BUDGET: Ghana's external debt to decrease in 2004

Accra, Feb. 5, GNA - Mr Osafo-Maafo, Minister of Finance, said on Thursday that Ghana's total external debt stock for medium-term, long-term and IMF obligations is expected to decrease by 1.6 million dollars in 2004 when Ghana reaches Completion Point and bilateral creditors provide debt stock cancellation.

"It is, therefore, expected that there will be a significant change in the creditor category composition of the external debt stock, with over 75 per cent being owed to multilateral creditors."

Presenting this year's budgetary statement to Parliament, Mr Osafo-Maafo touched on Government's external assistance policy and strategy, saying that the policy of contracting new loans with a minimum grant element of 35 per cent would still be pursued.

"Government will also continue to seek maximum grants and debt relief from our development partners in order to maintain long-term debt sustainability.