The loan is to be drawn from the IMF's Rapid Credit Facility (RCF), a product of the Bretton Woods institution that provides concessionary financial assistance with with limited conditionalities to low-income countries (LICs).
ADVERTISEMENT
Ghana gets $1bn loan from IMF to fight coronavirus
The International Monetary Fund (IMF) has granted Ghana a loan facility to the tune of one billion dollars ($1bn) to aid in its fight against COVID-19.
Finance Minister, Ken Ofori-Atta
Recommended articles
In a statement announcing the approval of the loan facility yesterday, the IMF said although the government was proactive in addressing the issue, "additional support from other development partners will be required and critical to close the remaining external financing gap and ease budget constraints.”
Ken Ofori-Attta
Pulse Ghana
The IMF also said would help "address the country’s urgent financing needs, improve confidence, and catalyse support from other international partners."
ADVERTISEMENT
It added that the IMF would continue to monitor Ghana’s situation closely and was also ready to provide policy advice and further support as needed.
This is the second time in five years that the country has sought financial assistance from the IMF to help smoothen out fiscal roughages and bolster growth in the economy.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Binance collaborates with law enforcement as crypto crime decreases
Powering pedlars on the way: The potential of electric generators
Ghana's debt dilemma: More needed for third tranche release - IMF
TECNO launches AI-enhanced CAMON 30 Series in Ghana; Redefining imaging and design excellence
Ghana's economy bounces back: Fitch predicts 3.5% growth in 2024
These 5 countries are the world's worst cybercrime hotspots — Nigeria is one of them
Ghana’s inflation hits 6th highest in Sub-Saharan Africa
Reflo’s makes a splash at Madina market with product showcase and community engagement
