ACCRAarkshootergamecrash, June 29 (Xinhua) -- The Executive Board of the International Monetary Fund (IMF) late Friday approved the second review of Ghana's economic reforms, authorizing the immediate release of an additional 360 million U.S. dollars to the West African country, an IMF statement said.

The approval followed a deal between Ghana and its official creditors earlier this month to formalize the debt treatment plans agreed upon in January and an agreement in principle with two bondholder groups in June.

This third payout brings to 1.56 billion dollars the total disbursement received by Ghana from the loan of 3 billion dollars approved by the IMF in May 2023 for the country's extended credit facility-backed reforms.

"Ghana's performance under the program has been generally strong. All the quantitative performance criteria for the second review and almost all indicative targets were met with good progress on the debt restructuring, and key structural reforms are advancing," the IMF said in the statement.

The IMF lauded Ghana for reaching a deal with its official creditor committee and an interim agreement with its bondholders on debt restructuring, both of which are in line with the program requirements.

The West African gold, cocoa, and crude oil exporter secured a loan of 3 billion dollars from the IMF over a year ago to reform the economy amid a severe meltdown with high inflation, a volatile exchange rate regime, and debt overhangs in recent years.■