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Saturday, October 23, 2021

IMF rep says dalasi stabilising

Speaking during a conference with students from the University of The Gambia at IMF offices at UN House midweek, he said: “We have seen the dalasi stabilising since January due mainly to tightening of monetary policy. I hope the government will continue implementing the policies they say they are implementing. The stability will ensure businesses do not have to worry about volatility of prices. Stability does not mean there are no changes but when volatility is not too much.

“There is no doubt since independence when The Gambia joined the IMF in 1967 that you have made great progress and progress can be accelerated. The IMF has provided financial resources and technical assistance to ensure sustainability of growth, not volatility. Inflation reduces the spending power of people especially those with fixed income. We have been giving technical assistance to the Gambia Revenue Authority to implement value-added tax, the Ministry of Finance in public finance management, Gambia Bureau of Statistics and Central Bank of The Gambia with bank supervision.”

Put to him the queries about the seeming inability of African countries to haul millions of their citizens out of poverty despite posting high growth rates, he replied: “There is a difference between growth rates that can pull people out of poverty and create jobs for youths. To achieve that, the country needs to have sustained growth over a period of time. It also depends on the population growth of those countries. How much does The Gambia’s economy grow and what is the population growth? So you  have to look at the level of population growth which affects certain aspects of distribution. That is why we are trying to encourage countries to implement policies that do not just promote growth but provide jobs.”

Jimmy Nzally from the UTG public relations department thanked the IMF for the conference. He noted that it will go a long way in enhancing their knowledge of the work of the institution.

 

Alagie Manneh provided additional reporting

Author: Sainey Darboe

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