The executive board of the International Monetary Fund (IMF) Thursday concluded the Article IV consultation with The Gambia.
The Gambian economy has started to recover, following the sharp growth slowdown in 2016. For 2017, economic growth is estimated at 3.5 percent with a better agricultural season and a strong rebound of tourism and trade. Headline inflation has declined from 8.8 percent in January 2017 to 6.4 percent in January 2018, reflecting the stabilization of the dalasi and a gradual decrease in food prices.
With much-improved fiscal discipline and external financial support, the Dalasi has remained stable since April and gross international reserves increased from 1.6 months of import cover at end-2016 to 2.9 months at end-2017. The Executive Board also granted a waiver.
The authorities’ commitment to the staff-monitored program (SMP) is strong. Performance under the program was broadly satisfactory, including good progress in implementing the structural agenda despite severe capacity constraints. The Managing Director approved the authorities’ request for an extension of the SMP by six months to end-September 2018. This will provide more time to establish a track record of performance for the transition to an arrangement under the Extended Credit Facility (ECF) to which the authorities aspire.
Over the medium term, The Gambia can achieve a more robust growth path. This will require continued strong policy implementation and effective fiscal reforms, including ensuring debt sustainability. The authorities are committed to further national development through the planned strong expansion of reliable and affordable electricity by 2020, and increasing the economy’s productivity by promoting irrigation and commercial agriculture, light manufacturing, tourism, and continued infrastructure investment.
Executive Board Assessment
Following the Executive Board discussion, Mr. Furusawa, Deputy Managing Director and Acting Chair, issued the following statement:
Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities for their strong commitment to reforms underpinned by the staff monitored program, and welcomed the progress achieved in stabilizing the economy. They noted that strict fiscal discipline together with substantial external support has enabled the authorities to significantly cut domestic borrowing. Going forward, it will be important to maintain the focus on reducing debt vulnerabilities and implementing reforms to increase private sector activity.
Directors agreed that efforts to maintain fiscal stability will need to continue. It will be important to contain spending while raising domestic revenue, including by implementing the revenue measures that were delayed to 2018, as well as further efforts to streamline the civil service.
Directors welcomed the ongoing work to develop a medium term economic and fiscal framework together with a debt management strategy to help anchor fiscal policy. They noted that rehabilitation, reform, and improved oversight of public enterprises will be crucial to limit contingent liabilities and protect fiscal outcomes, improve service delivery, and strengthen the business environment.
Directors noted with concern The Gambia’s substantial debt vulnerabilities and high risk of external debt distress. They agreed that concerted support by the international community will be key in addressing the high debt overhang. Mobilization of assistance for the implementation of the National Development Strategy will need to focus on grants, with only very limited room even for highly concessional loans in the medium term.
Directors also called on the international community to provide additional resources to foster debt sustainability, including through debt restructuring and softening of terms on existing commitments. Directors urged the authorities to carefully prioritize and sequence investment projects and refrain from contracting any large new debt or contingent liabilities that would jeopardize debt sustainability.
Directors agreed that further progress in reducing inflation would provide room to lower the policy interest rate. They welcomed the authorities’ commitment to maintain a flexible exchange rate system, which will support rebuilding international reserves. They stressed that it will be important to strengthen the central bank’s independence, governance, and operational effectiveness.
Directors emphasized that it will be important to crowd in the private sector to support broad based growth, including through measures to increase access to financing. They noted that it will be key to safeguard financial stability through heightened and risk based supervision in light of lower interest rates and maturity lengthening of domestic debt.
Directors also noted the importance of strengthening the AML/CFT framework to address the decline in correspondent banking relationships. Directors urged a further improvement of the business environment and a strengthening of governance. They also noted that reducing income and gender inequality would support economic growth while achieving better social outcomes.
With 43%of government revenues going towards servicing our mountain of debt, financial prudence is needed in order to achieve most of our economic goals. We must cut down on acquiring more debt for political purposes. These loans have to be paid by generations to come. Similarly we have to survive without aid or grant. What we need is to harness our own resources, create a favourable environment for private sector to grow and start a fight to curb grafts. Corruption in the new Gambia today is eating more than the combined effect of debt and grants. People are more concerned now about how much money they can steal, politicians want to get the most funding for their parties and every body is busy making money. Nobody is concerned with national interest. We are all living in borrowed times.
