Tuesday, May 26, 2020

President Barrow Concerned About The Debt Burden

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President Barrow has expressed concerns about the debt burden of The Gambia, which he described as unsustainable, while discussing with visiting Indian President, according to state house press release dated.

The release stated that “The two leaders discussed a wide range of issues; among them was The Gambia’s “unsustainable debt” of 120 percent to its Gross Domestic Product (GDP) inherited from the former regime. The Gambia currently pays 60 percent of tax to debt servicing. Last month alone, it paid over D600 million, according to the president.”

The release further stated that this is a difficult situation for a government that has limited time to implement sweeping reforms, fix a broken economy, and stimulate the confidence of development partners.

President Barrow was then quoted as saying, “The debt is a big burden and we appealed to India for debt relief. India has given us a debt relief for five years. This will assist The Gambia to implement some of our projects’’.

Meanwhile the same press release has stated that official sources have revealed that India has agreed to reallocate a Line of Credit of $92 Million to The Gambia for the construction of roads and other infrastructural development projects following high-level talks between President Adama Barrow and his Indian counterpart, President Shri R.N. Kovind, and their technical teams.

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An MOU traditional medicine, and homeopathy, among others was signed between the two countries.

The two leaders agreed that they should expand their partnership in the spirit of South-South cooperation for the progress, prosperity, and development of their peoples.

President Shri R.N. Kovind promised:   “We have decided to extend assistance of half-a-million US dollars in support of skill development and cottage industry project’. We also agreed to offer training in the fields of judiciary, police, administration and technical expertise, as per the request and in line with the priorities of the Gambian side”.

President Kovind is visiting The Gambia for the first time, becoming the highest level Indian official to ever visit the country. He was received at the State House in Banjul on Wednesday, 31st July 2019 by President Barrow for a tete-a-tete and presentation of protocols of agreement on the International Solar Alliance treaty.

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