The finance minister of the Gambia, Mambury Njie, told the National Assembly on Monday the West African country could lose close to 1 billion dalasis (about 19.7 millions U.S. dollars) as a result of the novel coronavirus (COVID-19) outbreak around the world.
“It is estimated that close to 1 billion dalasis will be lost in revenue for the year,” he told the gambian lawmakers.
“The budget deficit is expected to widen from 1.5 percent to 2.1 percent of the GDP with the impact of COVID-19”, he added.
According to him, the decline in economic growth is estimated to emanate from trade, remittances, construction, hotels and restaurants.
He explained the expenditure control and planning will provide a suitable mechanism to lessen the impact to ensure that sound economic gains registered in the past two years are not equally lost due to COVID-19.
The Gambia is so far not affected by the COVID-19, but already feels economic distress due to lack of active trade around the world, especially with Senegal battling with COVID-19. Enditem