The International Monetary Fund (IMF) has approved one billion dollar loan facility for Ghana to help combat the negative impact of the coronavirus (Covid-19) disease on the lives of the people and the economy.
According to the state-owned Daily Graphic report on Wednesday, the loan is an interest free Facility from the IMF and it is expected to hit the account of Bank of Ghana on or before Friday.
The newspaper quoted IMF Representative in Ghana, Dr .Albert Touna-Mama, as saying that The IMF would issue one-off transfer of the funds to the Bank of Ghana account, adding that “the disbursement is one-off and there is no tranching”.
The report added that Dr. Touna-Mama stated that the fund was an interest free loan facility that IMF approved for the country on 13 April and that the repayment would begin after five-and–half years.
He explained that the loan would address fiscal and balance of payment needs that are confronting the country as result of the Covid-19 pandemic.
The loan facility is said to be the biggest loan to be received by Ghana from the IMF since 63 years of partnership with the Breton Wood institution.
DAP/GIK/APA