extended credit facility - The African Mirror

Jan

2024

IMF ‘optimistic’ Ghana will reach official creditor debt deal soon

THE International Monetary Fund said that it was "optimistic" that Ghana and its official bilateral creditors would reach a debt restructuring deal soon, paving the way for another $600 million IMF loan payment to the country. Discussions between Ghanaian authorities and the Official Creditor Committee, co-chaired by China and France, are showing "promising progress", the IMF's Resident Representative for Ghana, Leandro Medina, said. "We are optimistic that an agreement will be reached soon, allowing to swiftly present the first ECF (Extended Credit Facility) programme review to our Executive Board," he said via email. The West African nation defaulted on most…

Nov

2023

By DUNCAN MIRIRI and GEORGE OBULUTSA

Kenya gets additional $938 mln from IMF, soothing nerves

BUSINESS

THE International Monetary Fund has reached a staff-level agreement with Kenya, unlocking immediate access to a $682.3 million tranche and boosting the current lending programme by $938 million, the fund said. The East African nation is grappling with acute liquidity challenges caused by uncertainty over its ability to access funding from financial markets before a $2 billion Eurobond matures next June. Its balance of payments and financial positions have also been strained by the legacy of the COVID-19 pandemic and frequent climate change-induced droughts, the fund said after a two-and-a-half-week review mission to Nairobi. "The tightening global financing conditions for…

May

2021

By The African Mirror

IMF agrees three-year $1.5 billion extended credit facility for Congo

BUSINESS

THE International Monetary Fund has made a staff-level agreement for a three-year $1.5 billion extended credit facility with the Democratic Republic of Congo to help the country recover from the coronavirus pandemic. The agreement requires approval from IMF management and by the IMF Executive Board. Despite an almost 10% expansion of Congo's extractive sector last year, the economy is estimated to have grown by only 1.7%, and is projected to expand by 4.9 percent in 2021, the IMF said in a statement. Congo is the world's largest producer of cobalt. Congo's battle with COVID-19 badly dented public finances, with inflation…