IMF advises Parliament to approve a $1bn loan to prevent economy from grinding to a halt

The team from the International Monetary Fund (IMF) has advised Ghana’s Parliament to approve a $1bn loan that is before the House in order to prevent economy from grinding to a halt, TV3’s Parliamentary correspondent Komla Kluste has reported.

The team met the Finance Committee of Parliament on Tuesday July 12 as part of its initial discussions with the government for a potential programme.

“The issue of job sustainability, the IMF say is bad, debt levels are so high , the expenditure on social policies are also very high,” Komla further reported.

The IMF staff team is being led by Carlo Sdralevich, mission chief for Ghana.

Mr. Sdralevich in a statement earlier said on the engagement with Government officials that “On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s homegrown economic policies. We are at an early stage in the process, given that detailed discussions are yet to take place.”

“The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the war in Ukraine and the lingering pandemic.”

“We are looking forward to our engagement with the authorities in Accra,” the Fund said.

Source: Laud Nartey|3news.com|Ghana