Gambia’s Minister of Finance and Economic Affairs on Wednesday briefed the cabinet on the emergency funding allocated to the country.
The IMF approved $16 million dollars (D640 million dalasis) is urgent funding to address budgetary and fiscal difficulties the nation is facing.
The gaps, according to Finance Minister Amadou Sanneh was caused by the former regime’s financial mismanagement and the shock the economy experienced over ex-president Jammeh’s refusal to step aside.
Sanneh also declared that there is an Islamic Development Bank $15 million dollars (D600 million dalasis) support for livestock rearing, energy, and the healthcare services.
According to officials, the cabinet discussed reaching to the African Development Bank for funding support for electricity, food security, industrialization, regional integration and improving the standard of living.
Gambia’s state-owned electric and water company is facing difficulties with meeting demands and continues to be impeded by serious challenges.
The country has agreed to an IMF monitoring program and hopes to also have the government’s financial system fully integrated.