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Ghana is likely to receive the third tranche of $360 million by the end of this month – IMF

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The International Monetary Fund (IMF) has announced that Ghana is likely to receive the third tranche of $360 million by the end of this month.

The IMF says its aim is to help Ghana get board approval for the release of $360 million by the end of this month.

Julie Kozack, the Fund’s Director of Communication, disclosed this in the IMF’s latest press briefing on June 6. The IMF has indicated that its 

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“Our aim is to bring the review to the IMF’s Executive Board for approval before the end of June. This would give Ghana access to $360 million in financing, bringing the total to about $1.6 billion in disbursements since May of 2023,” she indicated.

The Fund said Ghana’s “strong policy and reform efforts under the three-year programme are bearing fruit and signs of economic stabilisation are emerging. For example, growth in 2023 was higher than we had initially envisaged.”

The Fund further revealed that the authorities are also making good progress on their comprehensive debt restructuring. “The domestic debt exchange was completed last year, and in January 2024 the government reached an agreement in principle with its official bilateral creditors. Ghana is also engaging its external private creditors to seek their support”.

The IMF is of the view that “steadfast policy and reform implementation will be crucial to fully and durably restore macroeconomic stability and debt sustainability in Ghana” and that the “government has committed to continue implementing the programme as envisaged to ensure sustainable growth and support poverty reduction.”

According to the IMF, “at each review, including this one, that is in progress, the IMF does provide not only a full update of the economic situation and the macroeconomic projections, but also the debt sustainability analysis. The latest DSA will be published with the Staff Report after the Board considers the second review of the programme. And of course, also just to reiterate that it is now important for the government to continue to make progress, as it has been doing with its creditors, to ultimately restore debt sustainability for the country.”

By: Rainbowradioonline.com/Ghana

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