Gov’t runs back to IMF for $1b loan to fight Coronavirus

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The government if Ghana has once again run back to the International Monetary Fund (IMF) for a loan of $1b to fight COVID-19.

The loan is to be taken from the IMF’s Rapid Credit Facility (RCF), a product of the Bretton Woods institution that provides concessionary financial assistance with with limited conditionalities to low-income countries (LICs).

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n a press statement confirming the approval of the loan facility yesterday, the International Monetary Fund (IMF) acknowledged the government’s proactivenes in dealing with the pandemic but said however that more support would be required to battle the disease in Ghana.

The statement read in parts,  “…additional support from other development partners will be required and critical to close the remaining external financing gap and ease budget constraints.” 

The statement also said that the International Monetary Fund (IMF) would its best to address the countries urgent finacncial needs and also help to improve confidence from international partners.

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“…address the country’s urgent financing needs, improve confidence, and catalyse support from other international partners,” the statement added.

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The INF further pledged its unendicng support to the Ghana government saying that it will closely monitor Ghana’s situations and offer advice and support in the fight against COVID-19 when neccessary.

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