IMF evaluates Ghana’s fiscal outlook, could review assistance program

Paying Social Media Jobs
Social sharing

ACCRA (Reuters) – The International Monetary Fund (IMF) is evaluating Ghana’s fiscal outlook for the rest of 2016 and will consider the third review of the country’s $918 million assistance programme next month subject to the outcome, the Washington-based lender said on Monday.

Ghana, which exports cocoa, gold and oil, signed the three-year aid deal in April last year to bring down budget deficits, inflation and a high public debt.

“Discussions between staff and the authorities are currently ongoing to update macroeconomic projections, firm up the fiscal outlook for the remainder of 2016 and ascertain that financial pressures in SOEs will not pose additional risks to the central government budget,” the Fund said in a statement.

“Subject to a quick and positive conclusion of these discussions, staff expects the third program review to be considered by the IMF Executive Board around mid-September,” it said.

The government had expected the Executive board to conclude the third review in June to enable it receive a fourth disbursement of around $115 million in balance of payment support.

The West African economy has agreed remedial measures including financial and institutional reforms to cut spending and spur growth.

Finance Minister Seth Terkper said last week the IMF deal was yielding positive results and that Ghana was on target to halve its fiscal deficit this year.

(Reporting by Kwasi Kpodo; editing by Grant McCool)


READ ALSO  BREAKING!! Biafra : Kanu Reveals What Israeli Lawmaker Said About President Buhari Being Replaced By A Jubril from Sudan
About 9News Nigeria 9463 Articles
9News Nigeria is Nigeria's favourite news source. For Authentic, Unbiased News on Politics, Business, Sports, Technology, Entertainment and Lifestyles, Health, Nollywood, Crime and Investigations, Family and Relationships, Inspirations .. and much more. For Latest News from Africa and around the world, 9News Nigeria is your best source. WhatsApp +2348115805632 Email: Facebook: | Twitter/Instagram: @9newsng

Be the first to comment

Leave your comment

Paying Social Media Jobs
Paying Social Media Jobs
Paying Social Media Jobs