Day 3 of the WTO's Ministerial Conference, Bali, 3 December 2013. (Photos may be reproduced provided full attribution is given.)

Gambia gets $5M loan to develop a finance management system

Gambia’s Finance Minister Abdou Kolley signed a loan agreement in Washington for USD $5 million for the development of an integrated financial management information system.

The loan that was obtained from the International Development Association will be supporting the Personnel Management Office with its human resources and payroll duties.

The Gambia’s government said it expects the new system to strengthen its statistical capacity and help in its state-owned enterprise’s reform program.

Kolley said having the IFMIS can improve good governance by having real time financial information to administer programs effectively, formulate budgets and manage resources.

“The road to implementing successful IFMIS in developing countries is paved with difficulties, such as resistance from the bureaucracies involved; lack of decision-making from the top; weak human capital; corruption and fraud,” according to USAID

The IFMIS has been implemented in other African nations like Kenya and has been effective. The program can take up to ten years to be fully functional.

The Gambia is on the road to setting up an anti-graft commission and such a system may help in its work to track financial events and summarize financial information.

The Gambia’s government has renewed its commitment to fight corruption and other financial malpractices. This summer, authorities sacked 27 government officials including 10 permanent secretaries on suspicion of having fraudulently acquired official cars and other items.

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