The Minister of Finance and Economic Affairs, Seedy Keita, has revealed that The Gambia holds significant shares in several international financial institutions, but also faces substantial outstanding payments, some amounting to millions in international currency units.
Speaking on government’s equity in international organisations and the payments made or pending, Keita said that The Gambia currently holds 777 shares in the World Bank Group, 2,867 in the Islamic Development Bank, 18,432 in the African Development Bank (AfDB), 40 in the ECOWAS Bank for Investment and Development (EBID), and 30 shares in BSIC Group. The country’s shareholding in the International Monetary Fund (IMF), he said, is handled by the Central Bank.
The government, he said, has paid $270,000 to the World Bank, D2.4 million in local currency, and over 3 million Islamic dinars to the Islamic Development Bank. The AfDB and the EBID have received 6.8 million and 5 million units of account, respectively, while BSIC Group received €8 million.
The minister noted that the government owes significant amounts to these institutions. These include $91 million to the World Bank (mainly callable capital), 4.3 billion Islamic dinars to the IDB, 177 million units of account to the AfDB, over 17 million to EBID, and €9.4 million to BSIC Group.
On a possible credit rating for The Gambia, Minister Keita confirmed there is currently none, but said the government plans to pursue a “shadow rating” as a preparatory step. He explained that such ratings are primarily needed to access international financial markets, which The Gambia is not yet ready for due to high debt levels and other prerequisites.
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