IMF Deal: Ghana creditors are quite close to an agreement – World Bank Country Director

According to Pierre Laporte, the country director of the World Bank, Ghana’s bilateral creditors are almost ready to provide an assurance to support the International Monetary Fund (IMF) Board meeting regarding Ghana’s debt.

This agreement is a crucial prerequisite for the release of the IMF bailout, which is worth $600 million out of a $3 billion bailout.

This ought to manifest as a Memorandum of Understanding conveying to the Fund that an agreement has been reached, from the Official Creditor Committee.

The announcement coincides with worries expressed regarding the viability of the newly announced board meeting date of January 11, 2024.

“At this point, the information we have is that it is close to closure and with that, we would be able to go,” the World Bank Country Director said.

This claim was made by Mr. Laporte on the upcoming Business Edition of PM Express.

When asked if the guarantee could arrive at the newly scheduled meeting time for the board to discuss, he gave a yes response.

“If IMF goes, we are hoping to also go if possibly on the same day. If not, it will be soon after.

“What I can tell you is that the information we have is that the creditors are quite close to an agreement, closing up that has given the IMF the comfort for them to go schedule the date and it is given us comfort to also work to the closing of the IMF.”

“It is not the fault of Ghana, you have worked all the reforms, now, you are just waiting for the creditors to agree on certain technical issues and this is what we need to get closure,”Mr Laporta stated.

Source: Ghanatodayonline.com