Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgiev has welcomed the financing assurances from the Paris Club following the establishment of the Official Creditor Committee co-chaired by China and France.
This clearance by the Paris Club paves the way for the Fund’s Board approval of a programme for Ghana with the expected timeline of May 2023.
The official Twitter handle of the office of the Finance Minister disclosed the clearance on Friday, May 12.
On December 12, 2022, the IMF reached a staff-level agreement with the Ghanaian authorities on a new arrangement under the Extended Credit Facility. Board consideration of Ghana’s programme request has been pending financing assurances from Ghana’s official bilateral creditors.
The Paris Club has today established the OCC (co-chaired by China & France). With the granting of Financing Assurances, Ghana is now ready to go to the IMF Board. Thank you to all our bilateral partners for helping us reach this significant milestone! #ResolvingTogether
— Office of the Finance Minister-Ghana (@oofmghana) May 12, 2023
Below is Ms. Kristalina Georgieva’s full statement
I welcome the statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic program, together with its commitment to negotiate debt restructuring terms accordingly. This statement provides the necessary financing assurances for the IMF Executive Board to consider the proposed Fund-supported program and unlock much needed financing from Ghana’s development partners. I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments.
“The Creditor Committee’s action recognizes the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery. It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues. This is vital to enable countries such as Ghana achieve sustainable growth and poverty reduction.
