The International Monetary Fund and the government of Ghana have reached a staff-level agreement on the first review of the $3 billion loan facility, Reuters has reported.
According to Reuters' Africa Senior Markets Correspondent, Rachel Savage, the development paves way for a disbursement of a second tranche of $600 million loan facility pending executive board approval from the IMF.
To get the money, Ghana needs to reach a debt deal with its official creditors, she wrote via the X platform, formerly Twitter.
"To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023," Rachel Savage further quoted.
Meanwhile, Stephane Roudet, IMF Mission Chief for Ghana speaking at a joint press conference between the Fund and the Finance Ministry said, "Ghana will have access to about US$600 million in financing once the review is approved by IMF Management and formally completed by the IMF Executive Board.”
BREAKING: The IMF and Ghana have reached a staff-level agreement on the first review of the $3 billion loan program.
— Rachel Savage (@rachelmsavage) October 6, 2023
This paves the way for a disbursement of $600 million once the executive board approves it.
To get the money, Ghana needs to reach a debt deal with its official creditors:
— Rachel Savage (@rachelmsavage) October 6, 2023
"To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023."
MA/NOQ
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