IMF TEAM EXPECTED IN ACCRA NEXT MONTH TO RENEGOTIATE CREDIT FACILITY
A team from the International Monetary Fund (IMF) will arrive in Ghana in two weeks’ time to renegotiate with the government its credit facility agreement with the the global financial institution, says Yaw Osafo-Maafo, the nominee for Senior Minister in the Presidency.
He says the current programme entered into with the IMF in April 2015, literally squeezes all the physical space out and therefore from the point of view of the new government, it must be reviewed. The three year 918-million-US dollar Extended Credit Facility is in its final year.
The 75-year-old politician, engineer and banker who abdicated his position as traditional ruler of Akyem Awisa in Eastern Region (Province) to enter politics, spoke of the review when he appeared before the Appointments Committee of Parliament las tweek.
Last September, the IMF Executive Board completed the third review of Ghana’s economic performance, which enabled the disbursement of about 116.2 million USD, which culminated in total disbursements under the arrangement to about 464.6 million USD.
Source: NAM NEWS NETWORK