Keluntang,
This is the truth I always looked for, always want to read, to hear. It is not the banal, blind-flolded ranting from Bax, Bajaw, Andrew Pjalo and all those Barrow surrogates and stooges who believe clinging on the president Jammeh “anecdote” is tangible argument to eulogize a CORRUPT, CORRUPTIBLE, TRIBALIST, INEFFICIENT, INEPT and very USELESS administration with a fat-bellied-full of HARAM illiterate British Argos watchman in presidential attire.
When are people gonna hear the truth from your untruthful self regarding Jammeh and what damaged he did to the Gambia and the Gambian people. As Keluntang stated that 43% of government revenues are going towards servicing our mountains of debt, debt accrued during the 22 years of Jammeh’s grand theft. You see ranting faked ass professor……. Keluntang is a patriot whose concerns are motivated by love of country not hate for others and most of what he said is the truth as the technocrats who aided and abetted Jammeh in his economic crimes are still in key positions of government. Cleansing the culture of corruption entrenched in our society is monumental and i believe telling the truth of what transpired during the previous 22 years of financial indiscipline will go a long way in helping eradicate the practice.
Babu,
I don’t know what planet you live on or how you understand what others write. Part of Keluntang’s opening statement ( “With 43% of government revenues going towards servicing our mountain of debt,….”) is an indictment on Yaya Jammeh and his 22 year economic rampage. Matter of fact, I will always agree with people when they state FACTS and I agree entirely with some of what Keluntang has stated: that there need to be financial prudence; that we must stop taking unnecessary loans; that we must harness our own resources, (and if I may add), ensure that every butut earned from resource exploitation is paid into the Public Kitty (unlike Yaya Jammeh, who not only diverted funds from resource exploitation, but even kept mining activities hidden from both Parliament and Cabinet, and the entire nation); that we must create a favourable environment for private sector growth. I agree with these entirely.
Now, whether there is more corruption and graft today than yesterday is a matter of opinion, as no evidence has been presented to support such claims. There are lots of allegations, but allegations are just that: allegations. Time will tell whether this administration is engaged in financial malpractices.
What we do know is that for 22 years, Yaya Jammeh has used his office to defraud the nation and enrich himself and his cronies. The evidence is incontrovertible, whatever you may want to call it. The witnesses are there; the paper evidence is there; the physical/material evidence is there. Only the stiff, necked obstinate fools would argue and only the blind will not see.
The vital signs that Gambia is showing the much needed progress is a delight/
It ticks all the right boxes///higher growth lower inflation and stronger fiscal achievement/ Frowning on further loans and encouraging grant aid/
This is a very encouraging report with concentration on agriculture with tourism better and stronger than expected/
Clearly this confirms the poor management from the former government of Yahya Jammeh and the APRC/
As predicted//gambia will recover and much faster then we thought/
Excellent !!!
Keluntang, Natty, Bax and Jack I’d say only if we let those that live in a cocoon send us off tangent and off message when it comes to issues impinging on the very wellbeing of our nation.
In a nation where there’s a dearth of people that’ll speak truth to power, it’s imperative that you all believe in the positions that you uphold and will continue to fight for going forward.
I needn’t say more but thank you all for standing up to injustice, intolerance, dishonesty, hate and corruption in government.
Thank you for the message Andy. This forum is a fertile ground for the exchanges of brilliant ideas to take our country forward not a battle field for political bickering.
Natty
Good observation, who contracted these mountain of loans which consume 43% of our revenue. Most IMF loans are attached with a grace payment period often more than a year. That means all loans we are servicing now were contracted within the last 22years.
I really think our brother Babu is twisting the truth to favour his position but really he had no case.
Yaya is gone and till qiyama he will never rule Gambia again inshallah. All the tribes voted for him overewhemingly in 4 consecutive elections and if tribalism is entrenched in the Gambia as Babu seem to suggest then Yaya would not have been in power for this long.
