Gambia Appoints Financial Advisers To Assist With Debt Burden – African News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

African News

Gambia Appoints Financial Advisers To Assist With Debt Burden

Published

on

Gambia Appoints Financial Advisers To Assist With Debt Burden

Gambia’s finance ministry says it has appointed advisers to help put its debt on a sustainable path. The country has been facing a heavy debt burden that has reached a hundred thirty percent of gross domestic product at the end of last year. The International Monetary Fund (IMF) is warning the country against any new borrowing.

READ:  Malaria And Mortality Rate Decrease By Half In Rwanda - WHO

Finance ministry says in a statement, the new international financial adviser Potomac Group, working with Orrick, Herrington & Sutcliffe as international legal adviser, will assist with the development and implementation of a strategy to put the country’s external debt on a sustainable path.

READ:  NYSC Introduces Biometric Clearance System To Curb Corruption – DG

Gambian president Adama barrow has vowed to revive the country’s faltering economy with sweeping reforms as he sought to draw a line under the erratic 22-year rule of his predecessor Yahya Jammeh.

READ:  Bitcoin Rallies Past $4,000-Mark As Crypto Rebound Gathers Pace

Director of debt management, Ebrima Darboe, said the appointments were part of the government’s reform agenda and was expected to boost growth.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

African News

African Summit Gives Sudan Military Three Months To Implement Reforms

Published

on

By

African Summit Gives Sudan Military Three Months To Implement Reforms

African leaders have agreed, at a meeting in Cairo on Tuesday, to give Sudan’s ruling military council three months to implement democratic reforms, and a quick restoration of the constitutional system through a political process, amid pressure for a handover of power to civilians.

READ:  Chinese-funded Ethiopia-Djibouti Railway Line Boosts Trade

The decision extends a 15-day deadline set by the African Union last week for Sudan’s Transitional Military Council (TMC) to hand over power or be suspended from the A.U. TMC took over after president Omar Al-Bashir was ousted earlier this month.

READ:  Buhari-led Administration Inherited Debt Of $63b - Osinbajo

The TMC has been under pressure from demonstrators to hand power to civilians immediately.

Egypt`s Abdul Fatah Al Sisi, who holds the rotating African Union presidency, said at the end of the summit in Cairo, they have agreed on the need to give more time to Sudanese authorities and Sudanese parties to implement required measures.

READ:  10 Killed, Dozens Injured In Road Accident In Kenya

Continue Reading

African News

Mozambican Authorities Warn Of A Possible Tropical Storm Hit

Published

on

By

Mozambican Authorities Warn Of A Possible Tropical Storm Hit

Mozambican authorities have warned of a tropical storm that could hit the country this week, just one month after cyclone Idai ravaged the nation. The next organized tropical cyclone, to be named Kenneth could also affect Tanzania.

READ:  10 Killed, Dozens Injured In Road Accident In Kenya

The National Institute for Disaster Management’s spokesman, Paulo Tomás says, they will keep abreast of the evolution of the weather system.

Last month, cyclone Idai killed at least 960 people in parts of Mozambique, Malawi and Zimbabwe, leaving some 3 million people in need of humanitarian assistance.

READ:  Buhari-led Administration Inherited Debt Of $63b - Osinbajo

Continue Reading

African News

Egypt Voters Approve Referendum Extending President’s Rule

Published

on

By

Egypt Voters Approve Referendum Extending President's Rule

Egypt’s election commission has announced, 88% of voters had approved changes to the constitution that could allow president Abdul Fattah Al-Sisi stay in power until 2030. The amendments would also give the president new powers over the judiciary.

The commission says, voter turnout during the three-day referendum was nearly 44 and a half percent and almost 90 percent approved the amendments while 11.17 percent voted no.

READ:  Boeing Optimistic About Speedy Resolution To U.S.-China Trade Dispute: Exec

The amendments will extend Sisi’s current term to six years from four and allow him to run again for a third six-year term in 2024 and to appoint one or more vice presidents.

READ:  Chinese-funded Ethiopia-Djibouti Railway Line Boosts Trade

His critics questioned the credibility of the turnout figure announced and are asking how can a constitution be changed to fit one person.

Sisi’s supporters say he has stabilized Egypt and needs more time to reform and develop the economy.

READ:  Niger Republic And Nigeria Sign MoU For Construction Of Refinery

After the announcement was made, Al-Sisi sent the message quote “I am your god.”

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: