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Addison to IMF: Modify lending toolkits to better serve vulnerable members

The Governor of the Bank of Ghana, Dr Ernest Addison said the call has become more critical due the fragmented global financial architecture

The governor of the Bank of Ghana (BoG) Dr Ernest Addison has called on the International Monetary Fund (IMF) to adapt its lending toolkits to changing global conditions to better served vulnerable members.

Speaking at the ongoing IMF-African Caucus meeting on Tuesday (10 October) on the sidelines of the World Bank/IMF meeting in Morocco, Addison said the call has become more critical due the fragmented global financial architecture.

“Given fragmented global financial architecture, we urge the IMF to remain steadfast and adapt its lending toolkits to changing global conditions to serve its vulnerable membership better. In this context, we restate our earlier request for increased concessional financing by aligning PRGT access thresholds with those of the GRA to
ensure uniformity of treatment.

“In addition, we call on the Fund to relax the PRGT eligibility criteria to foster access to adequate Fund support while reducing, suspending, or eliminating entirely surcharges for most vulnerable PRGT-eligible members facing acute debt challenges.”

“We also reiterate our call for additional pledges from willing donors to close the gaps in PRGT resources. We further stress the criticality of a successful completion of the ongoing 16th GRQ to reinforce IMF finances while protecting the quota share of the vulnerable members,” Addison said.

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