|Approval Date||17 Dec 2021|
|Signature Date||31 Mar 2022|
|Planned Completion Date||31 Dec 2023|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||15124|
The proposed operation is a Transition Support Facility (TSF) Pillar III Grant of UA 1,000,000 for the Debt Management and Domestic Revenue Support Project in The Gambia (DMDR-SP). This is a technical assistance and institutional support Project, which aims to improve sustainable debt management practices and strengthen revenue mobilization capacity for greater fiscal and economic resilience. The Project generally involves acquisition of technical skills, extensive training of debt management staff on the effective utilisation of a new debt management software and broadening the coverage of the debt reporting to include State-Owned Enterprises (SOE)’s with significant contingent liabilities. The Project has three main components: namely (i) Improving sustainable and transparent debt management;(ii) strengthen domestic revenue mobilisation capacity; and (iii) Project Management. The first two components reinforce and complement each other. In addition to reducing the stock of existing debt, improved revenue performance will reduce the need to procure new debt and hence contribute positively to debt sustainability. Improve debt management will lead to improved macroeconomic stability and attract private investments. Strengthening domestic revenue mobilization will ensure that Governments priority development needs are met while reducing the stock of debt without compromising growth. Both interventions are complimentary as increasing domestic revenue mobilization will support debt repayments. The Project will be implemented over a two-year period between January 2022 and December 2023.
The overall goal of the Project is to improve sustainable debt management practices and strengthen domestic revenue mobilisation capacity for greater fiscal and economic resilience. The Project has two key underlying specific objectives:(i) Strengthening capacity for a prudent, transparent 21The World Bank, IMF, EU and AfDB and sustainable debt management; (ii) Strengthening capacity for an effective and efficient revenue administration system.
The Project’s direct beneficiaries are the: The MoFEA (Directorate of Loans and Debt Management) the GRA’s Customs and Excise Department; Risk Management, Research, Post clearance audit and ASYCUDA units). The Project will benefit The Gambia’s 13 SOE’s and 5 Local Government or Urban Councils. Indirect beneficiaries include the Central Bank of The Gambia, Public Financial Management Unit (PFMU), Public debt community Partners notably, Macroeconomics, Accountant General and Budget departments of the Ministry of Finance. Indirectly the Project will also benefit the general population through increased fiscal space resulting from higher domestic revenue increasing resources inflows and better debt management systems. The Projects envisaged extensive capacity building activities and programs will consciously target female staff working in both GRA and DLDM in MoFEA.
Fragile States Facility
GOVERNMENT OF GAMBIA MINISTRY OF FINANCE AND TRADE
|Last Update||06 Feb 2023|
|Name||BANGURA Ibrahim Ansu|