Ghana to receive $1.15 billion from IMF/World Bank by end of February - Report

Ghana is expected to receive some $1.15 billion in funding from the International Monetary Fund and the World Bank by the end of February.

This comes as bilateral creditors are currently nearing an agreement on the country’s debt restructuring terms.

According to the Minister of Finance, he is confident that official creditors will agree on a memorandum of understanding in a meeting scheduled for Jan. 8, Bloomberg said.

Ghana is currently awaiting an agreement with bilateral creditors to enable the IMF executive board to meet to review Ghana’s performance under its PC-PEG programme.

The IMF progamme started in May with the approval of the first tranche of $600 million.

The country is currently expecting the second tranche of the $3 billion bailout.

Ofori-Atta said the board will likely meet on January 18 after delays.

He had earlier stated that the second tranche was expected to hit Ghana’s account by the end of 2023.

“A board approval will also “trigger” the process for two World Bank disbursements totaling $550 million, said Ofori-Atta. The Bank has committed $300 million in budgetary support and another $250 million toward Ghana’s Financial Stability Fund, so “we are in good shape,” Bloomberg said.

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