$1B of Gambia’s debt amounts to 120% of GDP: IMF, World Bank

$1B of Gambia’s debt amounts to 120% of GDP: IMF, World Bank

The Gambia’s government incurred a debt of $1 billion, which would amount to 120% of the country’s GDP during the last decade of ex-president Yahya Jammeh’s rule, according to the IMF and World Bank.

The IMF currently list the Gambia’s government debt as 99% of GDP, $881 million. The most recently available figures say that of Gambia’s government debt, around 54% is owed outside the country, and 46% within Gambia.

This would mean that of $1 billion of debt, $540 million is owed externally and $460 million domestically.

The most recent figures from the World Bank and IMF are that Gambia’s government external debt is $467 million. Of this: $349 million is owed to multilateral institutions such as the World Bank, IMF, and African Development Bank, $112 million is owed to other governments, $6 million is owed to private creditors.

Total debt in the West African nation stands at about $1.9 billion, about the same net worth for the former President Jammeh.

Gambian authorities are accusing Jammeh of mismanaging state funds and siphoning billions during his iron fist rule of the country.

At least 88 bank accounts have been uncovered when auditors probed Jammeh’s business and financial transactions. A court order has been obtained by the Justice Department freezing Jammeh’s accounts and his domestic assets.

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