Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

IMF approves $1 billion for Ghana to fight COVID-19

Abiola OdutolabyAbiola Odutola
3 years ago
in Business News, Coronavirus
Ghana assures that no investor will lose their money due to ongoing negotiations with IMF

Nana Akufo-Addo, Ghana's President

Share on FacebookShare on TwitterShare on Linkedin

The Executive Board of International Monetary Fund (IMF) has approved the disbursement of $1 billion to be drawn under the Rapid Credit Facility (RCF) to aid fight against coronavirus (COVID-19) in Ghana. This was disclosed in a statement issued by the global lender and seen by Nairametrics.

In the statement, the financial institution explained that the COVID-19 pandemic is already impacting Ghana severely, as the nation’s growth is slowing down, financial conditions tightened, and the exchange rate under pressure.

It stated, “The authorities have timely and proactively responded to contain the spread of the COVID-19 pandemic in Ghana and support affected households and firms.

“The disbursement will help address the urgent fiscal and balance of payments needs that Ghana is facing, improve confidence, and catalyze support from other development partners. The pandemic is already impacting Ghana severely. The IMF continues to monitor Ghana’s situation closely and stands ready to provide policy advice and further support as needed.”

Tao Zhang, Deputy Managing Director and Chair, IMF, also stated that “The budget deficit is projected to widen this year given expected lower government revenues and higher spending needs related to the pandemic.

The Fund’s emergency financial assistance under the Rapid Credit Facility will help address the country’s urgent financing needs, improve confidence, and catalyze support from other international partners.

“The uncertain dynamics of the pandemic creates significant risks to the macroeconomic outlook. Ghana continues to be classified at high risk of debt distress. The authorities remain committed to policies consistent with strong growth, rapid poverty reduction, and macroeconomic stability over the medium-term.”

He added that the additional support from other development partners will be required and critical to close the remaining external financing gap and ease budget constraints.

Related

Tags: GhanaIMFRCF

Leave a Reply Cancel reply

HFM
Mega Millions
Mega Millions
Patricia





NM newsletters

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Why it is very difficult to make real return if you are investing in Nigeria – Kalu Aja
  • Cheta Nwanze elaborates on how to take advantages of the opportunities in Nigeria, ‘japa’, Open AI
  • Kenya withdraws financial impropriety case against Flutterwave

Follow us on social media:

Recent News

It is very difficult to make a real return if you are investing in Nigeria- Analyst

Why it is very difficult to make real return if you are investing in Nigeria – Kalu Aja

February 4, 2023
How to take advantage of the opportunities in Nigeria, ‘Japa’, Open AI- Cheta Nwanze

Cheta Nwanze elaborates on how to take advantages of the opportunities in Nigeria, ‘japa’, Open AI

February 4, 2023
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Lifestyle
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds

© 2023 Nairametrics