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Gambia, World Bank Sign $20M Budget Support Agreement

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Hon. Seedy KeitaMinister of Finance and Economic Affairs and Nathan M. Belete, World Bank Country Director for the Gambia, Senegal, Guinea Bissau and Mauritania exchange signed copies of the agreement on 19th May 2022 at theMinistry of Finance and Economic Affairs office in Banjul

By Buba Gagigo

The Gambia and the World Bank have earlier today (Thursday) signed a USD $20m budget support agreement.

The signing of the budget support agreement took place at theMinistry of Finance and Economic Affairs office in Banjul.

The Minister of Finance and Economic Affairs (MoFEA), Seedy Keita who signed the agreement on behalf of the Gambia Government, expressed gratitude to the bank for the gesture.

The World Bank Country Director for the Gambia, Senegal, Guinea Bissau and Mauritania, Nathan M. Belete stated that the support is the Bank’s commitment to responding to the needs of the poor and vulnerable in the Gambia.

“This budget operation of $20m is a testament of the World Bank’s endorsement of the efforts of the government to try and strengthen its institutions, microeconomics performance and also to confirm its commitment to responding to the needs of the poor and vulnerable in the Gambia,” he said.

The World Bank provides financial and technical support to developing countries with the overarching aim of ending poverty and promoting shared prosperity; ensuring everyone has access to essential services regardless of ability to pay is a critical part of this drive. 

The bank’s support projects throughout the COVID-19 global health emergency contain significant policy conditionality. On average, each budget support programme requires the recipient government to implement 8 policy reforms to secure funding.

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