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IMF approves $600 million loan for Ghana

By on July 16, 2009

The International Monetary Fund on Wednesday approved a $600 million loan for Ghana to help stabilize the economy shaken by the global financial crisis.

The approval will allow Ghana to immediately draw $105 million of the three-year loan, which the IMF said was “to support the government’s economic program to tackle macroeconomic instability.”

Details of the loan program will be released on Thursday, the fund added.

It is the first time since 2006 that the West African country has gone to the IMF for financial assistance, as it struggles to contain a widening budget deficit stretched by falling government revenues from a slump in global trade and commodity prices.

Reuters.

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