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Ghana: External Debt

Volume 592: debated on Tuesday 28 July 1998

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asked Her Majesty's Government:Whether they agree with the opinion of the International Monetary Fund that the burden of Ghana's external debt is unsustainable; whether Ghana qualifies for relief under the Heavily Indebted Poor Countries Initiative (HIPC); and, if so, when it will receive relief. [HL2841]

Since the start of its Economic Recovery Program in 1983, Ghana has neither received nor requested a rescheduling from the Paris Club. If and when it does so, its request will be treated on its merits.The International Monetary Fund Debt Sustainability Analysis carried out in 1996 and updated in March 1998 concluded that Ghana's external debt burden is sustainable in the medium term.