Finace minister Mr Seedy Keita on wednesday briefed nams on the evolution of the Gambia’s debt, which rised from D46 billion at the begining of 2017 to D110 billion as of 2023.
The minister provided this update in responseto concerns raised upper Saloum lawmaker Alagi Mbow about the depriciation of Gambian dalasi against major currencies, its inpact on Gambia,s foreign loan portfolio as wellas the current state of the debit.according to Minister Keita, the impct of the depriciation of the dalasi on foreign currency debt portion amounted to D7.56 biillion as of December 2023,and at the same period, the total loan stock stnnds at D110 billion.
In the breaking down the evalution of the debit stock, Minister Keita said:“The total debit stock at the begining of 2071 was 2017 was D46 billion.IN 2017, the new admistration also inherited D10.8 billion and these were debts in the system that were not recorded and it was subsequently securitised using a 30-years non .marketable bond. In 2018 the government had an MOU to take over the liabilities of the National Water and Electricity Company (Nawecc) and issued a7- year bond at market rate which was D1.7 billion to make the debt service payment.Also., there were confirmed debts to other parties to the tune of D2.4 billion and Fx D7.6 billion. So as a result, the net borrowing under the new dispensationcame to D41.9 billion.