The Gambia’s Finance and Economic Affairs Ministry chief Mr. Mambury Njie, has informed members of the National Assembly that they (Ministry) have factored D1billion, under the Ministry of Health, to cover Covid-19 related expenses, such as vaccination logistics, medical supplies and operationalization of treatment centers.
Minister Njie made the disclosure on Monday, 18 October 2021, while laying the Estimates of Revenue and Expenditure for the fiscal year 2020, before the National Assembly in Banjul.
His words:“As we are aware, the Gambia is poised to host the OIC Heads of State and Government Summit in 2022. This will require substantial amount of resources to upgrade vital roads, energy and water infrastructure across the country.”
As a result, he went on, capital expenditure is expected to register a growth of 159 percent to D12.16 billion in 2022, from D4.69 billion in 2021. The Finance Ministry boss further said debt interest payment is projected to reach D3.45 billion and would consume around 20 percent of government domestic revenues (tax and non-tax only) in 2022.
“Overall debt service (interest payments plus amortization) is projected to be D5.74 billion in 2022 from D5.99 in 2021, thereby registering a decline of 4 percent.
“In terms of financing the deficit, domestic borrowing is projected to decline from D3.31 billion in 2021 to D2.46 billion in 2022”, he explained. He also informed that capital revenue in 2022 is projected at D1 billion compared to D1.79 billion in 2021, whereas foreign borrowing to finance development projects in 2022, would decline to D1.905 billion compared to the D4.22 billion borrowed in 2021.
The 2022 budget, said the minister, symbolizes their collective commitment as a nation to three critical development pathways. Outlining them, he said firstly, government in the budget signals renewed commitment to ongoing reforms, aimed at not only greater fiscal discipline, and transparency, but development results, adding that they aimed to strengthen program effectiveness, while doing as much as possible with minimum resources, to build the country forward.
Secondly, in the budget, he continued, the government reaffirms its commitment to innovative development financing which will be additionally joined at the hip with investments in both social and economic sectors, with the objective to catalyze greater private sector participation in their development agenda and ensure social transformation.
Thirdly, as they focus on graduating into a stronger economy and more equitable growth, he said government wishes to signal consistency in their policy posture and commitment to the fundamentals of our macroeconomic aspirations. Thus, the budget will lay strong foundation for a green, resilient and inclusive recovery that addresses the triple challenges of the COVID19 pandemic, debt stress and climate change.
“Indeed our priorities in the 2022 budget signals in no uncertain terms, this government’s commitment to leave no one behind and provide social safety for the vulnerable in our society,” he stated.
“Through this budget, we will emerge stronger by pressing on with economic transformation, strengthening our social cohesiveness and building a sustainable future that assures prosperity and equal opportunity for all. I beg to move,” Finance Minister Njie remarked.
