Tag: IMF
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COVID-19: IMF approves $3.4 billion in emergency support for Nigeria
The International Monetary Fund (IMF), has approved a disbursement of US$3.4 billion to Nigeria to support the country’s efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices. “The Executive Board of the International Monetary Fund (IMF) approved Nigeria’s request for emergency financial assistance of SDR 2,454.5…
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COVID-19 must trigger a change in the structure of Ghana’s economy – Ken Thompson
The Chief Executive Officer of Dalex Finance, Ken Thompson, says the level of exposure of Ghana’s economy in the wake of the coronavirus pandemic, should trigger a transformation of the country’s economic structure to make it resilient. Ghana is still classified at high risk of debt distress with a current debt of 218 billion cedis,…
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![Rapid Credit Facility vrs Extended Credit Facility; restoring Ghana’s economy after COVID-19 [Article]](https://citibusinessnews.com/wp-content/uploads/2020/04/Emma-Picture.jpg)
Rapid Credit Facility vrs Extended Credit Facility; restoring Ghana’s economy after COVID-19 [Article]
The International Monetary Fund (IMF) Executive Board on 13th April, 2020 approved the disbursement of US$ 1 billion to be drawn under the Rapid Credit Facility (RCF). 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 RCF…
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World Bank Group and IMF mobilize partners for COVID-19 fight in Africa
The World Bank Group and International Monetary Fund on Sunday April 18, convened a meeting of African leaders, bilateral partners, and multilateral institutions to spur faster action on COVID-19 response in African countries. Cyril Ramaphosa, President of South Africa, United Nations Secretary General Antonio Guterres, Director General of the WHO Dr. Tedros Adhanom Ghebreyesus, Africa…
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It’ll cost us dearly if we misuse $1bn IMF loan; Adu Sarkodie urges efficiency
An Economist, Dr. Adu Owusu Sarkodie, has stated that inasmuch as concerns about Ghana’s rising debt stock are legitimate following the International Monetary Fund’s (IMF) approval of One Billion dollars for the country’s COVID-19 fight, the focus should rather be on the efficient use of the money. The amount, which is to be drawn under…
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IMF approves $500m in debt relief for 25 countries amid COVID-19 challenges
The International Monetary Fund has (IMF) has approved an amount of US$500 million in grant-based debt service relief to 25 countries to help them deal with the negative impact of the COVID-19 on their various economies. The fund’s Managing Director, Ms. Kristalina Georgieva in a statement on Monday, April 13, said the grant falls under…
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IMF’s request for reduced interest payment on loans will help Ghana – Lord Mensah
Economist, Dr. Lord Mensah, is hopeful the International Monetary Fund’s (IMF) appeal to developing countries’ creditors to reduce interest payment on loans will help ease up the burden on Ghana’s external debt component if the creditors respond positively to it. In the wake of the COVID-19 pandemic, the IMF has urged creditors to consider the…
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COVID-19 fight: IMF acknowledges receipt of Ghana’s request for credit facility
The International Monetary Fund, IMF, has confirmed receipt of Ghana’s request to the Fund seeking financial assistance to help the country address the economic impact of the COVID-19 pandemic. Ghana has recorded 53 cases with two deaths, and the numbers are expected to rise. Schools have shut down, with public gatherings suspended for four weeks,…
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![Economic policies for Coronavirus: Saving lives, safeguarding livelihoods [Article]](https://citibusinessnews.com/wp-content/uploads/2020/03/GSB-B-fast.jpg)
Economic policies for Coronavirus: Saving lives, safeguarding livelihoods [Article]
The impact of the coronavirus (COVID-19) pandemic is unprecedented in the modern era. Equally unprecedented is the escalation of the response around the world. Even for countries without an outbreak, spillovers from the global pandemic and social distancing measures locally would likely deal a severe blow to economic activity this year. Social distancing and containment…
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COVID-19 impact: Gov’t to rely on IMF, World Bank & Stabilization Fund to close revenue gap
The Finance Minister, Ken Ofori-Atta, has told Parliament that government will rely on a mix of funds from the World Bank, IMF and withdrawals from the Stabilization Fund to finance the budgetary gap expected to be created by the fiscal impact of the Coronavirus pandemic on the Ghanaian economy. According to him, this has become…