Page 61 - Refinitiv Eikon News Today

By Shadia Nasralla

Ghana on Monday suspended payments on most of its external debt, effectively defaulting as the country struggles to plug its cavernous balance of payments deficit.

The suspension of debt payments reflects the parlous state of the economy, which had led the government last week to reach a $3-billion staff-level agreement with the International Monetary Fund (IMF). Ghana had already announced a domestic debt exchange programme and said that an external restructuring was being negotiated with creditors.

The government "stands ready to engage in discussions with all of its external creditors to make Ghana's debt sustainable", the finance ministry said. The suspension of debt payments reflects the parlous state of the economy, which had led the government last week to reach a $3-billion staff-level agreement with the International Monetary Fund (IMF).

The cap is the 27-country EU's latest attempt to lower gas prices that have pushed energy bills higher and driven record-high inflation this year after Russia cut off most of its gas deliveries to Europe. Ministers agreed to trigger a cap if prices exceed 180 euros ($191.11) per megawatt hour for three days on the Dutch Title Transfer Facility (TTF) gas hub's front-month contract, which serves as the European benchmark.

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The suspension of debt payments reflects the parlous state of the economy, which had led the government last week to reach a $3-billion staff-level agreement with the International Monetary Fund (IMF). Ghana had already announced a domestic debt exchange programme and said that an external restructuring was being negotiated with creditors.

Brussels: European Union energy ministers on Monday agreed a gas price cap, after weeks of talks on the emergency measure that has split opinion acros...

EU countries agree gas price cap to contain energy crisis