Audio By Carbonatix
Finance Minister, Ken Ofori-Atta has appealed to Parliament to support the Domestic Debt Exchange Programme.
This, he stated will help make the country's debts sustainable.
“Mr Speaker as the international and domestic bond markets are shut for the financing of government’s programmes, we are relying on treasury bills and concessional loans as the primary sources of financing for the 2023 Budget.
"We, therefore, call on this House to support government’s financing request to ensure a smooth recovery from the economic challenges," he said.
He made this request on Thursday while briefing the House on the Domestic Debt Exchange Programme.
According to him, the programme is needed to close the financing gap and “enable the government to meet the debt sustainability target of 55% of debt to GDP in present value terms by 2028.”
He reiterated that the debt exchange is a composite part of a broader government response strategy to address the current challenges. Mr Ofori-Atta added that it will enable government secure an International Monetary Fund (IMF) programme to boost confidence in the economy.
He promised to return to the House for consideration and approval of the IMF deal.
The Finance Minister also called for the passage of income tax amendment bill, excise duty and excise tax stamp amendment bills as well as the growth and sustainability bill.
This, he explained is because “the passage of these bills will enable government to complete four of the five agreed prior actions in the Staff Level Agreement since tariff adjustment by the PURC, publication of the Auditor-General’s report in Covid-19 spending and onboarding of GET Fund DACF and road fund have all been successfully completed.”
“Mr Speaker, I, therefore, entreat the House to prioritise the approval of the outstanding revenue bills and the various concessional facilities so that we would ensure that the Board meets successfully in March in Washington and we also have the appropriate resources for growth from these facilities which are concessional,” he added.
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