Some us warned that this could be far more painful than restructuring our economy on our own terms. Incompetence at work: GOVERNMENT MAY TURN TO IMF FOR BAILOUT Government has not ruled out a bail-out by the International Monetary Fund (IMF) to help restore economic stability, Finance Minister Seth Terkper has said. We are a member of the IMF, and an IMF member that finds itself in difficult times can fall on the resources of the fund. The IMF still remains a lender of last resort, he told BFT in reaction to a statement by former Deputy Governor of the Bank of Ghana, Dr Mahamudu Bawumia, that an IMF bailout may become necessary by year end if the economic situation does not improve. I dont see it as a warning, said Mr. Terkper of Dr Bawumias statement. Weve never ruled it out. If it becomes necessary, well fall on the fund.” IMF programmes, which involve critical financial assistance to a government to tackle mostly external economic pressures in exchange for a commitment to strict economic discipline, are hardly popular in any nation -- and the fact that it is seen as an option underlines both the dire economic situation and governments strong will to tackle short-term volatilities.
Posted on: Mon, 31 Mar 2014 01:00:36 +0000
Trending Topics
Recently Viewed Topics
© 2015