 |
|
| Author |
 Topic  |
|
|
Moe
USA
2326 Posts |
 Posted - 14 Nov 2010 : 19:28:15
|
Friday, November 12, 2010
David Dunn, the International Monetary Fund (IMF) deputy division chief of Africa Department, has said that agriculture remains the major driver of the Gambia economy in 2010, due to the country's excellent performance in the year.
He made this statement Thursday during a meeting with the officials of the Central Bank of The Gambia (CBG), the Ministry of Finance and the IMF Gambia Office, held at the Conference Hall of the Ministry of Finance in Banjul. The IMF top official led a mission from the IMF Bureau to the country, which ended its' visit yesterday after accessing the country's performance for the seventh review of her (Gambia's) economic programme supported by the IMF under the Extended Credit Facility (ECF).
The IMF official said during his visit, he met with the secretary general and head of Civil Service, Dr Njogu Bah; the minister of Finance, Abdou Kolley; the minister of Economic Planning and Industrial Development, Mambury Njie as well as the Governor of the CBG, Momodou Bamba Saho and other senior members of the Gambia government and representatives of the private sector. He disclosed his mission is expecting a real growth in the country's gross domestic product to be between 5 and a half to 6 percent this year, up from over previous projection of about 5 percent. He added that sectors dependent on tourism and remittance from abroad, which were hit hard by the global economic crisis, are beginning to show signs of recovery.
It could be recalled that the IMF official, during his visit to the country in November last year to assess the economic performance as at end-September the sixth and final review of The Gambia's three-year programme under the Poverty Reduction and Growth Facility (PRGF) announced that the country's economy had performed better in 2009 than it was previously projected. He noted that the excellent performance registered by the Gambia economy last year was mainly because of a second consecutive year of strong growth in agriculture. He however, observed that tourism has been hard hit by the global economic crisis and that a sharp drop-off in remittances from Gambians abroad also weakened residential construction.
Dunn then projected real growth to remain strong at about 5 and a half percent next year. He further observed that headline inflation edged up to just over 6 percent in recent months, prompting the CBG to raise its rediscount rate by one percentage point to 15 percent in September. "The IMF mission expects inflation to decline slightly to 5 percent in the year ahead," he said. According to him, since June, performance under the ECF programme has improved considerably and in the first half of 2010, severe revenue shortfalls led to an excessive fiscal deficit. The rising cost of fuel imports, in particular, he said, cut sharply into fuel tax revenues, which were squeezed by fixed pump prices.
"The government achieved a slight surplus in the third quarter and is on course for another slight surplus in the fourth quarter," he said. Given The Gambia's debt situation, Dunn pointed out that the country continues to face a heavy debt burden, where interest on debt consumes about 20 percent of government revenue, mostly in interest on domestic debt whereas that could be used to generate fiscal savings that could be used for other expenditures such as possible stepping-up of infrastructure investment under the government’s forthcoming programme for Accelerated Growth and Employment.
He further noted that preparations for the 2011 budget have focused on reducing T-bill yields by minimising government’s domestic financing needs, while at the same time, strong ongoing efforts to improve budgeting procedures and public finance management would help achieve greater value-for-money from government spending. He went on to announce that building upon the success of the Ministry of Basic and Secondary Education, which has made excellent progress towards achieving the Millennium Development Goals (MDGs) the government intends to pilot a medium-term expenditure framework in some line ministries next year.
"The rapid expansion of the banking system in recent years is providing much needed financing for the Gambian economy. At the same time, it creates challenges for banking supervision," he said. Dunn then intimated that his mission welcomes CBG's progress in building up its supervisory capacity and its commitment and vigilance to further strengthen the regulatory framework. He said the mission also welcomes the Gambian authorities' corrective actions for the missed end-March 2010 performance criterion on the basic fiscal balance, notably by making difficult adjustments to execute a more balanced budget.
He finally encouraged Gambian authorities to continue the good performance, which he said, should yield dividends for the budget and for the Gambian economy as a whole. "On this basis, the IMF's executive board could consider the completion of the seventh review of the ECF in early 2011," he added.
Author: by Amadou Jallow
Source: http://observer.gm/africa/gambia/article/agriculture-remains-major-driver-of-gambia-economy-says-imf-official
|
I am Jebel Musa better yet rock of Gibraltar,either or,still a stronghold and a Pillar commanding direction
The GPU wants Me Hunted Down for what I don't know ..... |
|
|
dbaldeh
USA
934 Posts |
Posted - 15 Nov 2010 : 08:17:38
|
Hey! do we have a new advocate for Jammeh on Bantaba now???? Wow the long denial of connection and deep love for the NEW KING in town has finally materialized!!!!
I knew there was something cooking on the background.... A new paradigm in town - the kingdom of Kanilai and its disciplines... It doesn't take too long before night turns to day...
Life is full of amazing adventures... |
Baldeh,
"Be the change you want to see in the world" Ghandi
Visit http://www.gainako.com for your daily news and politics |
 |
|
|
Moe
USA
2326 Posts |
Posted - 16 Nov 2010 : 00:52:37
|
"SUNU Maam China Boumou Fatore La Biradang Gauge-ah Nyow, Nyom Jabereh ak chinese shoes, Fadang-jaheng deng daww bay bagga deeee". China what deep connections are you talking about? I love everyone except you, by the way if you are referring to the observer editorial, Thats not the words of the King, China!!................................................................Peacequote:
Originally posted by dbaldeh
Hey! do we have a new advocate for Jammeh on Bantaba now???? Wow the long denial of connection and deep love for the NEW KING in town has finally materialized!!!!
I knew there was something cooking on the background.... A new paradigm in town - the kingdom of Kanilai and its disciplines... It doesn't take too long before night turns to day...
Life is full of amazing adventures...
|
I am Jebel Musa better yet rock of Gibraltar,either or,still a stronghold and a Pillar commanding direction
The GPU wants Me Hunted Down for what I don't know ..... |
Edited by - Moe on 16 Nov 2010 01:17:20 |
|
|
|
dbaldeh
USA
934 Posts |
Posted - 18 Nov 2010 : 02:01:32
|
quote:
Originally posted by Moe
"SUNU Maam China Boumou Fatore La Biradang Gauge-ah Nyow, Nyom Jabereh ak chinese shoes, Fadang-jaheng deng daww bay bagga deeee". China what deep connections are you talking about? I love everyone except you, by the way if you are referring to the observer editorial, Thats not the words of the King, China!!................................................................Peacequote:
Originally posted by dbaldeh
Hey! do we have a new advocate for Jammeh on Bantaba now???? Wow the long denial of connection and deep love for the NEW KING in town has finally materialized!!!!
I knew there was something cooking on the background.... A new paradigm in town - the kingdom of Kanilai and its disciplines... It doesn't take too long before night turns to day...
Life is full of amazing adventures...
Whatever you want to say Moe... it is ok to support Jammeh and acknowledge any connections or deep love for the regime. What is not ok is pretending to be sitting on the fence while you can't help it but embrace everything he vomits...
Just simply be honest and come out as a clean advocate. It will make you no less of a man to stand up for what you belief!!!! It is your God given right.... |
Baldeh,
"Be the change you want to see in the world" Ghandi
Visit http://www.gainako.com for your daily news and politics |
|
|
| |
Topic |
|
|
|
| Bantaba in Cyberspace |
© 2005-2024 Nijii |
|
|
|
Topic Locked
