The Minister of Finance, Seth Tekper has implored Parliament to approve an additional GH\u00a2865,789,380.00 to supplement Ghana\u2019s 2015 budget.<\/p>\n
Seth Tekper made this known when he presented the Mid-year Review of the 2015 Budget to Parliament on Tuesday.<\/p>\n
[contextly_sidebar id=”ub9coGnRuN2jN9RjTQ0EQXmaLgdSz0Kt”]He explained that the amount is to help government \u201cfund additional expenditures resulting from the revisions made to the 2015 budget.\u201d<\/p>\n
\u201cOur prudent expenditure drive continues with additional expenditure allowed only when revenues increase. On the other hand, we are confident that as the economy rebounds, the expenditure envelope will increase in tandem with revenue. In the interim, focus will be on pipeline projects and MDA\/MMDAs are not to incur unauthorized expenditures beyond their budgets and budget allotments.<\/p>\n
\u201cMr. Speaker, against this background, I have come to this House to request for Supplementary Estimates of GH\u00a2865,789,380.00 in accordance with Article 179 (8) of the 1992 Constitution and Standing Order 143 of this House,\u201d Mr. Terkper requested.<\/p>\n
IMF programme<\/strong><\/p>\n The Minister also briefed Parliament on the International Monetary Fund (IMF) programme.<\/p>\n Ghana is expected to receive a total of $918 million within three years from the IMF to help salvage the nation\u2019s ailing economy.<\/p>\n Seth Tekper told Parliament that \u201cGhana received an amount of US$114.75 million immediately after the Board\u2019s approval,” which he said formed the “first tranche of the total amount of US$918 million expected to be disbursed in eight equal instalments over the 3-year period as balance of payments support.”<\/p>\n “The remaining seven (7) disbursements will be made after the observance of the performance criteria and completion of reviews under the Programme. Following the anticipated approval by its Board, we expect the release of the second tranche by the IMF soon.\u201d<\/p>\n He said during the recent review of the IMF programme, “it is refreshing to note that at the conclusion of the first review of the Programme in June, the IMF Mission was satisfied that the Programme is on track.”<\/p>\n “All the performance criteria were met except for the ceiling on central bank financing to the government, which was technically missed by a small margin. The Government is keenly observing this particular programme benchmark given its implications for the overall financing levels that have been recorded this year,\u201d he added.<\/p>\n –<\/p>\n By: Godwin A. Allotey\/citifmonline.com\/Ghana<\/p>\n