Posted by: africanpressorganization | 10 February 2010

IMF First Deputy Managing Director John Lipsky to Visit Liberia and Ghana





IMF First Deputy Managing Director John Lipsky to Visit Liberia and Ghana


WASHINGTON, February 10, 2010/African Press Organization (APO)/ –– Mr. John Lipsky, First Deputy Managing Director of the International Monetary Fund (IMF), will visit Monrovia, Liberia, on February 14-16, and Accra, Ghana, on February 16-17, for discussions with policy makers and key opinion leaders on the countries’ economic prospects.


In Monrovia, Mr. Lipsky will be meeting with the government of Liberia and parliamentarians, as well as the international community and the private sector. These discussions will focus on actions to help Liberia overcome the impact of the financial crisis, foster growth and to complete the IMF-supported debt reduction initiative.  Mr. Lipsky will also meet students at the University of Liberia.


In Accra, Mr. Lipsky will meet with Ghana’s political leaders and economic team to discuss the country’s prospects in the context of the authorities’ current economic program, which is supported by the Fund under the Extended Credit Facility (ECF)[1]. He will also discuss Ghana’s preparations for the next development in its economy—oil production. Mr. Lipsky will address members of parliament and participate in a roundtable discussion with civil society organizations.


In both countries, Mr. Lipsky will discuss how African countries have been impacted by the global economic crisis, how they have responded to it, and how the IMF can partner with them to support their return to sustainable growth and development. Over the past year, the IMF has significantly increased assistance to African countries to help deal with the effects of the financial crisis and streamlined its concessional lending to low-income countries, most of which are in Africa.


[1] The Extended Credit Facility (ECF) has replaced the Poverty Reduction and Growth Facility (PRGF) as the Fund’s main tool for medium-term financial support to low-income countries by providing a higher level of access to financing, more concessional terms, enhanced flexibility in program design features, and more focused streamlined conditionality. Financing under the ECF currently carries a zero interest rate, with a grace period of 5½ years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities every two years.


International Monetary Fund (IMF)


%d bloggers like this: