Accra, July 2, GNA - The European Union (EU) on Thursday approved a 175 million Euros Millennium Development Goal (MDG) contract facility for Ghana after bilateral discussions on the sidelines of the on-going summit in Sirte, Libya.

A statement signed by Mrs Zita Okaikoi, Minister of Information, in Accra said the facility would be implemented over the period 2009-2114 to support the government of Ghana's development agenda, aimed at achieving the MDGs.

The MDG contract is a new modality which will offer longer term commitments (over a six-year period) and greater predictability. The statement said the EU Commissioner Luis Michel, signed for the EU while Foreign Minister Alhaji Muhammad Mumuni and Deputy Finance Minister Seth Tekper signed for Ghana. Mr Michel said the offer followed a careful study of Ghana's budget programme and the recognition that it showed a strong commitment to fiscal discipline and reduction in expenditure. 02 July 09