Ms Kristalina Georgiev, Managing Director of the International Monetary Fund (IMF), has welcomed the Paris Club’s funding assurances following the formation of the Official Creditor Committee co-chaired by China and France.
The Paris Club’s acceptance clears the way for the Fund’s Board to approve a project for Ghana, with a target completion date of May 2023.
On Friday, May 12, the Finance Ministry’s official Twitter account announced the approval.
The IMF and the Ghanaian government concluded a staff-level agreement on a new arrangement under the Extended Credit Facility on December 12, 2022. Ghana’s programme proposal is being considered by the Board awaiting finance guarantees from Ghana’s official bilateral creditors.
Below is Ms Kristalina Georgieva’s full statement
I welcome the statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic program, together with its commitment to negotiate debt restructuring terms accordingly. This statement provides the necessary financing assurances for the IMF Executive Board to consider the proposed Fund-supported program and unlock much needed financing from Ghana’s development partners. I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments.
“The Creditor Committee’s action recognizes the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery. It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues. This is vital to enable countries such as Ghana to achieve sustainable growth and poverty reduction.
