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Ghana has secured financing assurances from the Paris Club following the establishment of the Official Creditor Committee co-chaired by China & France.
This comes months after Ghana has been seeking help from international lenders to provide financing assurances which is a condition for the IMF’s board to sign off the IMF programme for the country.
By this, the move will pave the way for the Fund’s Board approval of a programme for Ghana with the expected timeline of May 2023.
The approval will also enable the country to secure a $3 billion Extended Credit Facility (ECF) to boost its Balance of Payment.
A tweet on the official Twitter page of the Finance Minister on Friday noted that the Paris Club today established the Official Creditor Committee co-chaired by China & France. With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board.
The IMF loan programme is part of a broader effort to support developing countries as they recover from the Covid-19 pandemic’s impact.
Meanwhile, the IMF has welcomed the decision.
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