Ghana to get bailout approval soon – IMF Boss

The Managing Director of the International Monetary Fund (IMF) says Ghana’s bailout programme would soon be approved by the Executive Board.

Kristalina Georgieva said creditors have been meeting to agree on financing assurances for Ghana, which is the last prior action needed for board considerations.

“I am optimistic that we are going to move swiftly,” the IMF boss said in response to a question about progress made so far on Ghana’s bailout request at the sidelines of the ongoing IMF/World Bank Spring Meetings in Washington.

3news.com has already reported a deal is expected in early May as China, which is Ghana’s biggest bilateral lender, reportedly agreed to dropped its demand for multilateral development banks including the IMF and World Bank to share losses alongside other creditors in sovereign debt restructurings.

The Fund has been pushing bilateral creditors to accelerate creditor talks to help Ghana restore its economy as the West African nation faces its worst economic crisis in decades.

Source: 3news.com