Finance Minister Clarifies Russian Oil and Win-Win Rice Deals

By: Fatou Krubally

Finance Minister Seedy Keita has defended the government’s handling of the controversial Russian oil and Win-Win rice import transactions, insisting that both deals followed due process and did not expose public funds to any financial risk.

Speaking at a joint press conference with the International Monetary Fund (IMF) at the Ministry of Agriculture in Banjul, Minister Keita responded to a flurry of media questions following the successful conclusion of the IMF’s Fourth Review of the Extended Credit Facility (ECF) and the First Review of the Resilience and Sustainability Facility (RSF).

Keita began by expressing appreciation to the IMF team and Gambian institutions, including the Central Bank and Gambia Revenue Authority (GRA), for what he described as “burning the midnight candles” to ensure a successful review. The IMF confirmed that both programs remain on track, citing a strengthening economy and lowering inflation despite fiscal pressures.

On the Russian oil deal, Keita dismissed claims that the government failed to collect taxes, clarifying that “all oil transaction taxes related to sales are paid at the pump price.” He explained that the companies involved were international traders not domiciled in The Gambia, and therefore not liable for local corporate taxation.

Turning to the Win-Win rice deal, the minister described the arrangement as a “pilot initiative” designed to empower Gambian traders in the commodities market. He stressed that “no public funds were used” and that the financing was structured through a letter of credit facilitated by Mega Bank. “It was the bank, not the ministry, that conducted due diligence,” Keita said, adding that government merely provided policy support to enable the importation.

Keita maintained that the objective was to stabilize rice prices and promote local participation in importation. “If the transaction had succeeded, it would have brought a bag of rice to D1,000 and empowered Gambian businesses,” he stated.

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 By: Fatou Krubally Finance Minister Seedy Keita has defended the government’s handling of the controversial Russian oil and Win-Win rice…
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