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Coronavirus: World Bank $35m Facility Gets Parliamentary Approval

The Parliament of Ghana has approved a $35m facility from the World Bank towards the fight against Covid-19 in the country.

The facility is expected to be an Emergency Response Efforts of government for their fight against the coronavirus disease.

Accordingly, proceeds from the facility will account for part of the $100 million government announced to finance the country’s pandemic response.

A rapid credit facility from the World Bank dedicated for the fight against COVID-19 will be used to disburse the funds.

Member of the Finance Committee in Ghana’s Parliament, John Jinapor, had earlier mentioned that this was government’s way of securing the needed $100 million.

Mr Jinapor further stated that the remaining amount would be from the Greater Accra Resilient and Intergrated Development (GARID).

“This is another loan from the International Development Authority (IDA) of the World Bank,” he said.

Reports also indicates that Ghana has reached out to the International Monetary Fund (IMF) for financial support.

This was disclosed in a press release by IMF that government had requested a rapid credit facility disbursement to help the country address the economic impact of the coronavirus outbreak.

Meanwhile, Ghana being member of the International Development Association (IDA) countries could benefit from temporary debt relief during this COVID-19 pandemic as the World Bank Group and International Monetary Fund have called “on all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.”

African Entertainment understands that the West African nation’s Finance Minister, Ken Ofori Atta, in his recent address to Parliament, observed that the cumulative effect of the pandemic will cost the country GHC9.505 billion.

He revealed that the GHC1 billion Coronavirus Alleviation Programme will also be funded from the Ghana Stabilization Fund.

In other to enable government to successfully solve the economic impact of the pandemic with the excess funds, Mr Ofori Atta is appealing to Parliament for their support to amend the laws to lower the cap of the Stabilisation Fund from $300 million to $100 million.

By Beatrice Sowah

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