The Barrow administration has trashed former President Yahya Jammeh’s government’s budget, slashing more than $24.8 million dollars from the funds.
Gambia’s Finance Minister, Amadou Sanneh has presented an amendment budget to the parliament and announced cuts in bank interest rates to help revive the battered economy.
Sanneh said the revised budget will help to address the dire macroeconomic situation this administration has inherited.
The trashed budget had allocated million in funding to Jammeh’s State House than most critical sectors like Education, trade, and energy.
A former close aide of Jammeh said nearly $7 million a month had been channeled through the State House, most of which had gone into covering traveling and living expenses for the then first family.
The Gambia’s new government had inherited a nearly insolvent country with Jammeh making away with millions, leaving the treasury empty.
Jammeh’s administration mismanaged and financially drained public enterprises, most especially the national telecommunications company and depleted the mining revenue.
The Gambia last week received an emergency funding of $16 million from the IMF to help address the urgent balance of payment gaps following months of political turmoil sparked by Jammeh’s refusal to step aside.