EYEAFRICA TV: Banjul, THE GAMBIA:- The European Union has reinforced its technical assistance to the Ministry of Finance of The Gambia with additional funding worth €1.8M, the bloc’s representative in The Gambia said in a statement.
“The European Union has signed an agreement of around 1.8 million EUR with the International Monetary Fund (IMF) to fund technical assistance to the Ministry of Finance and Economic Affairs,” the release stated.
This constitutes a component of the EU’s budget support programme (State and Resilience Building Contract) with the Government of The Gambia.
The project aims to strengthen capacity of the Government of The Gambia 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.
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 International Monetary Fund will start in March 2021.
“This project will continue from and build on achievements of a previous technical assistance project financed by the European Union and implemented by the IMF.
“Moreover, this project is closely linked to reform measures that the Government of The Gambian committed to under the IMF’s ongoing Extended Credit Facility Programme, approved in March 2020 for a period of 3 years.”
Since the democratic transition in January 2017, the EU has provided to The Gambia around €360 million 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 related to encouraging 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 the EU’s cooperation with The Gambia.”