Darboe raises concerns over The Gambia’s extensive debt exceeding 100 billion dalasis and the 11 billion allocated for debt servicing, suggesting these funds could be better used in agriculture. He calls for transparency in disclosing undisclosed loans and criticizes reliance on foreign agreements, particularly regarding the Gambia Ports Authority, advocating for a focus on domestic investment instead.
During a recent press conference, Darboe expressed significant concern about The Gambia’s escalating debt, which exceeds 100 billion dalasis. He highlighted that the government allocates 11 billion dalasis yearly for debt servicing, proposing that reallocating these funds to agriculture could greatly benefit the nation’s economy and social security. Darboe emphasized the importance of transparency, suggesting that undisclosed loans could be lurking, further crippling financial stability.
Darboe criticized the lack of comprehensive auditing of government activities since the change in administration, revealing hidden debts amounting to several billion dalasis across different currencies that were not reported in the budget speech. He stated that such debts exacerbate the national debt and complicate the debt servicing situation, urging that all loans impacting the economy be disclosed to the public.
He voiced concern over the reliance on loans and grants rather than investments in agriculture, asserting that addressing existing debts should take priority over acquiring additional loans. Furthermore, he condemned the Gambia Ports Authority agreement, claiming it essentially relinquishes control to foreign entities for 30 years, where only 20% of profits benefit The Gambia while 80% goes to foreign partners.
Darboe’s statements underscore the critical issue of The Gambia’s alarming debt levels, stressing the need for transparency in government financial dealings and prioritizing national investments in agriculture. His critique of the port management agreement reflects broader concerns about foreign reliance and profit distribution. Overall, Darboe calls for a shift in policy focus towards debt management and domestic economic growth.
Original Source: thepoint.gm
