FULL TEXT: IMF MD's remarks on bilateral creditors' financing assurances for Ghana

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), issued the following statement today May 12, 2023 in reaction to the statement from the Creditor Committee for Ghana under the G20 Common Framework for Debt Treatments:

“I welcome the statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic program, together

Read full articlewith its commitment to negotiate debt restructuring terms accordingly. 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. I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments.

“The Creditor Committee’s action recognizes the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery. It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues. This is vital to enable countries such as Ghana achieve sustainable growth and poverty reduction.”

On December 12, 2022, the IMF reached a staff-level agreement with the Ghanaian authorities on a new arrangement under the Extended Credit Facility. Board consideration of Ghana’s program request has been pending financing assurances from Ghana’s official bilateral creditors.