Can we stop The Gambia Debt Stock from climbing?The report is worth thinking
of at least for a moment.


Debt Stock On the Increase



Panafrican News Agency

December 7, 2000

Paschal Eze
Banjul, Gambia

Gambia's total debt stock, which increased from 390 million US dollars in
1992 to 566 million dollars in 1999, is expected to record further increase
by the end of 2000, an official source said.

In presenting the 2001 budget to the National Assembly Wednesday, the
secretary of Finance and Economic Affairs, Famara Jatta, said 75 percent of
the debt is external, while 25 percent is domestic.

He said the external debt amounted to 425 million dollars while the local
debt stood at 141 million dollars.

Jatta predicted that Gambia's external debt would reach 439.5 million
dollars by the end of the year.

He complained about the country's alarming debt increase, saying it is no
longer bearable especially when over 30 percent of its budgetary expenditure
were going toward debt servicing. He also agreed domestic debt stock was
negatively affecting private sector investment.

Jatta, however, cited that improvements were in all sectors of the economy
in fiscal 2000, crediting prudent financial management and a resolve to
improve the living conditions of Gambians for such trends.

He said inflation dropped in 1999, but that the local currency - the dalasi
- was persistently under pressure against most international currencies,
especially the US dollar and British pound sterling.

Jatta noted that the dalasi depreciated in general terms by 5.4 percent, and
that in the first ten months of 2000, it fell against the US dollar by 19
percent and against the British pound by 15 percent.

He announced some incentives for the private sector, featuring the reduction
of the annual expatriate quota from 30,000 dalasi to 20,000 dalasi.

The private sector had complained that the high expatriate quota levied in
the country discourages foreign investment, and the Gambia Chamber of
Commerce and Industry discussed the matter during a recent pre-budget
meeting with Jatta.


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Copyright © 2000 Panafrican News Agency. Distributed by allAfrica.com. For
information about the content or for permission to redistribute, publish or
use for broadcast, contact the publisher.

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