IMF Holds Talks with Minister of Finance

The Director of the African Department of the International Monetary Fund (IMF), Miss Antoinette Sayeh, has yesterday, disclosed that with effect from 2011, there will be a Moratorium on the payment of interest loans to some developing countries.

She explained that the IMF has arrived at the decision to allow some developing countries across Africa to cope with the impact of the global financial crisis.

Miss Sayeh, also the former Liberian Finance Minister, made this known during a press conference at the Ministry of Finance on talks she held with the government on the 2010 budget.

She noted that Ghana has made significant progress in its debt payment for the past three years but there is still the need to address its additional huge public debt.

According to her, IMF in July this year approved US 603 million Dollars for Ghana to support its budget and an additional 450 Million US Dollars in its drawing rights.

“Although Ghana’s economic prospect is encouraging, there is the needs for the government to reduce some pressures on the private sector to enable them create more employment”, She emphasised.

Miss Antoinette Sayeh, therefore, concluded that she had fruitful deliberations with civil society groups since they have a significant role to play in the country's economic advancement.

Dr. Kwabena Duffuor, the Minister for Finance, in his welcome address stated that Miss Sayeh has made Africa proud by attaining such a high position at the IMF.

He added that Miss Sayeh is satisfied that Ghana is making a steady progress in economic recovery.

Source : ISD (Michelle Agbenorto & Cynthia Quarshie)