Gambia’s revenue is projected to more than double barely a year since President Adama Barrow took over the reign of affairs in the small West African nation.
Revenue and grants will increase from $259 million (D11.9 billion dalasis) to $422 million (D19.4 billion dalasis), a 63 percent rise, according to the Minister of Finance Amadou Sanneh.
Sanneh will be tabling the country’s budget to Parliament this week. An official of the Ministry of Finance said the increase was mainly because of increase performances in project grants.
Grants to the Gambia will grow from $17 million (D782 million dalasis) to $179 million (D8.24 billion dalasis). At least $43 million (D1.96 billion dalasis) of the grant funds will come from development partners.
The international community, most notably the European Union pumped in more than $120 million to rescue the Gambia’s economy from relapsing into insolvency.
It marked a significant increase in the country’s foreign exchange reserve, which has increased by five folds and stabilized the economy.
The IMF projected that the Gambia’s economy will see a three percent growth, slightly more than the regional average next year. The country also reduced taxes across the board and tourist arrivals are predicted to surpass 200,000.
Gambia has one of the lowest corporate tax rates in the region and President Barrow’s regime has been out charming businesses to invest in the Gambia.
The country transitioned from dictatorship to democracy, emerging from decades of political and diplomatic isolation that jammed its economy.