By Manding Darboe, MBA Finance and Investments, New York

The coalition government of His Excellency Adama Barrow, in my opinion, has produced a realistic, sustainable and humane budget for The Gambia.

As a budget expert with responsibility for New York City’s $1.1 billion 5 year capital expenditure budget, I can vouch that The Gambia’s Finance, Minister Mr. Honorable Amadou Sanneh has produced the most sustainable fiscal budget that was ever produced since independence. I have never actually seen or listened to a reasonable, succinct, prudent and sustainable budget for my country, given what the Gambia had been through for the past 22 years. A national budget is supposed to be realistic, sustainable and humane. This year’s budget was realistic, sustainable and humane. I like his candor and his style of delivery. When Mr. Honorable Amadou Sanneh delivered/submitted his first budget, I braced myself expecting the worst because of Yahya’s, 22 year misrule, but Amadou promised to come back (which every financial professional under these arduous circumstances that is worth his salt would do), so I waited, before I make a comment. When he came back to the National Assembly, Amadou produced a budget that did all of the above (i.e. realistic, sustainable and humane). I watched everything and every minute of it in my New York Apartment in my study. Here are the key budget amounts/data that I culled from The Gambia’s most professional Finance Minister, Mr. Honorable Amadou Sanneh while he delivered the budget to The Gambia’s National Assembly, check the numbers out for yourself.

1. Creation of an all inclussive compact CRP (consolidated revenue Fund)

  1. Securing recognizable revenue from negotiated budget support funding from IFIs (international financial institutions-negotiated by a government that is just about 5 months in office. Bravo!)

  2. Bailing out of our SOEs (State owned enterprises) re-negotiating and paying out their debts which most governments do if SOEs go under arduous financial destress

  3. booking recognizable savings expected from the ongoing comprehensive staff audit of the Gambia’s Civil service

Asset sales
5. booking recognizable revenue yields in the amount of D471 millions from asset sale of of president airplanes of the former present

  1. booking recognizable revenue yields in the amount of D566 millions from asset sale of seized land of former president

  2. booking recognizable revenue yields in the amount of D942 millions from asset sale of ballooned former government’s vehicle fleet.

National Debt Management
8. 9% reduction of our national debt service interest obligations (negotiated by a government that is just about 5 months in office. Bravo!)

  1. 9% reduction brings our debt service interest obligations from 3.72 billion to 2.68 billion (negotiated by a government that is just about 5 months in office. Bravo!)

TO BE FAIR, WHEN THE GOVERNMENT DO GOOD JOB WE SHOULD GIVE THEM CREDIT. GOOD JOB BARROW AND TEAM FOR THIS YEAR’S BUDGET!

Ends

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