Darboe Sounds Alarm on Gambia’s Rising Debt Crisis

Darboe warns of The Gambia’s escalating national debt, exceeding 100 billion dalasis, and highlights the misallocation of debt servicing funds. He urges government audits to reveal hidden loans and stresses the necessity of investing in agriculture instead of acquiring more loans. Darboe also criticizes the foreign management deal of The Gambia Ports Authority, deeming it detrimental to national interests.

At a recent press conference, Darboe expressed grave concerns over The Gambia’s national debt, which has surpassed 100 billion dalasis. He highlighted that the government allocates 11 billion dalasis for debt servicing, emphasizing that redirecting these funds towards agriculture could significantly bolster the nation’s economy and enhance social security.

Darboe further asserted that if a thorough audit of government transactions were conducted, undisclosed loans might potentially be uncovered, indicating greater financial damage to the country than publicly acknowledged. He noted that past audits revealed hidden billions in various currencies that were absent from budget speeches, stating, “The budget speech should carry everything that affects the economy of our country.”

He criticized the continued focus on acquiring loans rather than on addressing existing debts, stressing that investment in agriculture should take precedence. Darboe remarked, “We should consider how to pay the outstanding debt the country currently owes rather than focusing on acquiring more loans.”

Additionally, he raised objections to the agreement involving The Gambia Ports Authority, claiming it has been ceded to foreign management for 30 years, yielding only 20% to the nation while the remaining 80% benefits foreign entities. He declared, “This to me is equivalent to selling it.”

In conclusion, Darboe’s statements underscore the severity of Gambia’s debt crisis and the pressing need for fiscal responsibility. He advocates for transparency in government dealings and emphasizes the importance of prioritizing agricultural investment over acquiring additional loans. Darboe’s criticisms of foreign management of national resources further accentuate the urgency for Gambians to be informed about their economic situation.

Original Source: thepoint.gm