By Almamo Kamaso
The Gambia will borrow D4.22 billion in 2021 to finance the country’s development projects.
In terms of financing the deficit, domestic borrowing is projected to reach D3.45 billion in 2021, compared to D4.04 billion borrowed in 2020.
These were part of the statement of the Minister of Finance, and Economic Affairs, delivered at the National Assembly as he present the 2021 Budget estimates.
Minister Mamburay Njai told members of the National Assembly, that the crafting of the 2021 Budget was done under a very unusual and difficult social and economic circumstance. Njai informed the members that “on our current challenges, we can expect that 2021 would require a lot of sacrifices”
However Njai said in his 2021 Budget estimate presentation, that 2021 shall provide opportunities for innovation in all aspects of our national economy and for leveraging the potential of digitalization to transform our businesses, create an IT savvy populace, and restructure sectors worst hit by COVID-19 to make them more resilience.
The Finance minister told members that, the intention of the government is to place the energies in the pursuit of local solutions to the economic challenges, achieve greater value addition, establish sustainable domestic value chains, and diversify production and expand the export base of the country.
The Finance Minister Njia, inform members that the 2021 promises to be revolutionary and assured all that despite the gloomy clouds associated with COVID-19, the 2021 national Budget can place the Gambia on the path of becoming a highly productive nation.