By: Ousman Saidykhan
Economic expert, Nyang Njie, has said the economy of The Gambia is doomed and that the recently passed revised budget by the National Assembly Members which sought a 30% increment of salaries in the Civil Service will only worsen the already ailing economy.
“This economy is doomed as we speak. The economy is on vacation and the country is not growing. If the country is not growing, we don’t have revenues, if we don’t have revenues it means for the rest of the year, we will resort to public borrowing, which is called deficit financing to pay salaries,” Mr Njie said.
The National Assembly Members passed the Revised Estimated Budget tabled by the Minister of Finance and Economic Affairs, Seedy Keita in the first Extra-Ordinary Session in the 2022 Legislative Year seeing a 30% salary increment in the Civil Service.
“That is consequential to our domestic debt that is already bloating. So, any way you look at it, is a cost to society and it is taking the economy and Gambians backwards,” the economic expert told the Fatu Network on its News Review programme.
The finance minister told lawmakers the basic salary increment was meant to improve the lives and livelihood of Gambians but of Civil Servants specifically, as this is the reflection of the Gambia’s current economic realities. It applies to civil servants; including ministries and departments likewise subvented hospitals and schools under the Ministries of Health and Basic and Secondary Education.
For economic experts like Nyang, the increment is detrimental to the economy.
“So, no one has won. But it was a politically expedient move and politicians have scored a point to the detriment of the economy and livelihood of Gambians,” he said.