Right now check the constitution of the carbinet. It seems to be tribally representative and i have no doubt that tribe is an issue for disgruntled APRC members who lost their privileges, including sadly the majority of Jolas who controlled key institutions in country under Jammeh.
We the people of Gunjur are now grappling with a looming environmental disaster Jemmeh schemed with our business mogul, the ubiquitous shylock Alagie Conteh. He give with one hand and take with another. Last week a tank with toxic waste summersalted near and school and mosque sending waves of unbearable audour. One person was killed and four seriously wounded, neither the Chinese no our MP or Mr Conteh visited the wounded in thr hospital according our youths who visited the wounded and their families.
See how our people are turn into an instrument of destruction for petty gain.
Please listen to the audio on gainako.
Jack
I think your prognosis of my intention is wrong and seemingly ill-willed. This is not your medium and thus you have no obligation to police it. Take what I said on face value ans we proceed. I am not looking to lock horns with anyone. I don’t take this debates personally and if happen to meet Andrei Conteh and he remove burga, I will sake hands because we have more in common than thst divide us. It is just that, we view some issues from different perpectives which can sometimes be enriching. My Friend I am not vindictive and always forgive wrong done to me as I expect others to forgive if I ask for forgiveness. We Africans have to change if we are to complete in the world economic and technological stage. Constructive critism albeit expressed with decorum is not malediction but avid desire for good to subsist.
Please calm down and lets debate pertinent issues with decorum and self respect. No malice please.
Jack it my article I did not mention casualties unless you read my subsequent article in fteedom news paper.
Please don’t misjudged me for Allah’s sake.
I don’t think your observations on Darboe’s comments are fair. Just look at the line of his thought and you can see a symmetry between Yayah Jammeh’s economic damage and his enablers’ actions some of whom are still active in this government masqueraded as champions of development. Massive loans that were contracted under dubious circumstances are all examples of Jammeh’s atrocities. Thanks.
Lamin Darboe,
You see how you can lie. When did I fuel tribal sentiments? Were you a toddler when the Gambia under Ex-President Jawara “belonged” to the Mandinkolu, Suruwalu, Akuwolu and the few Fulolu? Don’t LIE about my tribal sentiments. Where were the Jolalu, Kasinkolu, Manjakolu, Karoningkolu, Bainunkolu and my tribe Manswankolu? While we unreservedly voted to keep the PPP government in power from 1963 to 1994 we were underpinned as second class citizens while our shared properties went illicitly into the pockets of the privileged tribes.
President Jammeh gave out to all and sundry; in monetary gifts, further studies abroad, scholarships at all institutions in the Gambia etc, etc…….
Why do you have to tell LIES? No doubt, that’s the double standard of a Mandinko child, when it comes to speaking the truth. You are always partial, tribalist and pompous! What did your Mandinka PPP government achieve since it took over the reins of power at the attainment of self internal government in 1963? Absolutely nothing! It only entrenched the tribal divide that we lived with in 31 horrendous years! Your Ex-President Jawara sincerely narrated the failure of his most entrusted functionaries in his book KAIRABA. What can you hypocritically eulogize about a government that failed?
Better keep your mouth shut and try to find the truth and say what you know about me and my postings.
”Why do you have to tell lies ALWAYS? No doubt, that’s the ugly double standard of a lying hateful Manswanko child, when it comes to speaking the truth” ”you are always partial, tribalist, pompous and stupid. My Holland this, my wife this, my daughter this and i did this for my village etc,etc. The mouth that needs to be shut is the hateful Manswanko scumbag living in Holland.
Andrew Pjalo,
I don’t live in the USA where you are subdued to say what Donald Trump says and believes. I don’t live in a country where inmates are savagely executed. I don’t live in a country where the black-skinned is just the damned second class citizen on her/his own land. I don’t live in a country where the police can unceremoniously handcuff you for any minute error. I don’t live n a country where millons of their citizens are destitute. I live in one of the world’s most affluent countries where one speaks one’s MIND.
I don’t care your innate hatred for President Jammeh. I love the man who patriotically facelifted the Gambia from economic and social decadence therefore, there is absolutely no soul on earth who can avert that LOVE for him. He was not a neocolonial stooge neither a sellout like your fat-bellied illiterate president who is gradually selling our sovereignty to Senegal and the West.
