Parliament: Minority wants Specialised Fund to Manage $250 Million World Bank Loan for Financial Sector Stability

The Minority Caucus in Parliament is advocating for the creation of a specialized fund to manage the $250 million loan from the World Bank, which is intended to mitigate the impact of the Domestic Debt Exchange Programme (DDEP) on banks and financial institutions.

This proposal aims to ensure the effective management and utilization of the funds to support the financial sector.

However, the Finance Committee, led by Chairman Patrick Boamah, is set to recommend the approval of the loan without the establishment of such a fund.

The Majority Caucus has rejected the Minority’s suggestion, leading to the recommendation being made based on a majority decision.

Addressing journalists in Parliament, Patrick Boamah explained that the Majority did not agree with the Minority’s demand, hence the decision to recommend the approval by majority decision.

As Parliament prepares to debate the loan approval, the focus will be on the loan’s potential impact on the financial sector and the implications of the Majority’s decision to forgo a dedicated fund.

Source: Norvanreports