Ghana Secures Conditional Approval for $3bn IMF Support.

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Ghana and the International Monetary Fund (IMF) have reached a preliminary agreement for the fund to support the economy with a US$3 billion credit to help resuscitate it and correct fiscal and monetary imbalances.

The proposed three-year extended credit facility (ECF) was approved by the staff of the IMF this week, subject to final approval by the management and Executive Board of the Bretton Woods institution. A statement from the IMF said the Management and Executive Board approval was conditioned on the completion of a debt restructuring exercise to bring debt stock to sustainable levels.

In the statement issued by the IMF Mission Chief to Ghana, the fund said the preliminary approval would be presented to the IMF Board for final approval after the country has made sufficient progress with efforts to restore debt sustainability.

Ghana’s debt was assessed to be unsustainable, prompting efforts to restructure the stock to help qualify for the fund support.

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