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1bn IMF Loan for Ghana

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Posted by: News Desk on July 17, 2009 Under: Ghana, News Snips

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Ghana is to receive more than one billion US dollars from the IMF to bolster a new economic plan. The package includes a 450-million-dollar boost to its reserves and a 600-million dollar loan approved on Wednesday to help the country stabilise its economy. The three-year poverty reduction package aims to get the country’s budget management under control before oil production in the newly-discovered Jubilee offshore oil field starts in 2011, which will lead to an expected growth rate of 24 per cent. The Jubilee field has 600 million barrels of proven reserves and 1.2 billion barrels of probable reserves. – Panos, London.

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