European Union reinforces technical assistance to The Gambia
Banjul, Gambia (PANA) - The European Union (EU) has signed an agreement for 1.8 million euros with the International Monetary Fund (IMF) to fund technical assistance to the Gambian Ministry of Finance and Economic Affairs.
A statement, made available to PANA in Banjul on Thursday, stated that the deal constitutes a component of EU’s budget support programme (State and Resilience Building Contract) with the Gambian Government. The project aims to strengthen capacity of the African nation's Government on public financial management and revenue administration.
“The focus of the project will be on fiscal reporting, design of the medium-term fiscal strategy, budget formulation and cash management," it said.
The project also aims to strengthen management and governance arrangements within the revenue administration, and to reinforce the tax administration in its core functions related to tax compliance and tax collection.
The work carried by the IMF will start in March 2021.
It will continue from and build on achievements of a previous technical assistance project, financed by the European Union and implemented by the IMF,” the statement said.
Moreover, the project is closely linked to reform measures that the Gambian Government committed to under the IMF’s ongoing Extended Credit Facility Programme, approved in March 2020 for a period of three years.
“Since the democratic transition in January 2017, the EU has provided Gambia with around 360 million euros in development funds. The EU is committed to assist in strengthening the democratic and economic governance in The Gambia as well as its resilience capacities.
The EU supports the priorities of The Gambian Government on inclusive and sustainable growth, implementing the necessary reforms fostering human rights, democracy, and the rule of law.
Budget support through a series of State and Resilience Building Contracts has been a key component of EU’s cooperation with The Gambia,” the statement said.
-0- PANA MSS/VAO 4Feb2021
