Finance Minister Mambury Njie and the World Bank Country Director Nathan Belete on Monday signed a $35 million (1.7 billion dalasis) grant to support the country’s efforts to improve effectiveness in fiscal management for better public service delivery.
A statement by the World Bank Gambia office on Monday said the Fiscal Management Development Project will support the government’s National Development Plan for 2018-2021 by “restoring fiscal discipline, improving public sector efficiency, fiscal risk management and reporting, as well as helping the country transition to a digital economy”.
“The project builds on existing reforms to enhance the financial viability of telecom sector, as well as transparency and governance framework of the state-owned enterprises,” said Elene Imnadze, World Bank Resident Representative, according to the World Bank statement.
The operation will strengthen the capacity of the Gambia Revenue Authority to collect revenues, including through digital transformation of tax administration.
It will also introduce electronic procurement for more efficient and better-quality public procurement system.
In addition, the project will provide incentives and technical assistance to strengthen fiscal risk management, corporate governance and public accountability of the state-owned enterprise sector and pursue critical reforms to enhance financial viability in state-owned telecom assets.
“In the context of the COVID-19 pandemic, this operation becomes even more relevant as it contributes to building capacity to ensure the Government’s business continuity and resilience,” said Maimouna Mbow Fam, Task Team Leader, according to the World Bank’s statement.
