Executive Board of the International Monetary Fund (IMF) has approved of a one-year extension of its Extended Credit Facility (ECF) support program for Ghana, a release received from the fund late Wednesday announced.

The board also approved of the request by Ghana for waivers on non-observance of performances criteria and modification one performance criterion.

These decisions came after the completion of the fourth review of Ghana’s performance under the program in Washington DC on Wednesday.
As a result of the successful review the West African country would be able to draw a further 66.42 million Special Drawing Rights (SDR, which is the United Nations currency, equivalent to 94.2 million U.S. dollars).

This brings total disbursement under the arrangement to 398.52 million SDR or 565.2 million dollars, the statement said, indicating that the drawing of the remainder is tied to remaining reviews of the program.

Ghana’s three-year arrangement for SDR 664.20 million was approved on April 3, 2015 and aims to restore debt sustainability and macroeconomic stability in the country to foster a return to high growth and job creation, while protecting social spending. Enditem

Source: Xinhua/NewsGhana.com.gh