The World Bank will provide Gambia a budgetary support valued at about $56 million to help the country’s new government bridge its deficit and provide basic public services.
The West African nation is currently facing an unprecedented economic crisis and despite the numerous promises made by foreign donors, Gambia is still struggling to rebalance its finances. It barely stands below the billion dalasi ($21.75 million) deficit planned for this year.
According to the Gambian minister of finance and economic affairs, Amadou Sanneh, the country suffers from the poor management of the previous administration. Indeed, public deficit which stood at 83.3% of GDP between 2013 and 2016, soared to 120.3% at the end of last year.
It is in sight of this that the Bretton Woods institution decided to rapidly meet the nation’s needs in financing, but also lay the foundations for solid structural reforms.
According to official data, Gambia’s GDP rose by 2.2% in 2016, down from 2015’s 4.3%. The slump is mainly due to foreign exchange reserves contracting, lower agricultural output and political insecurity which impacted tourism, Sanneh said.
Fiacre E. Kakpo
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
• Qatar Airways and Kenya Airways establish strategic agreement, introducing a third daily flight be...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
• EY is preparing to leave Francophone Sub-Saharan Africa by 2026• The exit could unlock $500 m...
As cybersecurity asserts itself as a pillar of digital sovereignty in West Africa, technology-free z...
Nigeria’s government launched a partnership to integrate digital literacy into rural primary and secondary schools. The initiative aims to tackle...
• Rwanda cut multidimensional child poverty nearly in half among 5–14-year-olds—from 25.3% to 11.9% between 2016 and 2024.• Free basic education and...
South32 plans to revise its 2026 production forecast for the Mozal aluminium smelter due to unresolved energy supply negotiations. The current...
The world’s renewable energy capacity grew by 582 GW in 2024 but still falls short of the 2030 tripling target. Africa’s renewable capacity...
Malawi’s Mount Mulanje and Cameroon’s Diy-Gid-Biy added to UNESCO World Heritage List Africa still holds 25% of endangered sites, despite recent...
Kolmanskop offers a haunting blend of lost wealth, colonial history, and the unstoppable force of nature. Located just a few kilometers inland from...