$19bn approved by IMF Board for various Fund-backed programmes
A total of $19 billion have so far been approved by the IMF Board for various Fund-backed programmes as of the end of October 2023, says the Director of the African Department at the IMF, Abebe Selassie.
Making the assertion during a media briefing on Monday, Mr Selassie added that the Fund is also increasingly beginning to use newer facilities, particularly the Resilience and Sustainability Trust (RST), to support member countries.
“Over the last three months since October, when I did this the last press briefing, we have disbursed around $3 billion. And the total commitments we have under the programs approved by our Board are to the tune of around $19 billion through the end of the program period that we have with various countries.
“Encouragingly also, we are increasingly beginning to use newer facilities, particularly the Resilience and Sustainability Trust (RST), to support member countries. We now have six programs like under the RST to support countries reforms to strengthen their resilience against climate change,” he remarked.
The $19bn approved funds include Ghana’s $3bn balance of payment bailout programme.
Speaking on the progress of Ghana’s implementation of the three-year Extended Credit Facility (ECF) programme, Mr Selassie praised Ghana’s adept handling of its $3 billion bailout program with the International Monetary Fund (IMF), emphasizing its effective implementation and urged Ghana to maintain its commitment to the program for sustained growth.
Highlighting the successful first review of Ghana’s program, he underscored the government’s diligent efforts in addressing significant imbalances encountered in the past year.
He stressed the critical importance of Ghana’s adherence to the IMF program over the next three years, emphasizing that consistent implementation is key to achieving desired outcomes.
Ghana’s ambitious aim to restructure two-thirds of its external debt, amounting to approximately $30 billion as of 2022’s end, has received a notable boost with $1.2 billion disbursed by the IMF for the three-year bailout program.
In reaffirming the necessity of Ghana’s steadfastness, Mr Selassie reiterated that IMF programs are meticulously designed to unfold over a span of three to four years, emphasizing the pivotal role of Ghana’s unwavering dedication in ensuring program success.
