Accra, Dec. 5, GNA - Parliament on Wednesday approved the financial policy of the government for the fiscal year ending December 31, 2008. The house is also expected to scrutinize and approve the financial estimates of ministries, departments and agencies (MDAs) before it rises.

Parliamentary committees are however expected to go through these estimates and make inputs and give recommendations before the estimates are approved.

Parliament also approved, through a resolution, a 10 million-euro loan facility agreement between the government and Germany under the multi-donor budget support programme.

Mr Nii Adu Daku Mante, Chairman of the Finance Committee, said the facility, which is part of the donor community support, would help in the implementation of the country's Growth and Poverty Reduction Strategy programme.

He said the facility had a 30-year repayment period and an interest rate of 0.75 per cent.

Mr P.C. Appiah-Ofori, (NPP-Asikuma/Odoben/Brakwa), who seconded a motion for the approval of the loan, said government had budgeted for 54 trillion cedis to support the 2007 budget but the revenue agencies had brought in 30 trillion cedis leaving a shortfall of 24 trillion cedis. He said the 10 million euro had come in to help address the shortfall.