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Top World Bank, IMF Officials Thumb up Gambia’s Prospects
Root Folder
Friday, November 09, 2007
“The Gambia has reached the completion point for the debt relief initiative,” declared Messrs Madini M. Tall and Mr. Tsidi Tsikata, World Bank Country Director for The Gambia and IMF Mission Chief For The Gambia respectively. The duo made this declaration yesterday shortly after meeting with President Jammeh at State House in Banjul. Mr. Tall of the World Bank revealed that his discussion with the Gambian leader revolved around the issue of Gambia reaching the completion point, adding that there is going to be a board meeting in Washington in December, to declare completion point for The Gambia. According to him, he also discussed with the president the donor round table conference which, he added, is coming up in two weeks’ time in Geneva to discuss the Poverty Reduction Strategy for The Gambia and mobilize international support. He indicated that the World Bank is in the middle of replenishment round which, according to him, is the next circle for resource mobilization for not only The Gambia but for all African countries once completion is attained. He further observed that the micro-economic environment of The Gambia is sound, noting that The Gambia has a programme with the IMF and has been able to produce very good poverty reduction strategy. “I think a lot of work has been done to increase investment climate in this country which will in turn contribute significantly towards attracting not only donor cementing for The Gambia but international cementing from private sector. I think it will take a combination of not only aid but also trade, foreign investment and debt management to make sure the country is really on the path to prosperity,” he said. For his part, Mr. Tsikata indicated that his discussion with President Jammeh among other things centered on the debt relief for The Gambia and an IMF-supported programme called PRGF. He said: “I think that in terms of specific target and measures that The Gambia was required to undertake, the three years has been satisfied. It has taken a long time to get there. You may recall that The Gambia reached the decision point in December of 2000, but we believe that The Gambia has made enough progress now for us to negotiate and recommend to our board that The Gambia get to the completion point.” Asked about the prospects for any debt relief or cancellation for The Gambia, he said: “There is something called the MDRI (Multilateral Debt Relief Initiative), which entails the cancellation of the significant parts of The Gambia’s debt to the World Bank, the African Development Bank and the IMF, and that will be part of the relief that The Gambia will get and there is also some relief from bilateral creditors.” Author: By Abba A. S Gibba
Source: The Point
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