By Jeremiah Nutsugah
Finance Minister Dr. Mohammed Amin Adam has announced that the economy is recovering at a fast and strong pace.
Speaking at the mid-year budget review on July 23, 2024, he stated that the government has successfully reversed the negative trends in the economy.
Dr. Adam emphasised that it is evident that we are on the right trajectory and the economy is rebounding stronger than anticipated.
“The choices we have made and the policies we are implementing are yielding results. We have reversed the negative trends, and all indicators are looking better. I want to assure you that we will stay on this path and continue to make the right choices. Our economic recovery is fast and strong.”
He highlighted that the government has brought urgency and speed to the implementation of key programs over the last six months, providing necessary support for growth-enhancing initiatives.
Notably, the government has completed a debt restructuring program with the Official Creditor Committee (OCC), securing approximately $2.8 billion in debt relief.
Dr. Adam also announced that the government has successfully concluded the second review of the Extended Credit Facility with the International Monetary Fund (IMF), resulting in a disbursement of $360 million, bringing the total to $1.6 billion.
Furthermore, negotiations with five Independent Power Producers have been concluded, leading to expected savings of $6.6 billion over the lifetime of the Purchasing Power Agreements (PPAs).
