30.3 C
Accra
Tuesday, December 3, 2024
BusinessWorld Bank Group applauds debt restructuring agreement

Date:

World Bank Group applauds debt restructuring agreement

The World Bank Group, in principle, has endorsed the accord on fundamental parameters of Ghana‘s proposed debt restructuring, as reached by the official creditors’ committee under the G20 Common Framework 

This agreement, aligning with the Joint WB-IMF Debt Sustainability Framework, marks a pivotal step towards reinstating debt sustainability within the nation.

“This agreement will help unlock financial support by international financial institutions, including a US$300million budget support operation supported by IDA that will be considered by the World Bank’s Board of Executive Directors next week. This will help Ghana in its recovery, attracting investments and restoring a sustainable growth path,” said Ousmane Diagana, World Bank Vice President for Western and Central Africa.

The Resilient Recovery Development Policy Operation, the initial installment in a trilogy amounting to US$900 million, stands as a key component of the expansive World Bank commitment to bolster crisis response and resilience efforts in Ghana. 

The nation channels US$4.3 billion in World Bank commitments through a range of national and regional projects, emphasizing private sector development, job creation, inclusive service delivery, and sustainable, resilient development. 

[forminator_poll id="710479"]

Latest stories

Voters have the right to disclose their vote – Samson Anyenini

A Distinguished media lawyer, Samson Lardy Anyenini, has...

South Sudan secures over 280,000 of oral vaccines to fight cholera

The Ministry of Health of South Sudan, with support...

GES resolves technical challenges with 2024 Degree Recruitment portal

The Ghana Education Service (GES) has successfully restored its...

Bullgod runs to court for everything because his house is close to one – Shatta Wale

Ghanaian dancehall artiste Shatta Wale has slammed his former...

E-Gates at Terminal 3 of KIA to be commissioned; Bawumia arrives for ceremony

Vice President Dr. Mahamudu Bawumia has arrived at the...

Ghana on track to achieve fiscal surplus despite economic challenges – IMF

The International Monetary Fund (IMF) has announced that Ghana...

Ghana would be like Dubai if I borrowed $11.5 billion like Akufo-Addo – Mahama

The flagbearer of the National Democratic Congress (NDC), John...

Related stories

Ghana on track to achieve fiscal surplus despite economic challenges – IMF

The International Monetary Fund (IMF) has announced that Ghana...

Cedi strengthens as it trades at GHS15.20 to a dollar

Ghana's cedi has shown steady improvement against major currencies,...

$2m spent weekly on onion imports as Ghana struggles with food security

Peasant Farmers Association of Ghana (PFAG) have revealed that...

Ghana’s cedi strengthens against major currencies as year ends

Ghana's currency, the cedi, has shown improvement against major...

Ghana Stock Exchange named West Africa’s best by CFi.co

The Ghana Stock Exchange (GSE) has been recognized as...

BoG reports $3.8bn trade surplus in October 2024

Ghana recorded a trade surplus of $3.8 billion by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here