By: Adama Makasuba
The deputy managing director for International Monitory Fund, Tao Zhang has disclosed that IMF estimates 3.5 percent economic growth for sub-Saharan Africa for 2019 from 3 percent.
Mr Tao Zhang made the revelation during a public lecture on Tuesday at Kairaba hotel in Senegambia, Kololi.
“The IMF estimate that growth in sub-Saharan Africa should accelerate in 2019 to 3.5% from 3% in 2018 and we expect the growth rate in the medium term will close to 4%,” he said.
Mr Zhang, who is on a visit in the Gambia, will today visit the Senegambia Bridge in Farafenni as part of his tour into the country.
He said the region has benefited from solid growth over the past two decades but faced challenges over the past four years.
Meanwhile, he said: “We are very pleased to see the country has rebounded strong because in 2018 it reached 6.6%. Inflation has drop to about 6%.”
For his part, minister for finance and economic affairs, Mamburay Njie said: “the turnaround in macroeconomic performance since January 2017 has been remarkable which rebounded 6.6% in 2018 and inflation and prices have receded has the confident in the economy returned.”
He said this happened through the financial supports from their international partner’s, adding they can’t be complacent as public expectation is high.
According to him, the reestablishment of fiscal prudence has reduced government domestic borrowing, enabling a recovery of private sector credit.
“My task as a finance minister is clear, it is to consolidate recent macroeconomic gain through fiscal probity and to continue with ongoing efforts to increase fiscal space for much needed social and investment spending,” he claimed responsibility before a gathering.
He said this would require perseverance in enhancing domestic revenue mobilization, saying by broadening the tax base and curbing tax evasion to priorities public expenditure.
He added: “Macroeconomic stability and fiscal probity are merely stepping stone to achieving broader goals that we have set for ourselves in our national development plan.”