More Money for Development

The fact that The Gambia has qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) Programme is a cause for national celebration. The HIPC consists of 37 least developed “with the highest levels of poverty and debt overhang”. Initiated in 1996 by both the World Bank and the International Monetary Fund (IMF), the HIPC programme “provides debt relief and low-interest loans to reduce external debt repayments to sustainable levels”.  The waiver testifies to the fact that government has been good at its economic management because “assistance is conditional on the national governments of these countries meeting a range of economic management and performance targets”.

The Secretary of State for Finance and Economic Affairs Mr Bala Moussa Gaye had said during his presentation of the 2008 Budget Speech at the National Assembly that The Gambia deserved the waiver because the authorities had worked so hard to maintain macroeconomic stability. He said: “This country has travelled a long, difficult and tiresome journey of far reaching reforms in the last three to four years. The reforms undertaken over these years in the fiscal, financial and economic areas have restored macroeconomic stability and provided investments require for growth, and for the development of the country.”

But this facility will be meaning less if it does not translate into improved living standards for the people of The Gambia. With more funds at its disposal now, government should intensify its poverty-reduction drive. More and more resources must be committed to agriculture, health and education. These are priority areas in the quest to eradicate poverty in the country. Then infrastructure development should also be given sufficient attention. Specifically, the dilapidated roads should be rehabilitated for ease of movement of goods and people across the country.

At the same time, government must not spend money on ostentatious projects that do not add value to the lives of the people. What we need as a matter of urgency and national pride are projects that will activate the productive sector of the economy.

These will in turn generate more and more opportunities for our people, besides the numerous economic and social benefits that go with employment. Prestige projects at this point of our development are not only wasteful but also inimical to our aspiration to economic self-sufficiency.
This is a good opportunity to move The Gambia ever forward.