Nkonkonsa Celebrity Gossip From Africa
Ghana has emerged as the country across the globe with the highest outstanding loan under the Poverty Reduction and Growth Trust (PRGT) at the International Monetary Fund (IMF).
The Poverty Trust which is one of the funds countries can draw credit from is specifically to support the potential balance of payment problems of low-income countries over a period of one to three years.
DR Congo owes the IMF 1,295 million SDR (7%) whereas Kenya is indebted to the tune of 1,078 SDR. million (6%).
Sudan and Uganda, whose exposure to the Trust stands at 992 million SDR (6%) and 903 million SDR (5 percent), respectively, placed fourth and fifth.
The remaining 11,727 million SDR (66 %) were owed to the IMF by the rest of the countries under the Poverty Reduction Fund.
Ghana has repaid 8 million in SDR. 1 SDR at IMF under the Poverty Trust equals US$1.34294.
Ghana is currently under a US$ 3 billion three-year IMF support programme which has led to the restructuring of domestic and external debts at unsustainable levels.
credit:citinewsroom
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