Gambia’s expenditure, net lending decline to D10.7B

Friday, November 30, 2018

The governor of Central Bank, Bakary Jammeh, has disclosed that The Gambia’s total expenditure and net lending has declined to D10.7 billion, reflecting mainly the market drop in interest payments by 20.4 percent.

The Monetary Policy Committee of the Central Bank revealed these at a recent review of economic policies.

He said the budget balance, including grants has narrowed to a deficit of D4.0 billion in nine months to end-September 2018 compared to a deficit of D7.5 billion in the corresponding period a year ago.

On domestic debt, the governor highlighted that the stock of domestic debt increased slightly to D29.66 billion (42.7 percent of GDP) as at end-October 2018 from D29.14 billion (42.0 percent of GDP) covering the corresponding period a year ago.

He pointed that the stock of treasury and Sukuk-Al Salam bills increased by 0.96% to D17.14 billion during the period under review.”

“As part of broader reforms of the monetary policy framework of the bank, the central bank has started issuing its own bills for liquidity management beginning October 2018. The bank has also introduced the interest rate corridor comprising overnight lending and deposit facilities,” he stated.

On government fiscal operations, he disclosed that a preliminary government fiscal operation for the nine months to end-September 2018 indicates total revenue and grants of D7. 8 billion compared to D10.9 billion during the same period last year. “Domestic revenue, comprising tax and non-tax revenues, rose by 16.0 percent to D6.7billion.”

Author: Pa Modou Cham
Source: Picture: Bakary Jammeh The governor of Central Bank