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Ghanaian Law Makers Approves $1bn IMF COVID-19 loan

Chris by Chris
19 April 2020
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Ghanaian Law Makers Approves $1bn IMF COVID-19 loan

ACCRA, GHANA - MARCH 01: A general view of the Parliament of Ghana during Turkish President Recep Tayyip Erdogan's visit, in the capital Accra on March 01, 2016. (Photo by Okan Ozer/Anadolu Agency/Getty Images)

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Parliament on Friday evening approved $1 billion credit facility to mitigate the impact of the COVID-19 pandemic.

The facility, titled “Rapid Credit Facility (RCF) Agreement” is between the Government of Ghana, represented by the Ministry of Finance, and the International Monetary Fund (IMF) amounts to 738 million Special Drawing Rights.

The approval follows a request from the Government of Ghana after the IMF had announced on 4th March 2020 a $50 billion support to help address the Coronavirus impact with an allocation of US$ 10 billion for low-income countries through the RCF window.

Dr Mark Assibey-Yeboah, Chairman of the Finance Committee, presented the report of the Committee to the plenary, said the facility is 100 percent of Ghana’s quota and the disbarment of the facility proceeds to Ghana was expected to take place in a single tranche on Friday, April 17, 2020.

The purpose of the facility is to provide low access, rapid and concessional financial assistance to Low-Income Countries facing an urgent balance of payments needs, without ex-post conditionality.

In Ghana’s case, the RCF has been negotiated to be used for Budget Support.

According to the report, Ghana originally requested 50 percent of Ghana’s quota, but the Minister of Finance successfully engaged the IMF to increase the request to 100 percent of Ghana’s quota.

The terms and conditions of the loan are that it has a grace period of 5 and a half years, a repayment period of 4 and a half years, a maturity period of 10 years, with no interest charge.

Dr Assibey-Yeboah announced that an approximate GH¢1 billion of the fund would be used to finance the electricity subsidy announced by President Nana Addo Dankwa Akufo-Addo, whilst the remainder would be employed towards expenditure outlined in the 2020 Budget.

As of 18th April 2020, Ghana had recorded 834 confirmed COVID-19 positive cases, nine deaths and 99 recoveries.

Source: GNA

Tags: $1bn1 billion dollars for covid 19Ghanaian Law Makers Approves $1bn IMF COVID-19 loanimfimf loanParliament approves
Chris

Chris

About us: To Bring to you, Engage and Empower our Readers We are truth-seekers and storytellers. We are journalists, writers and finders, united by a mission to inform, engage and empower our readers. We bear witness to history as it unfolds and explains not just what happened, but why, and what it means to you. Our stories take you to the farthest corners of the nation, and we bring you news from around nation to you, delivering content and services that inform and enrich your lives, your families and your communities. We are available on various social media handles. We stand for excellence in our stories. We are committed to serving you. We are...... Tel: 0206386139 Watsup: 0206386139 Email: extranewsgh@gmail.com Website: www.extranewsgh.com

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