IMF to establish five regional centres in Africa
Ghana granted 3.5 billion dollars debt
relief
IMF to establish five regional centres in
Africa
Accra (Greater Accra) 04 May 2002 - The International Monetary Fund (IMF) is to establish five regional centres in Africa to provide technical assistance and training. The IMF signed two memoranda of understanding with Tanzania and Cote D'Ivoire for the establishment of the first two regional technical assistance centres, Last week.
Mr Horst Kohler, Managing Director of the IMF who announced this in Accra on Friday, said this was in response to requests by African Heads of State last year to the Fund to enhance its assistance for capacity building on the continent.
He did not disclose the other countries for the remaining three. Mr Kohler was speaking on the topic "Building a better future in Africa" in a statement on the IMF's Partnership with African member countries in Accra. He said the efforts by the IMF for capacity building in Africa was being carried out in close co-operation with the World Bank and other donors.
Mr Kohler said the capacity building efforts would be concentrated in the Fund's core areas of macroeconomic policy, tax policy and revenue administration, public expenditure, macroeconomic statistics and the building of sound financial sectors. He said the IMF would also continue to be an advocate for more official development assistance for Africa.
Mr Yaw Osafo-Maafo, Minister of Finance said Ghana was determined to be a role model in Africa in terms of development. He said the country reached the decision point under the HIPC Initiative in a record time and would reach the completion point also in a record time. The Finance Minister said Mr Kohler's third visit to Africa in three years showed his concern for the continent. Mr Horst Kohler has since left Accra for Washington.
GRi../
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Ghana granted 3.5 billion dollars debt
relief
Accra (Greater Accra) 04 May 2002 - The International Monetary Fund (IMF) and the World Bank have provided Ghana with a debt relief of about 3.5 billion dollars under the enhanced HIPC initiative. The funds are to be channelled into education, health and agriculture.
This was announced by the visiting Managing Director of the IMF, Mr Horst Kohler when he delivered a paper on the IMF's Partnership with African member countries in Accra on Friday.
He said the two institutions had assisted 23 African countries, which qualified for 33 billion dollars of debt relief. Mr. Kohler said the institutions would intensify their efforts to help African countries develop sound financial sectors and obtain access to international investment capital.
He said for the maximum contribution to sustained growth and poverty reduction, it would be important to respond creatively to the needs of small and medium-sized enterprises and the rural sector, including thorough soundly-managed micro finance institutions.
He commended the government for the impressive turn around in economic performances over the past year, adding, "by bringing the budget deficit and money creation under control, the government has put an end to severe foreign exchange shortages, rapid currency depreciation and surging inflation."
Mr. Kohler said government has successfully steered the economy out of crisis and trying to engage all parts of society in defining an ambitious strategy for growth and poverty reduction.
GRi../
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