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Adds details from statement, background in paragraphs 2-4
ACCRA, Oct 6 (Reuters) – The International Monetary Fund and Ghana’sgovernment have reached a staff-level agreement on the first review of a $3 billion loan programme, paving the way for a disbursement of $600 million once the IMF’sexecutive board approves it.
“To ensure timely completion of the review, the country needs official creditors to quickly reach agreement on a debt treatment in line with the financing assurances they provided in May 2023,” the IMF said in a statement on Friday.
The West African country asked the IMF for financial support last year as it grappled with its worst economic crisis in a generation brought on by spiralling public debt.
The three-year extended credit facility is contingent on domestic and external debt restructuring, spending cuts and other fiscal adjustments. Ghana received a first $600 million tranche of the loan in May.
(Reporting by Bhargav Acharya Writing by Sofia Christensen Editing by Alexander Winning)
((Sofia.Christensen@thomsonreuters.com))
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