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IMF Deal To Be Finalized By December, Says Kristalina Georgieva

by Vesta Daily
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IMF Deal Will Be Finalized By December, Says Kristalina Georgieva

Before the year is out, a deal with Ghana should be reached and signed, according to the International Monetary Fund (IMF).
The fund is determined to work with the Ghanaian government and the Ministry of Finance to ensure that an agreement is in place before the end of the year based on the already very fruitful discussions that have already taken place.

In a private meeting with President Nana Addo Dankwa Akufo-Addo yesterday[September 5, 2022] outside the Africa Adaptation Summit, a climate change conference, in Rotterdam, the Netherlands, the IMF’s managing director, Kristalina Georgieva, provided the assurance.

She said to President Akufo-Addo, “We understand the urgency and we will move as quickly as possible.

IMF agreement

Ghana is requesting US$3 billion from the IMF to help the country get through the difficult economic situation it is in as a result of the deadly coronavirus disease (COVID-19) pandemic and the ongoing conflict between Russia and Ukraine.

A delegation from the IMF has already visited Ghana and had preliminary discussions about a potential IMF-supported program with the Ministry of Finance. The delegation was led by Carlo Sdralevich, the mission chief for Ghana.

The current economic difficulties in Ghana, which Ms Georgieva called a “superb country,” were brought on by external shocks rather than being locally caused.

She claimed that, in contrast to some claims, the Akufo-Addo administration’s bad policies were not the cause of Ghana’s current predicament. Rather, the causes were exogenous.

“You have experienced exogenous shock damage, just like everyone else on the planet. The pandemic came first, then Russia’s conflict in Ukraine. We must understand that this combination—rather than bad national policies—is to blame.

She added that because Ghana was an IMF member and “a strong country with fantastic people,” the fund had a responsibility to provide aid.

Ms Georgieva implied that “we must assist Ghana because your strength contributes to the strength of your neighbours; it contributes to a stronger world.”

The document that Ghana will present “is ready for the scrutiny of the IMF,” according to President Akufo-Addo, who noted that his Cabinet and the Ministry of Finance had put a lot of effort into it.

He explained that Ghana was looking to the IMF as a temporary fix for assistance in repairing its public finances.

While we continue to work on the medium- to long-term structural changes that are at the core of our goal of creating a Ghana Beyond Aid, that is, building a resilient, robust Ghanaian economy, we have decided to seek the collaboration of the IMF to repair, in the short term, our public finances, which have taken a severe hit in very recent times, he said.

The African Union, the African Development Bank, the International Monetary Fund, the Africa Adaptation Initiative, and the Climate Vulnerable Forum are working together to host the Africa Adaptation Summit at the Global Centre of Adaption (GCA) Headquarters in Rotterdam, The Netherlands.

It is to lay the groundwork for a breakthrough in African adaptation at COP27, a climate change conference organized by the United Nations (UN).

To increase the ambition for adaptation action for Africa, it has brought together world leaders from across governments, international organizations, multilateral development banks, the private sector, mayors, civil society, youth leaders, and other stakeholders.

Vesta Daily
Author: Vesta Daily

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