We are ready to support Ghana in restoring macroeconomic stability – IMF
The International Monetary Fund (IMF) has given the assurance it will speed up efforts to help Ghana restore macroeconomic stability.
A member of the Communications Department of the Fund, Gerry Rice said the global lender has in the past, supported Ghana and will continue to do the same as the country has commenced formal engagements for an economic programme.
Speaking at a press briefing ahead of the G20 Meetings, Rice said despite the global coronavirus pandemic over the last couple of years, “the IMF has moved faster in an unprecedented way for the IMF in terms of speed with our emergency financing, with our direct debt relief and of course, there was the SDR allocation less than a year ago”.
“So, you know, we’re doing as much as we can, looking to do as much as we can, Shabtai, and I’m sure you’re watching almost, you know, on a week-by-week, and sometimes day-by-day basis”, Gerry Rice explained.
He continued, “There is plenty of action, plenty of support going to countries from the IMF just in recent days. Moldova, the $171 million to Senegal, the $456 million to Mozambique, the $638 million recently to Benin. And, of course, emergency financing through our facilities can still be provided when members face urgent balance of payment problems and, what we call, and upper-traded trench regular programme is either not feasible or not necessary.”
The IMF however reiterated that it remains ready to support member countries that are facing a raft of economic challenges.
“But just to say, this is not a static situation, we’re really moving every day, and I’ve just given a few examples there of the types of support we’ve been providing,” Gerry Rice added.
Meanwhile, officials from the IMF have concluded their formal visit to Ghana from July 6-13 to assess the current economic situation geared towards an Enhanced Domestic Program for Ghana.
The team which was led by Carlo Sdralevich, mission chief for Ghana met with Vice President Mahamudu Bawumia, Finance Minister Ken Ofori-Atta, and Governor Addison of the Bank of Ghana.
They also met with the Parliament’s Finance Committee, civil society organizations, and development partners, including UNICEF and the World Bank to engage in social spending.
The International Monetary Fund