IMF Reaches Staff-Level Agreement on the First Review of the Extended Credit Facility and Conducts Discussions of the 2023 Article IV Consultation with Ghana

An International Monetary Fund (IMF) staff team, led by Mr. Stéphane Roudet, Mission Chief for Ghana, held meetings in Accra from September 25 to October 6, 2023, to discuss progress on reforms and the authorities’ policy priorities in the context of the first review of Ghana’s three-year program under the Extended Credit Facility. The arrangement was approved by the IMF Executive Board for a total amount of SDR 2.242 billion (US$ 3 billion) on May 17, 2023. The team also conducted the 2023 Article IV consultation.

IMF Executive Board Completed the Review of the Policy Coordination Instrument and Endorsed the Proposal to Eliminate the Policy Support Instrument

Against the backdrop of a challenging and shock-prone global environment, the Executive Board approved two key refinements to the PCI to make the PCI more fit-for-purpose while maintaining its strong signaling function.

IMF Executive Board, Concludes Review of the Flexible Credit Line, the Short-Term Liquidity Line, and the Precautionary and Liquidity Line and Approves Proposed Reforms

On October 2, 2023, the Executive Board of the International Monetary Fund (IMF) completed the Review of the Flexible Credit Line (FCL), the Short-Term Liquidity Line (SLL), and the Precautionary and Liquidity Line (PLL). The Board endorsed staff proposals for reforms, with the aim of further strengthening the Global Financial Safety Net (GFSN) and ensuring that the IMF’s precautionary facilities toolkit remain fit for purpose as external risks become more prevalent, protracted and diverse.

World Bank, EBRD and EIB formalise their partnership to strengthen assurance

On Friday 22 September 2023, the World Bank Group Internal Audit (GIA), the European Bank for Reconstruction and Development Department of Internal Audit (EBRD-IA) and the European Investment Bank Internal Audit Department (EIB-IA) signed memoranda of understanding to strengthen cooperation, particularly around information exchange, joint assurance activities and internal audit matters of mutual interest. GIA Vice President and Auditor General Anke D’Angelo, EBRD Chief Internal Auditor Fotoulla Charalambous, and EIB Director of Internal Audit Séverine Beroard signed the agreements at EBRD headquarters in London. GIA and EIB-IA previously signed a memorandum of understanding in March 2023. 

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