ACCRA, May 13 (Xinhua) -- The International Monetary Fund (IMF) lauded the decision by Ghana's official creditors to grant the West African country their financing assurances, said a press release late Friday.
"I welcome the statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic program, together with its commitment to negotiate debt restructuring terms accordingly," said Kristalina Georgieva, managing director of the IMF.
"This statement provides the necessary financing assurances for the IMF Executive Board to consider the proposed Fund-supported program and unlock much-needed financing from Ghana's development partners," Georgieva said.
She added that the action of the official creditors "recognizes the Ghanaian authorities' strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery."
Ghanaian Finance Minister Ken Ofori-Atta on Friday announced that the country had been granted financing assurances by its official creditors, a critical step further to secure a loan from the IMF.
"With the granting of financing assurances, Ghana is now ready to go to the IMF Board," the minister said in a tweet on his office's official Twitter handle. "Thank you to all our bilateral partners for helping us to reach this milestone."
Ghana has since 2021 been grappling with its worst economic performance in decades. The government started negotiation with the IMF last year, hoping to secure a 3-billion-U.S.-dollar loan to revive its economy.
According to the IMF, the financing assurances from Ghana's official creditors are the final condition for considering the loan request.
