Banjul,
Gambia - The West African Monetary Institute
(WAMI), has describe d the economic
performance of the Gambia in 2007 as
satisfactory, the PANA repo r ts from here.
A press release from the United States
Department of State for Finance and Econo
mic Affairs, monitored on Gambia Radio and
Television Services stated the instit u te
conducted a multi-lateral surveillance
mission to the Gambia from 3-10 March, 2008
in accordance with the West African Monetary
Zone (WAMZ) Article XV agreement.
The mission commended the Gambian
authorities for sustaining the momentum of
imp lementing the WAMZ programmes and
developing a strategic plan, consisting of a
c o mbination of policy measures, aimed at
delivering the economic objectives of hig h
growth, low inflation and a viable external
sector.
The programme has improved economic
management as shown in the prudent managemen
t of resources, improved the external
reserves position and engendered macro-eco n
omic stability.
Public expenditure and debt management have
improved, while reinforced tax admin
istration has led to improved revenue
collection.
The mission was satisfied with the
performance of the economy and in
particular, the ability of the authorities
to sustain its performance on the
convergence sc a le, leading to the meeting
of all the four convergence criteria -
inflation (6.0 per cent); fiscal deficit as
a ratio of GDP (1.0 per cent); central
banking fina n cing of fiscal deficit as a
ratio of previous year’s tax revenue (0.0)
and gross external reserves/months of
imports cover (5.5 months).
The country also sustained her 2006
performance on the secondary criteria, meeti
ng three out of six in 2007.
The mission commended the Gambian
authorities’ commitment on the other
structura l benchmarks, including
statistical harmonisation, financial sector
integration, single market programme,
ratification of WAMZ legal instruments and
financial contributions.
However more effort is required on the
payments system and sensitisation.
During the mission, WAMI staff assessed the
Gambia’s performance under the quant itative
and qualitative convergence criteria as
outlined in the Banjul Declarati o n of
2005.
In doing this, staff held discussions with
public officers of various government
agencies and the organised private sector.
"We want to put on record our appreciation
to the government and people of the G ambia
for the wonderful hospitality and
co-operation during our visit" the WAMI s
tated.
6/03/2008
Panapress
