For all I know, this piece below posted by Edi Sosseh is widely circulating amongst the country's bankers and economists. If nothing else, it should be taking seriously as it could mean the beginning of the meltdown....

Momodou S Sidibeh


----- Original Message ----- 
From: "edi sossoeh" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Friday, August 29, 2003 2:46 PM
Subject: IMF threatens to suspend operations in the Gambia?


> The International Monetary Fund IMF has threatened to impose sanctions
> against the Gambia, if the county fails to tackle its ailing economy, which
> is taking its toll on the citizens of the West Africa country, sources close
> to the heart of the Gambian government revealed yesterday.  IMF and World
> Bank are expressing concerned about the increasing corruption and
> unnecessary waste of state resources by the regime, which earlier claimed it
> is out to salvage the country from the 30 years PPP misrule and wanton
> corruption.
> 
> Sources say IMF is requesting the Jammeh adminstratio to conduct an audit
> exercise at the Central Bank and to  cut down jobs at the Finance
> Department, who are widely blamed for the country's worst economic crisis in
> history.  The Finance Department said our sources say the current economic
> trends is beyond their control and can't do much to salvage the tiny West
> African country.  The country is not only faced with growing inflation, but
> as well as acute food shortage and increasing poverty.
> 
> Sources say IMF vowed to suspend their activities in the Gambia, if the
> government fails to take necessary measures to cut down unnecessary
> expenditure and tax evation.  Unconfirmed reports from Banjul, suggested
> that Finance Mininster Famara Jatta who appeared confused about the
> developments had decided to go on leave, thus leaving his ministry in a
> complete disarray.  It is not yet clear, whether Jatta will return to his
> post, but sources say there are moves for cabinet resuffle by the regime.
> But one source said this will not help the address the  situation.  The
> source said the regime is currently experiencing a major cash crisis and
> lacked money to run the country.  The customs and exercise Department and
> other revenue institutions are also said to be witnessing revenue drops.
> This is attributed to wide range of corruption, as public officials are
> evading tax.  These and many others said my source is hindering economic
> growth in the country.
> 
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