He explained that prompted by this development, the government resolved to formulate robust policies that would set up buffers against shocks and enhance domestic revenue mobilisation.
Notwithstanding the challenges, Barrow added that the fourth review of the Extended Credit Facility with the IMF was successfully completed in December 2021.
The president continued that his government remains committed to sound economic policy management, as detailed in the Medium Term Economic Fiscal Framework (2022-2026), saying the framework is to improve macro-fiscal stability.
“With the support of the United Nations Development Programme, the initial stages of the formulation of a Recovery-Focused National Development Plan (RF-NDP: 2023-2027) and a Long-Term Development Vision (LTDV: 2050) have started. The RF-NDP will succeed the National Development Plan (2018-2021), and the LTDV will succeed Vision 2020 for the country’s long-term development targets and transformation.”
He reiterated that the country’s total debt service payment in 2021 was D5.01 billion. Of this, he said, D1.9 billion was External Debt Service payment and D3.1 billion was Domestic Debt Service payment.
“The debt service payment increased by 11.1% from D4.5 billion in 2020 to D5 billion in 2021. There was no Debt Service Suspension Initiative receipt, compared to the preceding year.”
