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"Sufficient Assurance Will Be Needed Before Proposed Fund-Supported Program Can Be Presented" - IMF

The International Monetary Fund (IMF) says it is demanding what it calls ‘sufficient’ assurances from the Government of Ghana on debt restructuring before its board approves $3bn deal.

This was made known by IMF's Mission Chief and Lead Negotiator for Ghana's financial bailout, Stephane Roudet.

He said "Despite reaching a staff-level agreement with the government for a $3-billion extended credit facility, approval will be done by Management and Executive Board"

"The agreement, to span three years, is also subject to the receipt of the necessary financing assurances by Ghana’s partners and creditors"

Addressing Journalists in Accra on Tuesday, Mr Roudet said "Ghanaian authorities have committed to a wide-ranging economic reform programme post-Covid and assured of tackling deep challenges facing the economy"

"One of the key areas to tackle is restoring public debt sustainability, for which the government, according to the IMF, has announced a debt restructuring programme"

He hinted that to support the objective of restoring public debt sustainability, the authorities have announced a comprehensive debt restructuring.

“Sufficient assurances and progress on this front will be needed before the proposed Fund-supported program can be presented to the IMF Executive Board for approval.”

Story by: Joshua Kwabena Smith



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