IMF agrees to give Ghana $3 billion debt bailout
2 years ago

IMF agrees to give Ghana $3 billion debt bailout

Associated Press  

ACCRA, Ghana — The International Monetary Fund has agreed to give Ghana $3 billion to try to get the West African nation’s debt under control, restore financial stability and help people most at risk from rising prices and other economic problems. At a press conference Tuesday, Finance Minister Ken Ofori-Atta said Ghana was “committed to the program and will work towards meeting the demands.” He said the agreement will help restore economic stability, tackle price spikes and strengthen the currency. “The Ghanaian authorities have committed to a wide-ranging economic reform program, which builds on the government’s Post-COVID-19 Program for Economic Growth and tackles the deep challenges facing the country,” Stephane Roudet, IMF’s mission chief to Ghana, said in a statement Monday. Ghana also announced it will restructure its debt and “committed to strengthening social safety nets, including reinforcing the existing targeted cash-transfer program for vulnerable households and improving the coverage and efficiency of social spending,” Roudet said.

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History of this topic

Debt, fiscal challenges facing low-income countries worry IMF
8 months ago

Debt, fiscal challenges facing low-income countries worry IMF

The Hindu  

Shareholders of the International Monetary Fund agreed on the importance of addressing challenges faced by low-income countries, many of which are facing unsustainable debt burdens, IMF Managing Director Kristalina Georgieva said on April 19. Impact of high debt levels on low-income countries Ms. Georgieva, in a meeting of the Global Sovereign Debt Roundtable hosted by the IMF and the World …

IMF to increase Egypt's bailout loan to $8 billion
8 months, 3 weeks ago

IMF to increase Egypt's bailout loan to $8 billion

Firstpost  

The Egyptian economy has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine, and most recently, the Israel-Hamas war in Gaza. The deal was reached after Egypt and the IMF agreed on a reform plan, which includes measures such as floating the local currency, reducing public investment, and fostering private …

Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion
9 months, 2 weeks ago

Egypt floats its currency and agrees with the IMF to increase a bailout loan to $8 billion

Associated Press  

CAIRO — Egypt on Wednesday floated its currency and announced a deal with the International Monetary Fund to increase its bailout loan from $3 billion to $8 billion, moving to shore up an economy hit by a staggering shortage of foreign currency and soaring inflation. The measures, announced by the Central Bank of Egypt early Wednesday, were among the key …

IMF says that without reforms, Lebanon faces ballooning inflation and public debt
1 year, 5 months ago

IMF says that without reforms, Lebanon faces ballooning inflation and public debt

Associated Press  

BEIRUT — Without reforms, Lebanon will continue to see triple-digit inflation, and public debt in the small, crisis-ridden country could reach nearly 550% of GDP by 2027, the International Monetary Fund warned in a report Thursday. Since the country fell into an economic crisis in 2019, the country’s “GDP has declined by about 40 percent, the has lost 98 percent …

Tax the wealthiest to avoid IMF, says Tunisia’s president
1 year, 6 months ago

Tax the wealthiest to avoid IMF, says Tunisia’s president

Al Jazeera  

Tunisia’s president is looking for ways to avoid a bailout package worth nearly $2bn, as talks stall over demands to restructure public bodies and lift subsidies on basic goods. Tunisia’s President Kais Saied has proposed taxing the country’s wealthiest citizens to avoid the “foreign diktats” of the International Monetary Fund. Despite reaching an agreement in principle last October on a …

IMF approves $3.5 billion loan agreement for cash-strapped Ivory Coast
1 year, 6 months ago

IMF approves $3.5 billion loan agreement for cash-strapped Ivory Coast

Firstpost  

In order to help the country tackle financial challenges and assist with its economic transformation, the fund announced Wednesday, International Monetary Fund executives have approved a $3.5 billion loan agreement for Ivory Coast. The 40-month arrangement will “help support the country’s transformation towards upper-middle income status” over the medium term while preserving macroeconomic stability, the IMF said in a statement. …

