(Bloomberg) -- Ghana has received a draft agreement to restructure debts with its official creditors that will unlock a $360 million disbursement from the International Monetary Fund.

The West African nation is studying the memorandum of understanding on debt treatment with the lenders, Finance Minister Mohammed Amin Adam told a briefing in the capita, Accra, on Friday.

“As of yesterday we officially received the final draft MOU from bilateral creditors, we are working harder and quickly to sign the MOU,” he said, confirming an earlier report by Bloomberg that the draft was in hand.

Ghana, which is reorganizing almost all of its $42.2 billion of debts, reached an agreement in principle in January to revamp $5.4 billion of obligations owed to its official creditors.

Agreeing a draft MOU consistent with the January deal is an important next step in the debt workout, which also includes separately striking terms with eurobond investors owed $13 billion. It completed a domestic-debt exchange last year.

Ghana’s eurobonds, which are among the top emerging-market performers this month, extended gains on Friday with notes maturing in 2051 rising 0.31 cent to 51.16 cents on the dollar by 1:24 p.m. in London. Securities due in 2032 gained 0.20 cent to 51.17 cents on the dollar.

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The draft MOU will enable the IMF’s Executive Board to approve the next disbursement to Ghana when it meets by the end of next month. Ghana reached a staff-level agreement with IMF under a second review of its $3 billion program in April.

Reaching a deal on a draft MOU was a condition for Ghana to complete the review and qualify for the release of $360 million from the fund, bringing total disbursements under the facility so far from the Washington-based lender to $1.56 billion.

The IMF funds will help bolster Ghana’s reserves and provide a buffer for the cedi, which has depreciated 18% against the dollar this year, the fourth-worst performer among 150 currencies tracked by Bloomberg.

The IMF is preparing a new debt-sustainability analysis on Ghana, Adam said.

The effects of 2.9% economic growth in 2023, compared with an IMF forecast of 1.5%, will be reflected in the new assessment. That could pave the way for Ghana and eurobond investors to agree a debt revamp, after an earlier deal was rejected by the fund for failing to meet its debt-sustainability threshold.

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--With assistance from Moses Mozart Dzawu.

(Updates with comment from finance minister in second paragraph, bonds in sixth.)

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