Ghana has turned to the International Monetary Fund, IMF for financial support to combat the novel COVID-19 pandemic.
The International Monetary Fund, IMF in a press release disclosed that the government of Ghana had requested a rapid credit facility disbursement.
IMF’s African Department Director, Abebe Aemro Selassie is stated that: “Last week, the International Monetary Fund received Ghana’s request for a disbursement under the Rapid Credit Facility to help the country address the economic impact of the COVID-19 pandemic”.
“We are working hard to evaluate the authorities’ request and bring it forward for Executive Board consideration as soon as possible,” the statement added.
Meanwhile, The, IMF says they are ready to offer $10 billion to low-income member states at zero interest rates to help them combat the novel coronavirus (COVID-19).
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IMF said the move could provide about $50bn to emerging and developing economies, while up to $10billion could be made available to the IMF’s low-income members through its concessional financing facilities, which carry zero interest rates.
“The Fund already has 40 ongoing arrangements – both disbursing and precautionary – with combined commitments of about $200bn,” she said. “In many cases, these arrangements can provide another vehicle for the rapid disbursement of crisis financing. We also have received interest from about 20 more countries and will be following up with them in the coming days.”
However, President Nana Akufo-Addo weeks ago directed the Minister for Finance, Ken Ofori-Atta, to make available the cedi equivalent of $100 million to enhance Ghana’s Coronavirus preparedness and response plan.
Before this directive, the total budget for preparedness with regard to the novel coronavirus stood at GHS35 million.
