President Nana Akufo-Addo with Kristalina Georgieva, IMF Boss<\/strong><\/p>\n\u00a0<\/p>\n
The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has given a strong indication that the firm will act swiftly to approve Ghana\u2019s request for a bailout.<\/p>\n
She is also calling for a swift action from Ghana\u2019s creditors for the programme to be quickly approved.<\/p>\n
The MD therefore urged Ghanaians to remain optimistic on the country\u2019s programme request since an action will soon be taken.<\/p>\n
Madam Georgieva applauded Ofori-Atta\u2019s \u201cproactive role\u201d in reaching out to Ghana\u2019s creditors.<\/p>\n
\u201cWe have been in constant contact with the authorities in Ghana,\u201d Ms. Georgieva said. \u201cWe have worked very hard \u2013 and very swiftly \u2013 to have the $3bn support programme for Ghana in place. Now it\u2019s time for creditors to step up,\u201d she added.<\/p>\n
\u201cWe are expecting that next week there will be discussions among creditors,\u201d Ms. Georgieva said.<\/p>\n
\u201cAnd I can tell you that I use every opportunity, myself, to urge them to act swiftly. Let\u2019s remember that Ghana for a long time, has done really well to tap markets to finance its growth. It has been like all innocent bystanders hit by COVID, hit by the war in the Ukraine. And this has complicated domestically the ability to finance the budget. So a country that has a long track record of sound economic management ought to be supported to return to markets.<\/p>\n
\u201cTo tell you the truth, I am actually quite optimistic,\u201d Ms. Georgieva said, adding that \u201cI think the creditors are going to move \u2013 and we\u2019re going to move \u2013 swiftly.\u201d<\/p>\n
Madam Georgieva made these known during the launch of the IMF MD\u2019s Global Policy Agenda in Washington DC, US, on the sidelines of the ongoing IMF\/World Bank Spring Meetings.<\/p>\n
The call is coming at a time the Paris Club has set up a Partial Creditor Committee to begin formal engagement with Ghana on a possible debt restructuring talks.<\/p>\n
The committee is expected to meet next week.<\/p>\n
Ghana is said to owe the Paris Club more than $5 billion, as Ghana needs financing assurance from these creditors before it can take its programme to the IMF Executive Board for approval.<\/p>\n
World Bank Support<\/strong><\/p>\nMeanwhile, Mr. Ofori-Atta has said that the World Bank has committed $250 million to Ghana\u2019s Financial Stability Fund.<\/p>\n
According to him, the fund is expected to hit the accounts latest by the third quarter.<\/p>\n
He made this known while speaking at a news conference in Washington DC.<\/p>\n
He explained that the stability fund is being established to ensure that government can intervene in the event of any solvency and liquidity issues.<\/p>\n
Clarifying his statement in an interview, Mr. Ofori-Atta reiterated, \u201cthat the World Bank has committed $250 million.\u201d<\/p>\n
He noted that currently, talks are underway for donor partners such as the African Development Bank for further resources into the fund.<\/p>\n
He added that government will also deposit some money into the fund, and further encouraged other multilateral development banks and bilateral partners to assist the government to secure the stability of the country\u2019s financial sector.<\/p>\n
By Vincent Kubi<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
President Nana Akufo-Addo with Kristalina Georgieva, IMF Boss \u00a0 The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has given a strong indication that the firm will act swiftly to approve Ghana\u2019s request for a bailout. She is also calling for a swift action from Ghana\u2019s creditors for the programme to be quickly […]<\/p>\n","protected":false},"author":1,"featured_media":58897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-58896","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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