The Managing Director of the International Monetary Fund, Kristalina Georgieva, has welcomed the decision by Ghana’s creditors to support the country's move to secure financial support from the Fund.
According to her, the recognition of the creditors provides the necessary financing assurances for the IMF Executive Board to consider the proposed Fund-supported programme.
“This statement provides the necessary financing assurances for the IMF Executive Board to consider the proposed Fund-supported program and unlock much-needed financing from Ghana’s development partners. I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments.
“The Creditor Committee’s action recognizes the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery. It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues. This is vital to enable countries such as Ghana to achieve sustainable growth and poverty reduction,” a statement on the Fund’s website read.
Ghana reached a staff-level agreement with the IMF on a new arrangement under the Extended Credit Facility.
Since then, Ghana’s program request has been pending financing assurances from Ghana’s official bilateral creditors.
These assurances are critical for Ghana to secure the US$3 billion in financial support from the Fund.
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Kristalina Georgieva is the IMF Managing Director