Ghana nears $600m IMF payout with board meeting due Friday
TLDR
- IMF executive board to meet on Friday to review Ghana's $3 billion rescue loan program
- Approval expected to lead to a $600 million disbursement
- Ghana reached a debt restructuring agreement for $5.4 billion of its official creditor debt.
The executive board of the International Monetary Fund (IMF) is scheduled to convene on Friday to assess the initial review of Ghana's $3 billion rescue loan program, as confirmed by a spokesperson via email on Monday.
Approval by the board for the review is anticipated to pave the way for a $600 million disbursement. Typically, such approvals are considered a procedural formality once the meeting date has been established.
Earlier reports from Reuters, citing three sources familiar with the matter, highlighted the meeting date. This development comes after Ghana, a significant producer of cocoa, gold, and oil, successfully reached an agreement to restructure $5.4 billion of its official creditor debt.
Points clés à retenir
Ghana recently reached an agreement with its bilateral lenders, including China and France, in a significant development late last week. This agreement is a crucial milestone toward unlocking the second tranche of funding from the IMF. Ghana had encountered challenges, defaulting on a substantial portion of its external debt in December 2022 due to soaring servicing costs. In addition to the agreement with bilateral lenders, Ghana faces the task of negotiating a relief deal with private holders of approximately $13 billion in international bonds. On Monday, the bonds experienced an uptick of almost 1 cent on the dollar. Among them, the 2042 maturity recorded the most significant increase, rising by 0.85 cents to 43.12 cents. This marks the highest level since early November and suggests a positive market response to Ghana's efforts to address its debt challenges and secure international support for its economic recovery.
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