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26.11.2002 General News

Govt’s position on IFC loan out today

By Graphic
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AFTER several months of controversy over the government's effort to secure a $1 billion loan from the International Finance Consortium (IFC), the Finance Minister, Mr Yaw Osafo-Maafo, is expected to make a statement on the issue in Parliament today that will end the controversy. Highly-placed sources said in Accra that the minister may outline the government's good intention towards the loan to the 200-member Parliament and emphasise the government's zeal to put national interest in all its endeavours. The sources indicated that the minister and some his colleagues met at his office yesterday for about two hours deliberating on the controversial loan issue. However, all the participants were tight-lipped saying that everything will be known in the House today. Parliament on July 12, this year, approved a resolution on the loan by 102-83 votes for the first tranche of $350 million. The loan was to attract an interest of 2.0 per cent to be paid half yearly with grace period of three years. A joint company was to be formed to administer, manage and implement various projects to benefit from the loan.

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