During the Monetary Policy Committee (MPC) press conference held in Banjul, Governor Jammeh added that the deficit excluding grants have improved to D0.5 billion during the first quarter of 2020 compared to D1.97 billion in the same period in 2019.
“Revenue and grants in the first three months of 2020 decreased to D4.7 billion from D5.0 billion registered in the corresponding period in 2019. Domestic revenue, which comprises tax and non-tax revenue increased to D4.5 billion during the period under review from D3.0 billion in the same period last year.”
He further explained that total government expenditure and net lending increased slightly to D5.02 billion, compared to D5.01 billion in 2019. He added the recurrent expenditure increased by 23.5 % to D4.1 billion (4.1% of GDP) during the period under review.
“Capital expenditure decreased to D948.7 million in the first quarter of 2020 from D1.7 billion in the same period last year.”
Dwelling on the domestic debt, Governor Jammeh stated that The Gambia’s domestic debt remains high, saying the stock of the domestic debt increased to D33.6 billion or 33.2% of Gross Domestic Product (GDP) as at end April 2020, from D32.5 billion or 35.7% of GDP in the corresponding period in 2019.
After reviewing the country’s economy, Jammeh explained that the committee decided to reduce the monetary policy rate by 2% point to 10% to support the economy. It also reduced the statutory required reserve ratio by 2% points to 13%, which will release about D700 million liquidity to banks; and maintain the interest rate on the standing deposit facility at 3% and the interest rate on the standing lending facility at 1% points above the monetary policy rate.
With regard to the decision taken by the MPC, Governor Jammeh encourages banks to translate these to increase lending to the private sector, while adding that the committee will continue to closely monitor the situation and stands ready to act accordingly.
The acting director of health services, Dr. Mustapha Bittaye yesterday told journalists at a press briefing that among the five confirmed new cases, three were earlier released after undergoing quarantine and when brought back later, they tested positive.
The EU Delegation, the United States Embassy, the British High Commission and the German Embassy in a joint communiqué urge members of the National Assembly to vote the draft Bill on the revised constitution to progress to the final stages of parliamentary scrutiny.
State House, Banjul, 3rd September 2020: President Adama Barrow joins the Catholic Community in The Gambia and abroad to mourn the demise of Bishop Emeritus Michael Joseph Cleary, commonly known in the country as Bishop Cleary, who passed away today, Thursday, 3rd September 2020, in Ireland at the age of 95.
The secretary general and party leader of the United Democratic Party (UDP), Ousainou Darboe has accused President Adama Barrow of not prioritising the recently rejected Constitution Promulgation Bill 2020.
