana, World Bank Vice President for Western and Central Africa.

The Resilient Recovery Development Policy Operation is the first in a series of three operations totalling US$900million, and part of a broad World Bank engagement in support of crisis response and resilience in Ghana. The country implements US$4.3billion in commitments from the World Bank through national and regional projects focused on private sector development and jobs, inclusive service delivery and sustainable resilient development.

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