Govt positive of reaching Staff Level agreement with IMF by end of 2022

Govt positive of reaching Staff Level agreement with IMF by end of 2022

• Minister of Finance, Ken Ofori-Atta
Minister of Finance, Ken Ofori-Atta

The government says it is working to reach a Staff-Level Agreement with the International Monetary Fund (IMF) for a support programme by the end of this year.

A Staff-Level Agreement is reached between a country requesting for Fund and the IMF Mission subject to the approval of the IMF Management and Executive Board and receipt of the necessary financing assurances before loans are granted.

In line with that objective, the IMF Mission Team is expected in Accra within the next few weeks.

This was contained in a statement issued by the Ministry of Finance in Accra on October 21.

It noted that the development comes after a government delegation successfully concluded a trip to Washington D.C., to attend the Annual Meetings of the World Bank and International Monetary Fund; and continue negotiations for IMF support for Ghana’s Post-Covid Programme for Economic Growth.

“A pathway towards fiscal sustainability has also been extensively discussed, and the Government of Ghana and the IMF remain fully committed to the goal of reaching a Staff-Level Agreement on a Programme, within the shortest possible time,” the statement noted.

It said the Annual Meetings concluded successfully with a renewed sense of urgency for countries to rally together to bolster the global economy, in light of the dim outlook for advanced and frontier markets alike.

“The delegation also had several positive and encouraging engagements with the World Bank, Bilateral Partners, US State Officials, and External Investors,” the statement added.

The Ghanaian delegation, it said, held several meetings with the IMF, advancing negotiations towards a Fund-supported Programme.

“A clear path towards the final details of a Programme has been agreed upon by both parties, with the goal of reaching a Staff-Level Agreement by the end of the year,” the statement added.

It expressed gratitude to the IMF, the World Bank, its bilateral partners, and external investors, for their continued support.

The Ministry of Finance and the Bank of Ghana further thanked Ghanaians for their cooperation despite the challenging economic environment.

Original Source: Ghanaian Times