Final tranche of $925 million to be paid by IMF soon

The International Monetary Fund (IMF) has revealed plans of paying the final tranche of the $925 million Extended Credit Facility to the government on Friday, March 29, 2019.

Citinewsroom.com reports that the IMF officially ended the Extended Credit Program for Ghana on March 20, 2019, two weeks earlier than the April 2019 deadline.

According to the IMF, the early conclusion of the programme was because its executive board approved the monitoring team’s final review report immediately it was published.

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The board therefore approved for the disbursement of about US$185.2 million to Ghana, as well as a waiver of the non-observance of a few program targets.

The IMF approved Ghana’s request for a three-year financial arrangement on April 3, 2015, which totaled about US$925.9 million. That arrangement was extended for additional year on August 30, 2017.

The IMF programme was to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending.

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Source: YEN.com.gh