Nine MPs in Washington DC for $3bn IMF bailout

A nine-member delegation of Members of Parliament is currently in Washington DC in the United States of America for the International Monetary Fund (IMF) and World Bank Spring meetings as the government seeks to secure a $3 billion dollar support.

The delegation forms part of a team made up of the Finance Minister, Ken Ofori-Atta, the Governor of the Bank of Ghana, Dr Ernest Addison and other members of Ghana’s economic management team.

The group is expected to have an engagement with commercial, bilateral and multilateral creditors at the meetings to convince the IMF board to approve the deal.

The head of the delegation of MPs, the Member of Parliament for Oforikrom, Dr Emmanuel Marfo speaking on the essence of the lawmakers at the meeting said it is important there is adequate legislation to ensure government implement the funds it gets from the IMF.

Meanwhile, the IMF has indicated its willingness to continue to mount pressure on wealthier countries to write off the debt of poorer countries.

The Fund said the focus of its spring meeting in Washington DC will be on debt restructuring and cancellation.

Speaking to journalists ahead of the meeting, IMF Managing Director, Kristalina Georgieva said the majority of poor countries are in distress and need debt forgiveness from wealthier nations.