IMF Gives Final Approval of Ghana's Second Review

...Under the Poverty Reduction and Growth Facility and the Completion Point Under the Enhanced HIPC Initiative Press Release No. 04/157

The Executive Board of the International Monetary Fund (IMF) has approved Ghana's request for completion of the second review under the Poverty Reduction and Growth Facility (see Press Release No. 04/142) and for reaching the completion point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative.

The final decision of the IMF Executive Board was contingent on a decision taken by the Executive Board of the World Bank on July 13, 2004 that the annual progress report of Ghana's Poverty Reduction and Strategy Paper (PRSP) provides a sound basis for concessional assistance by the World Bank and that Ghana has reached the completion point under the enhanced HIPC Initiative.

The decision opens the way for release of a further SDR 26.35 million (about US$39 million), bringing the total amount drawn under the arrangement to SDR 79.05 million (about US$117 million).

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