BusinessEconomyHeadline

IMF board approves second tranche payment of US$600 million

The decision comes after the country reached a deal to restructure US$5.4 billion of loans with its official creditors, a key step to unlocking the second tranche of IMF funding

The International Monetary Fund’s board approved a first review of Ghana’s loan programme on Friday, allowing for the immediate disbursement of about US$600 million under its US$3 billion bailout programme, it said on Friday (19 January).

The decision comes after the country reached a deal to restructure US$5.4 billion of loans with its official creditors, a key step to unlocking the second tranche of IMF funding.

“All quantitative performance criteria for the first review and almost all indicative targets and structural benchmarks were met,” the IMF said in a statement.

The authorities’ reform efforts have helped to improve growth, decrease inflation and increase international reserves, the Fund said, forecasting that the economy would grow 2.3% in 2023 and 2.8% in 2024.

In a joint briefing with the Ghanaian authorities after the announcement, IMF Mission chief for Ghana Stéphane Roudet said the tranche would be available to the central bank within hours.

The second tranche should trigger US$550 million in additional World Bank funding, Ghana’s Finance Ministry said last week – US$300 million in budget support, which the World Bank confirmed on Thursday, and $250 million for a fund to support financial sector stability.

Ghana is aiming to restructure two-thirds of its external debt that was about $30 billion at the end of 2022.

Asaase Radio 99.5 broadcasts on radio via 99.5 in Accra, 98.5 in Kumasi, 99.7 in Tamale, 100.3 in Cape Coast and on our affiliates Bawku FM 101.5 in Bawku, Beats FM 99.9 in Bimbilla, Somua FM 89.9 in Gushegu, Stone City 90.7 in Ho, Mining City 89.5 in Tarkwa and Wale FM 106.9 in Walewale
Tune in to broadcasts online: asaaseradio.com, Sound Garden and TuneIn
Follow us on Twitter: @asaaseradio995
Live streaming on facebook.com/asaase99.5. Also on YouTube: 
AsaaseXtra.
Join the conversation. Call: 020 000 9951 or 059 415 7777. Or WhatsApp: 020 000 0995.

#Asaase321
#TheVoiceofOurLand
#WeAreHere
#WeLoveOurLand
#SafeMotorway4All

Show More

Related Articles

Back to top button

Adblock Detected

ALLOW OUR ADS