Gambian President Adama Barrow said on Thursday that his government inherited an economy that is virtually bankrupt and stressed that they would need to rescue it immediately.
The reality was brought about by mismanagement of state funds by the former government of Yahya Jammeh, President Barrow said on Thursday at the signing ceremony for the European Union (EU) €75 million immediate support package to the Gambia.
The support package was signed during the visit of Neven Mimica, EU Commissioner for International Cooperation and Development.
President Barrow described the assistance as of special significance for his new government, saying they view the EU Commissioner’s visit as a strong vote of confidence in the new Gambia.
He noted that the EU’s support package also marks the opening of a new and refreshing page in the relationship and development cooperation between his government and the EU.
The Gambian leader pointed out that the tiny West African nation’s debt burden had reached unsustainable levels due to wasteful public spending.
President Barrow also stated that the 40% youth unemployment and under-performing of public enterprises are due to the country’s high debt.
He assured Commissioner Mimica of urgent structural reform of the economy, public institutions including the civil service, judiciary and security services.
