IMF Loan Saga IMF Programme Will Impose Restrictions - Prez Mahama

President John Mahama has indicated that the loan from the IMF will come with some restrictions on commercial borrowing.

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President John Mahama

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Ghana's programme with the International Monetary Fund (IMF) will come with some restrictions on commercial borrowing, President John Dramani Mahama has hinted.

Consequently, the government would have to find innovative means to finance some of the very critical ongoing infrastructural projects.

President Mahama said this when he received the Brazilian Foreign Minister, Mr Mauro Vieira, at the Jubilee Lounge of the Kotoka International Airport last Saturday.

“We expect the board meeting of the IMF to be held on April 3 and we will see our way clear after we sign onto the IMF programme.

“Once that is done, one of the things we need to look at is the debt sustainability analysis and see what kind of innovative credit line we can use,” he explained.

Mr Vieira, who is on a tour of some African countries, used the opportunity to deepen bilateral relations between the two countries.

He is also seeking the support of Africa to press for reforms in the United Nations Security Council.

Brazil is seeking permanent membership of the UN Security Council and would need the support of two African countries to enter the council.

The 15-member Security Council, which is the UN’s most powerful body, is currently made up of five permanent members with individual veto powers — China, Russia, the United States, France and the United Kingdom — and 10 non-permanent members, without veto powers, who are elected for two-year terms.

But many middle income and developing countries believe that the time is ripe for major world economies such as Brazil, India and South Africa to get permanent seats in the council.

President Mahama expressed the hope that Ghana and Brazil would convene their permanent joint commission at the earliest time to ensure that their bilateral initiatives would progress speedily.

“Relations between our countries continue to grow because of the values we share in terms of democracy and good governance,” he said.

Mr Mahama expressed delight at the number and quality of Brazil-supported projects in the country.

“There are several projects we are working on and we are very excited about them. Just recently we cut the sod for work on lots 5 and 6 of the Eastern Corridor road. That road is a very important route because it passes through agricultural areas and it will help in the evacuation of agricultural produce to the south,” he said.

A Brazilian construction firm is working on 209 km of the stretch.

Brazilian engineering also came up for mention, with the President describing it as “fashionable.”

Mr Vieira stressed the importance Brazil attached to building stronger relations with Ghana and Africa.

He said President Mahama, the government and the entire country had positive images in Brazil.

He expressed appreciation to the Ghanaian government for opening up to the Brazilian business community.

Source: Graphic Online

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