Bax,
Keluntang wrote what you didn’t want to read. PERIOD. And he wrote the truth. What English language are you trying to paraphrase in Keluntang’s posting?
The country under your fat-bellied illiterate is not functioning. Corruption and corruptible practices are rifing.
The IMF micro/macroeconomic forecast is just an institutional pronouncement, incongruent, false and full of LIES in a bourgeoisie economic interpretation. If such pronouncements are always tangible, the USA will not have millions of her citizens in the street.
Our people need pragmatic sustainable implementations of social and economic programmes with accurate and non-corruptible uses of our resources, however meagre they are, to ameliorate their current subsistence form of living. This should be based on the practical performance of their leaders who should relinquish their bourgeosie, neocolonial and imperialist styles of governing in air-conditioned offices, bungalows and 4×4 Pajeros and demonstrate to the nucleus of our society (the youth, the women and the farmers) how a nation can hold out on self-esteem and hard work to develop. NOT ON GRANTS, AIDS and LOANS.
Brother Babou
Your words are very strong and fraught with vitriol. It is manifestly ungentlemanly and uncivil and I cannot resist the temptations of responding in a like manner but I think I am ennobled with a feeling of restraint.
Thank you for reminding me of being encumbered by an undesirable trait of pomposity and I will make supplication to Allah to make me look low under my own eyes and imbued me with better character.
Just a correction, I worked for Jawara government from 1989 to 1994 and the day he was ousted, I was at the Treasury in Quardrangle.
Being a mandinka as my surname may suggest, we too used to feel we were undeservedly less privileged than some other tribes especially those who inhabited Island at that material time. That’s why my friend I never supported Jawara and I so avidly seek humiliation of Jawara government, spent time in the parliamentary debates to hear Sheriff Dibba put the ministers under pressure.
Some of your remarks are wrong and skew the debate to the realm of personal attacks.
If you review all my postings, you will find that I never said anything amplifying my persona except to refute allegations about my person. Please dig out one statement to the contrary.
It is my undiluted impression that anyone who try to justify yaya’s 22 years of extreme dictatorial and oppressive rule is under illusions of a treacherous insinuation.
Sentimentality aside Brother, Yaya’s treachery and abdication of his cardinal duty to protect the people of the Gambia meandered into a sea of extraordinary brutality, economic exploitation and institutionalised tribal subjugation.
Please be more gracious to your opponents and costume yourself with an adornment of civility.
Tabarakallah.
Assalaam aleikum to all
I want to make a proposition that we all endevour to “depersonalise” the debate and adhere to some decorum. I find it unwarranted and distasteful for adults like ourselves to be engaged in personal attacks in contradistinction to idea attack,. It is appalling and below our respective dignities. May I remind you that is also sinful and disliked. Evidence…..
Surah Al-Hujraat, Verse 11:
يَا أَيُّهَا الَّذِينَ آمَنُوا لَا يَسْخَرْ قَوْمٌ مِّن قَوْمٍ عَسَىٰ أَن يَكُونُوا خَيْرًا مِّنْهُمْ وَلَا نِسَاءٌ مِّن نِّسَاءٍ عَسَىٰ أَن يَكُنَّ خَيْرًا مِّنْهُنَّ وَلَا تَلْمِزُوا أَنفُسَكُمْ وَلَا تَنَابَزُوا بِالْأَلْقَابِ بِئْسَ الِاسْمُ الْفُسُوقُ بَعْدَ الْإِيمَانِ وَمَن لَّمْ يَتُبْ فَأُولَٰئِكَ هُمُ الظَّالِمُونَ
O you who believe! Let not a group scoff at another group, it may be that the latter are better than the former; nor let (some) women scoff at other women, it may be that the latter are better than the former, nor defame one another, nor insult one another by nicknames. How bad is it, to insult one’s brother after having Faith [i.e. to call your Muslim brother (a faithful believer) as: “O sinner”, or “O wicked”, etc.]. And whosoever does not repent, then such are indeed Zalimun (wrong-doers, etc.).