IMF board approves $3 billion bailout for Ghana amid economic crisis
1 year, 7 months ago

IMF board approves $3 billion bailout for Ghana amid economic crisis

Associated Press  

LONDON — The International Monetary Fund’s executive board has approved a long-awaited $3 billion bailout for Ghana in hopes of combating the country’s economic crisis. “The combination of large external shocks and preexisting fiscal and debt vulnerabilities precipitated a deep economic and financial crisis in Ghana,” IMF Managing Director Kristalina Georgieva said in a statement. Georgieva said the Bank of …

IMF chief warns of a gloomy growth scenario
1 year, 8 months ago

IMF chief warns of a gloomy growth scenario

Hindustan Times  

Delivering a gloomy warning ahead of the spring meetings of the International Monetary Fund and World Bank, \, IMF’s managing director, said on Thursday that global growth dropped by half in 2022 and it will hover around 3% for the next five years, the lowest medium-term growth forecast since 1990. International Monetary Fund Managing Director Kristalina Georgieva poses for a …

Ghana is no longer the economic poster boy of West Africa
1 year, 11 months ago

Ghana is no longer the economic poster boy of West Africa

Firstpost  

Ghana is currently battling its worst financial crisis in decades with inflation hovering at a record 50.3 percent New Delhi: Ghana is no longer the economic poster boy of Western Africa. According to a report in Al Jazeera, Ghana is currently battling its worst financial crisis in decades with inflation hovering at a record 50.3 percent, the highest in 21 …

Ghana suspends payment of most external debts
2 years ago

Ghana suspends payment of most external debts

Al Jazeera  

Finance ministry says Accra will not service debts including its Eurobonds, commercial loans and most bilateral loans. Its finance ministry said on Monday that it will not service debts including its Eurobonds, commercial loans and most bilateral loans, calling the decision an “interim emergency measure”, while some bondholders criticised a lack of clarity in the decision. The government “stands ready …

Ghana inflation soared to 21-year high above 50% in November
2 years ago

Ghana inflation soared to 21-year high above 50% in November

Al Jazeera  

Consumer inflation rise comes as the gold, oil and cocoa producer battles its worst economic crisis in a generation. Ghana’s annual consumer inflation has accelerated to a new 21-year high of 50.3 percent in November, up from 40.4 percent the previous month, driven by utilities, food and fuel. The West African gold, oil and cocoa producer is battling its worst …

IMF agrees to Ghana $3bn debt bailout
2 years ago

IMF agrees to Ghana $3bn debt bailout

Al Jazeera  

IMF board approval of the proposed three-year loan is expected early next year, the finance minister said. IMF board approval of the proposed three-year loan is expected “early next year”, Ofori-Atta said. Stephane Roudet, IMF’s mission chief to Ghana, said in a statement on Monday: “The Ghanaian authorities have committed to a wide-ranging economic reform programme, which builds on the …

Ghana inflation scales new peak as it seeks IMF bailout
2 years, 5 months ago

Ghana inflation scales new peak as it seeks IMF bailout

Al Jazeera  

Hundreds took to the streets of Ghana’s capital Accra last month to protest against high inflation and weak growth. Consumer inflation in Ghana accelerated to 29.8 percent annually in June from 27.6 percent in May, official data showed on Wednesday, shattering another record while the West African nation talks to the International Monetary Fund for support. In a report on …

Ghana to make U-turn and ask IMF for help for its economy
2 years, 5 months ago

Ghana to make U-turn and ask IMF for help for its economy

Al Jazeera  

Until now, Ghana had refused to seek IMF support to rescue an economy crippled by the pandemic, rampant inflation and a depreciating currency. Ghana, one of West Africa’s largest economies, will hold formal talks with the International Monetary Fund on a support package, the government has said, only days after hundreds took to the streets protesting mounting hardship. Until now, …

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