The IMF has approved a $1 billion (910-million-euro) aid package for Ghana to help the West African country manage fallout from the new coronavirus pandemic, the multilateral lender said.
The credit is through the IMF's rapid credit facility to help Ghana as growth falters and the government's financing needs expand, the IMF said in a statement on its website.
"COVID-19 pandemic is already impacting Ghana severely. Growth is slowing down, slowing financial conditions have tightened, and the exchange rate is under pressure," the statement said. The aid disbursement will help"address the urgent fiscal and balance of payments needs that Ghana is facing, improve confidence, and catalyze support from other development".
The International Monetary Fund on Monday also announced it had approved immediate debt relief for 25 poor countries, most of them in Africa, to help them free up funds to fight the pandemic.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maritzburg United secure Richard Ofori with new dealMaritzburg United averted the risk of losing goalkeeper Richard Ofori for free by exercising their option to renew clause in his contract. RealNevilleK
Read more »
Dislike of partners a Covid-19 lockdown consequence, depression hotline shows“Mental health doesn’t stop just because there is a virus.'
Read more »
Dislike of partners a Covid-19 lockdown consequence, depression hotline shows“I don’t want to say it’s more visible but what is coming through a lot is relationship issues. People living with their partners and realising they don’t really like them'. Covid19SA
Read more »
Chivas Venture SA finalist Hustlenomics awarded R700 000 in fundingEach year the Chivas Venture – a global initiative of Scotch whisky Chivas Regal - gives away $1 Million in funding to startups who have a positive impact on the world.
Read more »
Nedbank pledges R12m to help alleviate the Covid-19 pandemicSPONSORED | Nedbank will be working with the department of health to provide aid to vulnerable areas
Read more »
UK prepares to extend virus lockdown, says peak has not passedGovernment data suggests the number of new cases is beginning to flatten, although testing is limited, as is the number of people in hospital beds.
Read more »