Home / AFRICA NEWS / IMF Pushes For Debt Cancellation For Ghana And Other Distressed Countries

IMF Pushes For Debt Cancellation For Ghana And Other Distressed Countries

Spread the love

The International Monetary Fund (IMF) says it is working towards a debt cancellation programme for Ghana and other countries amid a global economic recession scare this year.

The other countries are Ethiopia, Zambia, Chad, Lebanon, Surinam, and Sri Lanka.

The move, Madam Kristalina Georgieva, the IMF Managing Director, said was to avert any “bad surprise” on the global economy, out of which 25 percent had its trade in emerging markets territories.

“We’re working hard to press for debt resolution for these countries, and we’ve engaged with the traditional creditors, the Paris Club, the non-traditional creditors, China, India, and Saudi Arabia. Our call is very simple: Urgently we have to act,” she said in an interview.

See also  North East Region: GES Sacks Twenty-seven (27) Teachers

Ghana has reached a Staff-Level Agreement (SLA) with the IMF, and currently doing a domestic debt restructuring programme and engaging its external creditors, pending approval by IMF Management and the Executive Board.

The SLA is for a three-year programme supported by an arrangement under the Extended Credit Facility (ECF) of about $3 billion by the IMF.

It is aimed at restoring macroeconomic stability and debt sustainability while protecting the vulnerable, preserving financial stability and laying the foundation for strong and inclusive economic recovery.

See also  Lack Of Support For Gov't Policies Forced Ghana To IMF – Gabby Otchere-Darko

On recession, the IMF Managing Director, said: “We expect one-third of the global economies to be in recession. Even countries that are not in recession, it would feel like a recession.”

She emphasised the need to act quickly and said: “For most of the world economy, this is going to be a tough year, tougher than the year we leave behind,
[therefore], we have to be concerned.”





Thanks for reading from MyGhanaMedia.com as a news publishing website from Ghana.


Source:  gna.org.gh


Disclaimer: MyGhanaMedia.com is not responsible for this report and its content.
There are four types of content published on   MyGhanaMedia.com daily: curated content; syndicated content; user-generated content; and original content.


See also  Ghana Abstains As UN Votes To Suspend Russia From Human Rights Council




Are You Suffering From Weak Erection, Low Libido, Premature Ejaculation Or Infections? – Get M-Plus No



  Maccun Plus (MPlus) is for men and women as a natural aphrodisiac with no side effects

Just contact the number below for M PLUS HONEY.

024-377-7896 / 0561193978








Send your news stories to my[email protected] and Chat with us via WhatsApp on +233 200818719



About Adwenpa-Hene

I'm Adwenpa-Hene |Blogger & Broadcaster Journalist. I am the CEO and manager of this noble website. I publish on Entertainment, Sports, Politics, Lifestyle, and Technology. You can also follow Us on : YouTube Channel - My Ghana Media TV, Facebook - MyghanaMedia TV , Twitter - @MyGhanamedia2 & Instagram - My Ghana Media TV. Email Address: [email protected] Contact Us: 0200818719

Check Also

FDA Suspends Services Of Waakye Joint At Oyibi That Killed One Person

Spread the love The Food and Drugs Authority has suspended the services of the Yellow …

Leave a Reply

Your email address will not be published. Required fields are marked *