Minority Agree to Discuss Approval of $750 Million Loan Requested by Finance Ministry – Kwaku Kwarteng

Chairman of the Parliament’s Finance Committee, Kwaku Kwarteng, revealed that minority members of the committee agreed that the loan of $750 million requested by the Ministry of Finance be presented to the plenary for approval.

Earlier, Minority Leader Haruna Iddrisu demanded “further and better details” on the loan deal before his side of the House consented to its approval.

MP for Tamale South in an interview with JoyNews noted on Tuesday that although the government urgently needs the loan facility, it needs to provide more clarity on the deal before the minority group can consent to its approval.

“I know they desperately need resources for our import coverage and so if they provide additional and better details on the $750 million, we are open and willing to get that approved as soon as possible,” a- he declared.

However, speaking on Joy FM Featured story On Tuesday, Mr Kwarteng explained how the latest development came about, “What we did at Committee level today was to look at one of the two facilities and luckily we got approval from the Committee to submit it to the plenary.”

He added that he hoped it would be considered on Wednesday for adoption.

“What that really means is that when we passed the 2022 budget, we indicated how much you will borrow so that you program your income, you know the expenses and the gap that you say you will finance, so you would find money and fund this gap Now the facility that the government is looking for in the name of the $750, $250 is supposed to help fund this gap.

So already, the expenses for which the government is going to apply this facility have already been listed and approved in the 2022 budget statement when Parliament approved it at the end of last year,” Kwarteng explained.

Reacting to the minority’s call for a breakdown and clarification of the loan facility, he felt that “it’s not very necessary, because every cedi is a cedi once you add it to your basket of income, it is used to finance the budget”.

“What I understood the minority was asking for today is to isolate from the larger budget what expenses these $750 million and $250 million will apply to,” he said.

According to Mr Kwarteng, the Ministry of Finance responded to their request and provided some information, and “so tomorrow this will be part of the report that we will examine on the floor of Parliament”.

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