By: The Fatu Network News Desk
Finance Minister Seedy Keita has announced that the government will use part of an expanded World Bank support package to settle its arrears to Karpowership. He told the National Assembly that the World Bank has increased its expected budget support from 20 million dollars to 45 million dollars, a change he attributed to what he called a very productive discussion with the institution. He said a portion of this new allocation will be directed towards the outstanding amount owed to the Turkish power provider, describing it as an obligation the government must clear.
The minister reminded lawmakers that the arrears relate to invoices accumulated before the termination of the contract and said the funds will allow the government to close that chapter. While he avoided giving lengthy explanations, he said the payment will deal with the remaining balance that is still due, calling it money that must be settled without further delay.
Mr Keita also provided an update on external financing for the 2025 fiscal year. He reported that project grant inflows have reached 5.56 billion dalasis, nearly half of the approved 12.6 billion dalasis for the year. He said the World Bank component of this year’s support has already been agreed and that the European Union facility is in its final stages, noting that the government has already met what he called the essential conditions.
On relations with the International Monetary Fund, the minister confirmed that The Gambia has reached a staff level agreement. He said the IMF Board will consider the country’s review in mid December, after which further disbursements are expected. He described the agreement as an important step that places the country in a stronger position as the fiscal year progresses.
Turning to the National Food Security Processing and Marketing Corporation, formerly GGC, Mr Keita said the government is unable to recapitalise the institution directly from the 2025 budget. Instead, he explained that the Ecowas Bank for Investment and Development has arranged a 10 million dollar loan to support the corporation’s working capital. He said the loan will move forward once the remaining legal and security requirements are completed.
By: The Fatu Network News Desk Finance Minister Seedy Keita has announced that the government will use part of an expanded World Bank support package to settle its arrears to Karpowership. He told the National Assembly that the World Bank has increased its expected budget support from 20 million dollars to 45 million dollars, a The Fatu Network
