Browsing: COVID-19 financial support

IMF approves $1b to Ghana to address COVID-19

International Monetary Fund (IMF) Executive Board approved the disbursement of $1 billion to Ghana to address the COVID-19 Pandemic.

Ghana has already been affected by the pandemic with the country’s growth slows down, exchange rates under pressure and tightening of financial conditions.

The fund to be drawn under the Rapid Credit Facility will help meet the pressing fiscal and balance of payments needs that the country is facing and speed support from other development partners.

The International Monetary Fund (IMF) is closely monitoring ghana’s situation and is ready to provide policy advice and further support if needed.

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“The COVID-19 pandemic is impacting Ghana severely. The budget deficit is projected to widen this year given expected lower government revenues and higher spending needs related to the pandemic. The Fund’s emergency financial assistance under the Rapid Credit Facility will help address the country’s …

AfDB launches $3bn ‘Fight COVID-19’ social bond

The African Development Bank (AfDB) raised $3 billion in a three-year bond to help lift the economic and social impact that the COVID-19( Coronavirus) pandemic will have on Africa’s economies and people’s livelihood.

In a statement, the AFDB noted that the ‘Fight COVID-19’ Social bond has a three-year maturity and will amass interest from bank treasuries, central banks and official institutions and asset managers and investors who are socially responsible with bids exceeding $4.6 billion.

At 53 per cent, Fight COVID-19 social bond was allocated to central banks and official institutions and asset managers at 20 per cent bank treasuries at 27 per cent while in the Final bond distribution statistics Africa got 8 per cent.

The social bond that will pay an interest rate of 0.75% is the largest dollar-dominated bond ever launched in international capital markets to date as well as the largest US dollar bench bank the …