By Bakary Touray Jr
The Minister of Finance and Economic Affairs Mr. Mambury Njie, has told the nation’s Legislative House that The Gambia’s total revenue and grants for the year 2020, is estimated at D24.5 billion.
In his Budget speech on Friday, 6th December 2019 before the National Assembly in Banjul, the Finance Ministry chief said that constitutes 25 percent of GDP {Gross Domestic Product}, and 3.2 percent fall from D25.3 billion, constitutes 29 percent of GDP budgeted in 2019.
The Minister, whose speech was also broadcast by the National Broadcaster for the benefit of the public, informed that tax revenue is projected to grow in normal terms to D11.6 billion (11.8 percent of GDP) in 2020 compared to D10.4 billion (11.9 percent of GDP) budgeted in 2019.
Njie submitted, “Non-tax revenue is anticipated to increase to a budget of D2.0 billion in 2020, compared to a budget of D1.5 billion in 2019”.
He further said Grant inflow is expected to decline during the 2020 fiscal year to D10.8 billion (11 percent of GDP) in 2020 compared to D13.4 (15.3 percent of the GDP) in 2019.
“In 2020, project grants and budget support are budgeted at D8.1billion and D2.7 billion, respectively. Governments’ fiscal deficit is projected to increase slightly from a deficit of D3.5 billion (4 percent of GDP) in 2019, to a budget deficit of D3.9 billion ( 3.9 percent of GDP) in 2020,” disclosed the Minister.
He also informed the legislators that out of US$ 1.8 billion pledged by various development partners at the donor conference, only US$183 million (10 percent of the pledged amount) has been disbursed, so far.
The Gambian public further heard that the Gambian economy is expected to grow by 6.0 percent in 2019, compared to an actual real growth of 6.5 percent in 2018; and that the decline in growth is as a result of lower than anticipated agricultural productivity.
He admitted that the agricultural sector is to experience a contraction due to poor performance from crops and livestock, which are both anticipated to decline to 6.2 and 10.0 percent in 2019.
The Finance and Economic Affairs boss disclosed that, Forestry and fishing are expected to grow by 1.1 percent and 5.9 percent, respectively, in 201. “Industry anticipated to the strongest growth rate of 21.7 percent in 2019 compared to 2.5 percent in 2018, growth in the service sector is expected to decline to 3.6 percent in 2019 from 9.9 percent recorded a year earlier”.
According to him, total expenditure increased slightly by 1.3 percent from D13.6 billion in the first nine months of 2018 to D13.8 billion in same period 2020, while current expenditure increased by 1.5 percent from D7.7 billion(126 percent of tax revenue) in the first nine months of 2018 to D8.9 billion (117 percent of tax revenue) in the same period 2019.
