The Deputy Managing Director of International Monetary Fund (IMF), Zhang Tao, on Monday urged the Gambian government to strengthen its local resource mobilization schemes to build the economy, in a joint press conference with Gambian Finance Minister Mambury Njie in Banjul.
“As we have seen in the last two years, the economic growth has remained solid. You need to strengthen local resource mobilization and fiscal strength. You need to move forward to create a better environment for the country so that businesses can boom that will generate more revenues to finance the most needed public expenditures,” Zhang said.
Njie said the austerity measures undertaken by the government has resulted in creating a better economy for the country with the debt to the Gross Domestic Product (GDP) ratio sliding down to 88 percent after it has been recently rebased.
“We have been doing what they call ‘cut your coat according to your size’ as a way of expenditures control,” Njie told the press.
The Gambia has introduced economic recovery reform policies including the vehicle policy and travel ban on certain public official as a way of controlling its expenditure. Enditem