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08.11.2002 General News

Bagbin Prays Against IFC Loan

By Statesman
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Minority Leader in Parliament, Alban Bagbin has been reportedly condemned for expressing displeasure about reports that the first tranche of the $1 billion International Finance Consortium (IFC) loan is soon to be released to the NPP government. Bagbin told a Kumasi radio station that he will be most unhappy if the reports are true and the money is released. “It is the NPP which took the country to join the Highly Indebted Poor Country Initiative when it assumed the reins of government. Funds accruing from the country’s involvement in the initiative may cease coming if it comes to the attention of the operators of the HIPC initiative that we, who have declared ourselves poor, have gone in for a loan of such magnitude.” Callers to the radio station described the Minority Leader as unpatriotic and someone who does not want the nation’s development agenda to be pushed forward. The IFC Loan which is expected to be disbursed in three tranches of $350,000 over three years, is the biggest single loan package for any government in the country’s history and has been managed on high concessional terms.

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