(English – Mohsin Khan)
via iQuran
Surah Al-Hujraat, Verse 12:
يَا أَيُّهَا الَّذِينَ آمَنُوا اجْتَنِبُوا كَثِيرًا مِّنَ الظَّنِّ إِنَّ بَعْضَ الظَّنِّ إِثْمٌ وَلَا تَجَسَّسُوا وَلَا يَغْتَب بَّعْضُكُم بَعْضًا أَيُحِبُّ أَحَدُكُمْ أَن يَأْكُلَ لَحْمَ أَخِيهِ مَيْتًا فَكَرِهْتُمُوهُ وَاتَّقُوا اللَّهَ إِنَّ اللَّهَ تَوَّابٌ رَّحِيمٌ
O you who believe! Avoid much suspicions, indeed some suspicions are sins. And spy not, neither backbite one another. Would one of you like to eat the flesh of his dead brother? You would hate it (so hate backbiting). And fear Allah. Verily, Allah is the One Who accepts repentance, Most Merciful.
(English – Mohsin Khan)
via iQuran
Surah Al-Hujraat, Verse 13:
يَا أَيُّهَا النَّاسُ إِنَّا خَلَقْنَاكُم مِّن ذَكَرٍ وَأُنثَىٰ وَجَعَلْنَاكُمْ شُعُوبًا وَقَبَائِلَ لِتَعَارَفُوا إِنَّ أَكْرَمَكُمْ عِندَ اللَّهِ أَتْقَاكُمْ إِنَّ اللَّهَ عَلِيمٌ خَبِيرٌ
O mankind! We have created you from a male and a female, and made you into nations and tribes, that you may know one another. Verily, the most honourable of you with Allah is that (believer) who has At-Taqwa [i.e. one of the Muttaqun (pious – see V. 2:2). Verily, Allah is All-Knowing, All-Aware.
(English – Mohsin Khan)
via iQuran
Babu, if this will be of any help, I pursued education in Africa, The Netherlands, Australia and North America with over sixteen years of studies under my belt.
I head a division, a Fellow of several institutions and also sit on several scientific boards and committees here in the US.
I am a US citizen that lives in the US with my family by choice and we are equally welcome in Canada. So I’m not the kind of person that is the least perturbed with Donald Trump’s buffoonery or the notions that you type hold about living in the US. To be clear, I own guns too.
And by the way, I do travel to The Netherlands, Delft, Wageningen (pronounced Vaaheningen), on working trips and would like to meet you in Holland/Netherlands where possible.
Incidentally, I also speak Netherlands, French, Kiswahili plus six other African languages. That should tell you something, right?
Remember that there’s a good number of Gambians working outside of The Gambia that have worked to earn their positions and credentials. Thanks to your demi-god Yaya Jammeh, the majority of those Gambians have no regrets whatsoever but have prospered immensely.
You Babu may be the economic refugee. I am not because I contribute my rightful quota to society everyday.
Please use your time, skills and resources wisely Babu!
Babou
You see how you can lie. When did I fuel tribal sentiments? Were you a toddler when the Gambia under Ex-President Jawara “belonged” to the
I think you were over reacting. Check my posting and see whether there is any such allegations as you put. Also sure me where I lied. As a matter of fact I hate liars
.
By the way, Imam SIDDIQUE Darboe, we don’t need the ill placed sermons as it is clear to everyone that you are adept at sowing the seeds of discord and intolerance on top of being the village swearer, the source of insults on this medium.
I find your contributions disconcerting but at times amusing However, I believe that you owe everyone here, including Jack your latest target, an apology in addition to seeking repentance for your sins. You do not have to worry about me as I am very thick skinned and shielded on account of the layers of the BURRRRKAAA!!
MBAY SAMBA LA HAWLA KUNDA LEH if you ever show up in The Gambia without an apology to your poor targets.
Andrei
mashallah we meet again.
I am planing to go holidays (depending on my daughter’s Gcse programme) either July or December 2018 and I can boldly tell u my compound id near is Burusubi Junction as u walk towards Mariama kunda junction, look for A minaret on top of a one story building and there you are. Thats my place Bro.
Please don’t make unfounded allegations against me. Show me or produce one posting where I insulted you which was not a response to your nasty insults or caricature.
