China and Paris Club have okayed Ghana’s request for International Monetary Fund (IMF) support.
The creditor committee for Ghana formed by countries with eligible claims on Ghana has been formally established on 12 May 2023.
The creditor committee is expected to be co-chaired by China and France, an official statement has said.
The said said, “The creditor committee examined the macroeconomic and financial situation of Ghana, including its long-term debt sustainability, and its formal request for a debt treatment under the “Common Framework for Debt Treatments beyond the DSSI” endorsed under the Saudi G20 Presidency in November 2020, which was also endorsed by the Paris Club.”
“The creditor committee supports Ghana’s envisaged IMF upper credit tranche (UCT) program and its swift adoption by the IMF Executive Board to address Ghana’s urgent financing needs. The creditor committee encourages Multilateral Development Banks (MDBs) to maximize their support for Ghana to meet its
long-term financial needs,” the statement added.
Read the full statement below:
IMF spokesperson Julie Kozack said in a Thursday (11 May) news briefing that the Fund is hopeful its executive board can quickly consider the Ghana program once enough official bilateral creditor assurances have been secured. The package was agreed at the staff level in December.
“We have seen strong progress toward creditors delivering on these financing assurances and we’re hopeful that they can be delivered very rapidly,” Kozack said.
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