Kristalina Georgieva Archives

15 Apr

IMF Executive Board Selects Kristalina Georgieva To Serve A Second Term

wontumionlineBusinessimf, Kristalina Georgieva

The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting October 1, 2024. The board’s decision was taken by consensus. In line with the selection process it had established on March 13, 2024, the board held several discussions, including with Georgieva, the sole candidate nominated for the position, before making its decision. Following Friday’s meeting, the coordinators of the executive board, Afonso S. Bevilaqua and Abdullah F. BinZarah, made the following statement: “In taking this decision, the board commended Georgieva’s strong and agile leadership during…

08 Nov

IMF Board Proposes 50% Increase In Quota Allocated To Members

wontumionlineBusinessimf, Kristalina Georgieva, quota

The Executive Board of the International Monetary Fund has proposed a 50% quota increase allocated to members, including Ghana, in proportion to their current quotas. This will be subject to the Board of Governors' approval. The proposal follows the guidance from the International Monetary and Financial Committee (IMFC) at the 2023 Annual Meetings. According to the Fund, the quota increase would help safeguard global financial stability by enhancing the IMF’s permanent resources and reducing reliance on borrowed resources. The proposal envisages that once quota increases are in effect, borrowed resources comprising the Bilateral Borrowing Agreements and New Arrangements to Borrow (NAB) would be reduced…

26 Oct

Outlook Of African Economies In 2024 Signal Gradual Strengthening – IMF

wontumionlineBusinessExchange rate, imf, Kristalina Georgieva

The International Monetary Fund has stated the outlook of African economies in 2024 provides hopeful signals that economic activity is gradually strengthening with stronger growth, falling inflation, and narrowing fiscal imbalance. At an African Caucus Meeting, the Managing Director of the IMF, Kristalina Georgieva, said this year has been a difficult year for Africa, but there is hope going forward. “We had very productive discussions on Africa’s economic prospects. This year has been a difficult year for Africa. The region is still emerging from the Covid-19 pandemic and African countries have been hit by high borrowing costs (“funding squeeze”) and…

16 Oct

Ghana, Sri Lanka Have Advanced With G20 Common Framework For Debt Treatments – IMF Boss

wontumionlineBusinessG20 Common Framework, Ghana, imf, Kristalina Georgieva

The Managing Director of the International Monetary Fund, Kristalina Georgieva, has hinted that Ghana and Sri Lanka have advanced with the G20 Common Framework for Debt Treatments. This should soon pave the way for a probable agreement with the bilateral creditors for the external debt restructuring. Finance Minister, Ken Ofori-Atta, has, already indicated that Ghana will conclude negotiations with its bilateral creditors including China by the end of the year. Speaking at a press briefing to climax the World Bank/IMF Spring Meetings in Marrakesh, Morrocco, Ms. Georgieva said her outfit has made progress on debt resolution for countries in debt…

14 Apr

Ghana To Get $3 Billion IMF Bailout In May – Report

wontumionlineBusinessimf, IMF Managing Director, Kristalina Georgieva

After numerous deliberations and negotiations with the International Monetary Fund (IMF) for a $3 billion bailout, Ghana is set to secure the aid from the Fund by close of May 2023. This is according to a Graphic Business report citing sources familiar with the matter. The new development, however is as a result of government’s ability to take advantage of the goodwill of the Fund and key bilateral creditors to fast track the debt restructuring process. Reports are that, the financial assurance from the bilateral creditors, which is the last hurdle for Ghana, is due later this month [April], to pave the…

13 Apr

IMF Predicts Ghana’s Inflation Rate To Reduce To 8.8% By 2028

wontumionlineBusinessIMF Director, International Monetary Fund, Kristalina Georgieva

The International Monetary Fund (IMF) has projected that, Ghana’s inflation rate by the end of the year 2028 would decline drastically to a single digit inflation of 8.8 percent. This was made known in the recently launched Fiscal Monitor report released on Tuesday, April 11, 2023. In the report, the Fund predicted that Ghana would end the year 2023 with an inflation rate of 45.5 percent and this would further decline by close of 2024 to 22.2 percent. On Ghana’s fiscal deficit, the report projected that, the country’s fiscal deficit will reduce to 7.3 percent by the end of 2023, however, in…

11 Apr

Interest Rates Likely To Fall Significantly – IMF

wontumionlineBusinessIMF boss, Kristalina Georgieva

Interest rates in major economies are expected to fall to pre-pandemic levels because of low productivity and ageing populations, according to a forecast. The International Monetary Fund (IMF) said increases in borrowing costs are likely to be “temporary” once high inflation is brought under control. The Bank of England has been raising interest rates since December 2021, taking them from 0.1% to 4.25%. This has raised mortgage payments for many homeowners. Central banks in the UK, the US, Europe and other nations have been lifting interest rates to combat the rate of price rises, otherwise known as inflation. In the UK, inflation…

11 Apr

Help Ghana Shoulder Debt Burden – IMF Pleads

wontumionlineBusiness, NewsGhana, imf, Kristalina Georgieva

The International Monetary Fund (IMF) has doubled down on its plea to wealthier nations to support Ghana and other weaker economies to help such countries extricate themselves from the shackles of debt. The call also comes at a time when the fund has seen a $1. 6 billion shortfalls in its funding in the face of the seemingly global economic crises where funding to debt-distressed countries was at its highest. Speaking ahead of the IMF and World Bank Spring Meetings in Washington, Kristalina Georgieva, the IMF’s Managing Director said the fund and wealthier countries needed to make it easier for vulnerable…

20 Feb

Innocent Bystanders: Ghana Was On Track Till COVID, Russia-Ukraine War – IMF Boss

wontumionlineNewsInternational Monetary Fund, Kristalina Georgieva

Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF) has backed government’s position that the current economic crisis is down to the COVID-19 pandemic and its aftershocks as well as the ongoing Russia-Ukraine war. She said, it was not a secret that exogenous factors had seriously impacted Ghana and other economies around the world, but that her outfit was doing all it could to help the affected countries. “We recognize that we are in a world in which exogenous shocks more often than before, hit innocent bystanders. “Ghana has been working towards good policies for quite some time and then COVID-19 and the Russia-Ukraine…

17 Jan

IMF Boss Confirms Ghana Is Seeking G20 Common Framework

wontumionlineBusinessG20 Common Framework, Ghana, imf, Kristalina Georgieva

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has confirmed that Ghana has sought debt treatment under the Common Framework platform supported by the Group of 20 major economies. Reuters reported that Ghana requested on Tuesday to restructure its bilateral debt under the Common Framework platform supported by the G20, according to a source familiar with the situation. The crisis-hit nation becomes the fourth country to apply to the G20 initiative launched in 2020 and designed to streamline debt restructuring efforts in the wake of poorer countries buckling under the fallout from the COVID-19 pandemic. Ghana just became the fourth…