Also show me an instance, I talked about my history, achievements, qualifications/Luntang/Dooringetc, which was not in response to your belittling remarks, aspersions, pilory and condescension. You call me, names, accused even my clan of laziness. Please produce the evidences. Since day one, you object to my articles, calling it Bantaba talks and all sorts of invectives, so I decided to meet fire with fire. I called you “uncircumcised lips” “uncouth”. Check it out please. While I revealed my true identity you masqueraded yourself with a burga.
By Allah La illaha illahuwa, I don’t fear anyone. I am not enthused with wealth or qualifications for I am equally qualified (please this is no pomposity as alleged by Babou). It is to show that I am more overwhelmed by endowments of spiritual nature that will endear me to my maker. If I was steadfast and not diverted by family, I would have memorized the Quran and complete my islamic scholar course but alhamdillah.
From the botttom of my heart, I forgive you for all the nuances and I seek your forgiveness. NAAFO BEH BANKOTO.
Andrei
How is Jack my victim. Produce one evidence please to backup your claim.
By the way I really admire his calmness and the perspicacity of his argurements unlike your caricature and infatuation with casting aspersions on my person because I question Mr Conteh’s complicity in the abdiding environmental rape in Gunjur. I would have not mentioned him if I were not convinced of his connivance as he is a good friend of my brother Ousman. Please don’t accuse me.
Any aya I quote, I memorized it and know the tafseer without looking and the English equivalent. Please stop caricature and set your eye on the ball. Substance over form I instigate you here uphold.
salam alaikum wa warahmatullah wa barakattuh.
Yooo! INING BAARA!
Apologies accepted!
See Darboe Kundankolu love their MONO!
In the olden day’s when Darboes request food at ceremonies, they’ll be asked, ATOLU DUNG ALU BEH MUNEH DOMO LA?
Darboes will answer, NAALU YEH MONI SAMBA NANG NSAA MING, NAALU YEH KINO SAMBA NANG, NSAA MING. So they end up with MING FENGO, MONO OR SUURO CHUKURR MAA for Chuuro Sukurr MAA. A term that Darboe Kunda coined for themselves.
So NSANAW, cut down on the TIYA KERREH SATO so that you may keep your wits about you.
May be the case that the word SATO belongs to Darboe Kunda or TOURAY Kunda.
Now you go ahead and smile.
KAA KEH NIISI TURA TI
Tell him Bajaw!
Adrei
Hahaha
You know the meaning of “Darboe sanka, nyanitama julo” “boro boro minna nin kaatumeh minna”
Meaning we want the best wine even in jahileeya.
Yes we eat but Jammeh, Camara, Drammehs always win when there is any competition.
Bravo to you.
salam aleikum.
Andrew, you at it again; habitual Chonchong-To yaa, like you (will) always do; except for the usual prayers we (mostly) pertake in at functions & ceremonies, who said Touray ever mention food at gatherings….?
Badibu nkolu said Mono & Saato originated from Kiang & in the Sharakhuleh areas…? ‘The Gambian’ are interrelated directly; the ‘Gambian Humour’ have always been facilitating & harness the harmony & coexistence of the Gambia as a nation community across our diverse opinions, naturally together as a people…
The Darboe & Touray are amongst the diverse inhabitants in the reputable Gunjur kombo settlement; Darboe are the first settlers in Gunjur & in the area in the district; specifically at spot called Sibindingto, closer to (beach) sea; the Touray followed next, settling at Jimindarr; that’s why traditionally, Alkaloship are anointed from Darboe kunda, the Seyfo is anointed from the Touray kunda, whilst Imam anointing is from among the most unanimously accredited scholars at the (particular) time in the community, etc, etc….
The Gambia collectively have suffered an awakening “lifetime learning curve” of the horrific real experience of the sadistic barbarities & murder of a magnitude in the 1981 & 1994 – 2017 Dark periods due to past general naivety of the collective Gambia community, holistically; which must never ever be allowed to reoccur never again…
The Gambia, can rise up to the challenge & (hopefully) even surpass to (aspire envisaged) elevation; with resilient determined citizenry efforts in unison…
God bless Gambia….