The Government of The Gambia, through the Ministry of Finance and Economic Affairs, has secured substantial budget support from esteemed international partners.
The financial support comprised $40,500,000 from the World Bank Group; $$6,700,000 from the African Development Bank; and €12,000,000 from the European Union.
A statement made available stated that this funding injection is strategically earmarked to advance key initiatives aimed at fostering improved governance, bolstering fiscal resilience, and instigating transformative reforms in public financial management.
The statement added that the support reflects a collective commitment to fortifying The Gambia’s economic foundation and uplifting the lives of its citizens.
“These substantial contributions underscore the international community’s recognition of The Gambia’s efforts towards fostering sustainable development and addressing multifaceted challenges.
The funds are strategically channeled to facilitate comprehensive public financial management reforms, strengthening social protection systems to alleviate poverty, and mitigating the impacts of climate change,” the statement said.
It revealed that the key focus areas for the utilization of the budget support include: Governance Enhancement: Initiating robust reforms to enhance governance structures and promote transparency, accountability, and efficiency in public administration.
According to the statement, implementing measures to fortify the country’s fiscal resilience in the face of economic uncertainties, would ensure a stable and sustainable financial environment.
It pointed out Social Protection Systems, strengthening social protection systems to reduce poverty and enhance the well-being of vulnerable populations.
“Climate Change Mitigation: Implementing strategies to address and adapt to the impacts of climate change, fostering environmental sustainability and resilience.
“The Government of The Gambia expresses its sincere gratitude to the World Bank, African Development Bank, and the European Union for their unwavering support and partnership in advancing the nation’s development agenda.
“This collaborative effort is poised to create a positive and lasting impact on the lives of the Gambian people,” the statement added.
