Ghana receives last tranche of $178.7m IMF credit facility
Ghana is to receive an amount of $178.74 million credit facility from the International Monetary Fund (IMF).
This is after the Fund’s Board yesterday July 13, 2012 completed the sixth and seventh reviews under its Extended Credit Facility (ECF) arrangement for Ghana and approved the disbursement of the amount, the last tranche of the ECF programme.
“The Executive Board’s decision will allow for the final disbursement of an amount equivalent to SDR 119.14 million (about $178.74 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 387.45 million (about $581.28 million),” the IMF said in a statement.
In completing the reviews, the IMF said its Executive Board approved waivers for nonobservance of three performance criteria – “the net change in domestic arrears for end-December 2011, the fiscal balance target for end-March 2012, and the floor on net international reserves for end-March 2012”.
The Fund approves the three-year ECF arrangement with Ghana on July 15, 2009.
By Ekow Quandzie
Mills government is so useless and need to go with continue loans from IMF, the writing is on the wall no aint’s and buts. Central Bank governor is useless and Mills cronies need to go. Whatever money these guys stole will be recovered because in todays world you can hide any money and yourself.