NEWS
JAMMEH'S CONFESSION LETTER TO THE IMF MD, AS HE DESCRIBES THE CENTRAL BANK
MISSING "MILLIONS" AS WARRISOME DEVELOPMENTS
BY OUR SPECIAL CORRESPONDENT



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October 25, 2005
"To address the worrisome developments at the Central Bank of The Gambia
and in recognition of the importance of completing the audit of the bank
expeditiously, I gave strict instructions for the audit to be
concluded"said President Jammeh in a letter addressed to the Managing
Director of the International Monetary Fund IMF's Horst kohler. The letter
which was dated on October 28, 2003 went further to add"The audited
financial statements of the Central Bank of The Gambia for 2001 and 2002
have now been signed."

ALLGAMBIAN online Newspaper news researcher and investigative journalist
said he was able to lay his hands on correspondence letters exchanged
between Jammeh, Musa Balla Gaye, Famara Jatta and the IMF main office
officials in Washington DC, the Nation's capital. The said letters, will
be published by The ALLGAMBIAN in due course.

Continuing his letter of plea to the IMF's amidst reports of IMF possible
sanctions against the Ruling APRC government, Jammeh went further to
assure the IMF managing Director that no stone will be left unturned to
account for the missing millions at the Central Bank of The Gambia.

"I have instructed that copies be sent to the IMF immediately. This should
facilitate the completion of the IMF safeguard assessment."Jammeh assured
the IMF

He went on to add"I have received full assurances that all unprogrammed
expenditures have now been fully and correctly recorded in the accounting
records of the CBG. Mr.Horst Koshler, Managing Director International
Monetary Fund, 700, 19Th. Street, NW Washington, DC 200431 USA, I
acknowledge that there have been lessons to learn as the Government has
tried to fulfil the main priorities of its economic programmes."Jammeh
intimated.

It would be recalled that most the APRC white elephant projects initiated
shortly after the infamous July 22ND military takeover were reportedly
taken from the state's foreign reserves, and gifts given to the then junta
by President Gadaffi and the Taiwanese government.

However such unauthorised or unprogrammed expenditures as Jammeh called
them in this letter had cost The Gambia dearly. IMF in a letter to the
regime protested about the lack of accountability and judicious management
of state resources. The firm also blamed the government for being
economical with facts and figures relating to central banks financial
issues among others. Most of the data forwarded to the IMF by Yahya's
government were said to be misleading and inaccurate. This misinformation
on the side of the Central Bank and Finance Ministry officials angered the
IMF, which threatened to suspend its cooperation with the Jammeh
administration.

In an attempt to avert IMF's possible sanctions against his government,
embarked on image building by assuring the world leading financial
institution that such a financial mess perpetrated in The Gambia will be
addressed once and for all. While Jammeh sounded determined to tackle the
Central Bank in accurate data, on the other hand he also bombarded the IMF
with some reasons to justify the missing millions."

"A significant proportion of the unprogrammed expenditure was for
infrastructural and social programmes. In fact, a majority of and vital
road project was abandoned on the insistence of the IMF mission, as
funding was not completely available."Jammeh said in his letter to the IMF
MD.

To be continued............

NB:We want to assure our readers that this piece we started publishing
today, is just the tip of the ice berg, as there are more damning
revelations, which might compel Gambians to take to the streets and demand
Jammeh's steeping down from power. To our critics or Jammeh's sycophants,
please be warned that this is one of the most damning corruption report
with concrete evidence including letters that were signed by Jammeh
himself and his Ministers.



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