Veep Optimistic Of IMF Deal Soon

By Edmund Mingle

The first round of talks between the government and the International Monetary Fund (IMF) has been successful, says Vice President Kwesi Amissah-Arthur.

Veep Amissah-Arthur is optimistic of IMF deal

He, therefore, expressed confidence that a deal would soon be reached after the subsequent talks in Washington, to enable the Fund to advance financial and technical support to stabilise the national economy.

“We have agreed on many things, and the first round of negotiations has gone quite well,” he said.

Explaining the nation’s economic conditions and the need for the request for the IMF’s help, during a courtesy call on him by the new Swiss Ambassador to Ghana, Mr. Gerhard Brugger, at the Flagstaff House in Accra yesterday, the Vice President, said the second round of talks would be scheduled soon.

“We have made quite a lot of progress,” he stressed.

He said at the end of the first round of talks, the IMF team, which left the country on Thursday, requested the government to provide clarifications on a few areas, adding that the government would be providing those clarifications to pave way for the second round of talks.

Vice President Amissah-Arthur, who was optimistic of a very beneficial deal for Ghana after the talks, said the partnership with the IMF would enable the government to secure concessional loans from the fund, which are less expensive than commercial loans.

He explained that the decision to seek support from the Fund was to urgently solve the short term fiscal problems that could threaten the country’s bright medium to long term prospects.

The Vice President denied suggestions by critics that the support being sought from the Fund was a “bailout,” explaining that Ghana is seeking a financial and technical support, and not a bailout.”

 Although he did not disclose how much financial support in the form of a concessional loan Ghana may be seeking from the Fund, it is expected that the money would help to bolster the economy for macro-economic stability and growth, while the technical support would help in improving institutional reforms for enhanced economic management.

 After reaching a deal with the IMF, the Vice President said the government would be in a good position to open discussions with its donor and development partners on budget support arrangements for the country.

 Vice President Amissah-Arthur welcoming the new Ambassador to the country, reminded him that he was coming in at a time Ghana was promoting its economic partnership with other countries, and hoped that he would help to improve the trade ties between Ghana and Switzerland.

Mr. Brugger, for his part, lauded the socio-economic progress being made by the country, and pledged his commitment to consolidate the ties between the two countries for mutual benefits.