GOVERNMENT SECURES ANOTHER SIGNIFICANT BUDGET SUPPORT

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TO STRENGTHEN GOVERNANCE, RESILIENCE

BANJUL, 29th December, 2023 – A Press Release from State House said the Government of The Gambia through the Ministry of Finance and Economic Affairs has successfully secured substantial budget support totaling $40,500,000, $6,700,000, and €12,000,000 from esteemed international partners such as the World Bank Group, Africa Development Bank and the European Union respectively.

According to the release, this funding injection is strategically earmarked to advance key initiatives aimed at fostering improved governance, bolstering fiscal resilience and the instigation of transformative reforms in public financial management. The release said the support reflects a collective commitment to fortifying Gambia’s economic foundation, and to uplift the lives of the citizenry. According to the release, a breakdown of the financial support went as follows:World Bank Group: $40,500,000; Africa Development Bank: $6,700,000; European Union: €12,000,000. The release said these substantial contributions underscore the international community’s recognition of the Gambia’s efforts towards fostering sustainable development, and in addressing multi-faceted challenges, adding that the funds are strategically channeled to facilitate comprehensive public financial management reforms, strengthening social protection systems to alleviate poverty, and mitigating the impacts of climate change.

The release said key focus areas for the utilization of this budget support include initiating robust reforms to enhance governance structures and to promote transparency, accountability and efficiency in public administration; Fiscal Resilience: Implementing measures to fortify the country’s fiscal resilience in the face of economic uncertainties, ensuring a stable and sustainable financial environment; Social Protection Systems: Strengthening social protection systems to reduce poverty, and enhance the well-being of vulnerable populations, and Climate Change Mitigation: Implementing strategies to address and adapt to the impacts of climate change, fostering environmental sustainability and resilience. 

The release said the Government of The Gambia expresses its sincere gratitude to the World Bank, Africa Development Bank and the European Union, for their unwavering support and partnership in advancing the nation’s development agenda, and that this collaborative effort is poised to create a positive and lasting impact on the lives of the Gambian people.