FLASHBACK: Govt to withdraw entire $1bn in SDR allocation to support economy – Ofori-Atta
Finance Minister, Ken Ofori-Atta
Finance Minister, Ken Ofori-Atta, on August 24, 2021, noted that government was withdrawing $ 1 billion from the Special Drawing Rights (SDR) allocation by the International Monetary Fund (IMF) to support the recovery of the economy.
Read full articleKen Ofori-Atta said some of the funds will be directed toward government's Ghana CARES programme.
The SDR allocation was introduced for all countries as part of an emergency response programme by IMF.
Read the full story originally published on August 24, 2021 by www.ghanaweb.com.
• Government has stated it will withdraw the entire US$1 billion in SDR allocation from the IMF
• Ken Ofori-Atta explained the money will go towards supporting critical areas for economic recovery
• The Fund made available US$1 billion to Ghana on Monday, August 23, 2021
Government has stated that it will withdraw the entire US$1 billion made available in the form of Special Drawing Rights allocation by the International Monetary Fund (IMF) to support economic recovery.
According to a Joy Business report, Finance Minister Ken Ofori-Atta made the revelation indicating that the funds will go towards supporting key areas of the economy in a bid to fast-track growth.
He adds that government is also considering directing some of the funds towards its ambitious Ghana CARES programme.
Ofori-Atta, according to the report said the funds will also critically go towards improving revenue mobilization efforts and digitization of the economy.
The SDR allocation was introduced for all countries as part of an emergency response programme to the global recession following the Great Depression era.
The IMF allows for countries to access an emergency financing disbursement under the Rapid Credit Facility.
The recent disbursement for Ghana was approved by the Fund 18 months ago as part of measures in fighting the Coronavirus pandemic.
