We stand committed to helping deliver relief to Ghanaians – says IMF Chief

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF) has reiterated the Fund’s commitment to helping revive Ghana’s economy to deliver relief to Ghanaians.

In a tweet after President Akufo-Addo met officials of the IMF in Washington, USA, Georgieva said, “Very good meeting with President Akufo-Addo. I congratulated him on Ghana reaching a staff-level agreement for IMF support.”

“We stand with Ghana and remain committed to helping deliver relief to Ghanaians,” she added.

The International Monetary Fund (IMF) and Ghana this week reached a staff-level agreement on a loan deal.

The government has begun restructuring its debt by rolling out a plan to swap US$10.5 billion in local bonds for new ones.

If a domestic debt rework is “done in a coherent manner, with the support of the IMF and the local banking system, the country will be in a significantly better position because it addresses the near term external liquidity challenges,” said Carmen Altenkirch, Aviva Investors emerging markets sovereign analyst.

The government has not yet announced plans for a foreign debt restructuring. Creditors are getting ready though, with two sources telling Reuters a steering committee of dollar debt holders will be announced next week.

Source: norvanreports.com