AMRC generates D280M for Gov’t

Monday, April 7, 2008
Mousa Gibril Bala Gaye, secretary of state for Finance and Economic Affairs has said that the Assets Management and Recovery Corporation (AMRC) has generated D280 million and other assets for the government of The Gambia since its inception, .

SoS Gaye made these remarks last Thursday at the National Assembly while answering a parliamentary question from Sedia Jatta, NAM for Wuli West in the second meeting of the House in the 2008  Legislative year.

According to him, the Assets Management and Recovery Corporation recovered the stated sum in cash and kind through Commercial loans, Development loans and Managed Fund portfolios amounting to D210 million,  forfeited properties (Commissions of Inquiries) and Gambia Cooperative Union (Rice) portfolios amounting to  D70 million.

Of this amount, SoS Gaye stated that, D108 million, represents direct cash transfers to government, D40 million as write-offs, and D57 million represents assets transferred to government as accomodation or office-space.

“AMRC also provided government with direct cash transfers and loans, such as loan of D3.8 million to the Denton Bridge and Kaur facilities for the revitalisation of the groundnut sub-sector in 2000/2001 marketing season. This sum was later treated as transfer to government. D2.6 million was paid to the Indigenous Business Advisory Services (IBAS) and to other depositors with the defunct Gambia Commercial and Development Bank” he said.

The Finance boss added that D5.8 million was also invested in GAMCO as shares subscription. “D5.1 million was also paid for the settlement of balances to IDA in respect of Strategy for Poverty Alleviation Project and the Energy Reform and Infrastructure Project and AMRC also provided D5 million as a loan to government for oil importation in March 2002” he said.

Asked to explain whether the salary increment of 20% is factored in the budget estimate of D926,238,000 dalasis which was presented to the National Assembly as the sum set aside for salaries, wages and other personnel expenditures and if so to further explain why this was not revealed to Assembly, SoS Gaye said that,  the wage bill of D926, 239,000 quoted by tSedia Jatta represents a combination of both government funds and donor funds.

“The total personal emoluments bill for government is D916,935,000, and this figure includes basic salary allowances, and other personnel related expenditures. The increasement of 20% affect only the basic salary and is included in overal basic salary, which stands at D642,619,000. As is the practice” he said.

He then made it categorically clear that the National assembly was not informed of the proposed 20% basic salary increase when the 2008 Budget was presented for approval, since the announcement was to be made by the President.

Author: by Musa Ndow