The International Monetary Fund (IMF) on Wednesday approved a $3 billion loan for Ghana, a West African country in the midst of a severe economic crisis, with the first immediate disbursement of about $600 million.

The programme, endorsed by the IMF board, is spread over 36 months under the Extended Fund Facility.

It aims at “restoring macroeconomic stability and debt sustainability, as well as implementing wide-ranging reforms to build resilience and lay the foundation for stronger and more inclusive growth,” commented Fund Managing Director Kristalina Georgieva, quoted in an IMF statement.