ACCRA, May 17 (Xinhua) — The International Monetary Fund (IMF) executive board on Wednesday approved a 3-billion-U.S. dollar Extended Credit Facility for Ghana to help the country address its current economic crisis.

In a statement, the IMF said the decision would enable an immediate disbursement of about 600 million dollars to Ghana, adding that the facility would support “a comprehensive reform program” by the Ghanaian government to tackle the deep economic crisis brought on by a combination of large external shocks and preexisting fiscal and debt weaknesses. 

The statement said the Ghanaian government’s reform program would focus on restoring macroeconomic stability and debt sustainability while implementing wide-ranging reforms to build resilience and lay the foundation for more robust and inclusive growth. Facing soaring inflation and currency depreciation, the Ghanaian government began negotiations with the IMF in July last year for a bailout package.