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Ghana to receive a bailout package in the near future

During the ongoing World Bank/IMF Spring Meetings in Washington D.C., Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), expressed her optimism regarding the final approval of Ghana’s bailout request by the IMF’s Executive Board. She cited the increasing support from the international community, including Ghana’s creditors, as the reason for her confidence. While covering the event, Maxwell Akalaare Adombila of Graphic Online reported that Ms Georgieva urged bilateral creditors to provide the necessary financial assurance promptly to expedite the approval process. Although Ghana secured a staff-level agreement for the $3 billion bailout request in December, the final stage has been delayed due to bilateral creditors’ negotiations over debt restructuring terms. Sources disclosed that a deal could be reached in May as China softened its stance on debt loss sharing among multilateral parties. Ghana’s stable cedi, inflation containment, and access to international capital markets for development funding are reliant on a bailout programme, which will be the 17th since joining the IMF in September 1957. Ms Georgieva remains optimistic that Ghana’s creditors will act swiftly, and encourages Ghanaians to stay positive.

Video credit:Citinewsroom

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