COVID-19: Apply diligence when spending IMF’s $1bn loan – Mahama

COVID-19: Apply diligence when spending IMF’s $1bn loan – Mahama

- The International Monetary Fund (IMF) has approved a $1 billion package for Ghana to combat the coronavirus

- The IMF revealed that the approval was given in the light of measures Ghana has implemented in the fight against the virus

- Former President John Dramani Mahama has advised the NPP government to be diligent in spending the IMF’s $1bn loan

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Flagbearer of the National Democratic Congress(NDC), and former President John Dramani Mahama has advised the NPP government to be diligent in spending the IMF’s $1bn loan.

In a Facebook stream to announce the donation of food items to 20,000 households in the country, John Mahama said the IMF’s loan is timely.

He, however, urged the government to apply diligence in expending the loan given to the country.

READ ALSO:COCOBOD predicts $1 billion loss to Ghana, local businesses manufacture PPEs and more

The Executive Board of IMF announced the approval of the loan on Monday, April 13, 2020.

The money is expected to help Ghana improve confidence in the economy especially in the wake of the COVID-19 pandemic.

The IMF in the statement said it was still monitoring Ghana’s situation and is ready to provide policy advice and further support as needed.

READ ALSO: COVID-19: IMF’s Executive Board approves $1 billion to Ghana in fight against pandemic

Meanwhile, President Akufo-Addo has revealed that small and medium scale businesses in Ghana would benefit from a GHC600 million soft loan package.

According to him, the move is to protect such businesses from the economic impact of the coronavirus.

As part of a nationwide address on Sunday, April 5, 2020, he explained that the plan is to ensure that Ghanaian businesses are still functioning even though industries are affected by the pandemic.

READ ALSO: 93-year-old granny who asked for beer during lockdown, gets delivered 150 cans

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Source: Yen

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