World Bank pledges $60 million in budget support for Gambia

The Gambia is set tor receive $60 million in budget support from the World Bank.

This was revealed on Saturday by the Bank’s president for Africa, Makhtar Diop, during a meeting with the newly installed government.

Diop told journalists after the meeting that he had pledged to give $40 million before June with the remainder to follow later.

The funds will help fill empty state coffers following allegations that former Gambian leader, Yahya Jammeh, fled into exile with more than $ 11 million.

Gambia’s finance minister, Amadou Sanneh, said “ All parastatals especially the National Water and Electricity Company, telecommunications company (GAMTEL) and the Gambia Public Transport are bankrupt”, adding, “we need real help from donors to sustain the country.”

The World Bank has several projects in the tiny west African nation though direct budget support had previously been suspended, over the former government’s alleged manipulation of exchange rates, said a finance ministry official.

According to government officials, the International Monetary Fund and the African Development Bank are expected to hold meetings with Gambian authorities in coming weeks which could result to additional support.