IMF board to approve $360m third tranche of the $3bn bailout for Ghana in June

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According to Stephane Roudet, the head of the IMF mission in Ghana, the executive board of the organization will meet to approve the third tranche of the US$3 billion contract for Ghana by the end of June 2024.

In order to receive the fund’s next round of financing support, the nation is looking to sign a memorandum of understanding (MoU) with its official creditors after getting funding guarantee from holders of its Eurobonds.

“We are hopeful, confident however you want to put it that this will happen in time for us to be able to have a board meeting and executive board meeting and complete the second review of the programme before the end of June”, Roudet gave the timeline during a media round table in Washington DC.

“But this is a tentative schedule that we have in mind and this is the timeline that we are working towards. The Fund is demanding an agreement between the official creditor committee and the Government of Ghana, subject to approval.”

A few days ago, the Finance Ministry said that it had achieved a provisional agreement with bondholders before signing the memorandum of understanding (MoU), which is necessary to allow for the signing of the second tranche.

In the meantime, the IMF has reiterated its commitment to supporting Ghana in implementing its plan, which it believes will revive the nation’s economy. “I should add here that the fact that they’ve not reached an agreement with its Eurobond holders will not prevent us from being able to provide more financing, although reaching that agreement is of course important”

“To be clear they have provided financing assurance, so we are not envisaging that to be an issue with our ability to conclude the next review and provide the disbursement”, The chairman of the Africa Department, Abebe Aamro Selassie, stated the same during a news conference held on the fringes of the 2024 Spring meetings in Washington, DC, USA.

Source: Ghanatodayonline.com

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