Yusupha, like Hamjatta, am also not an economist. In fact, I do not like
economists. Basil Jones worked at the Central Bank and I think he also has
extensive knowledge in this field. Frankly, I do not even mind if he comes
here and defend this Letter of Intent or IMF's response to it. I just want
to be more enlightened. Having said that, there are certain discrepancies
here that one can detect without having an economics degree. The letter is
full of distortions and contradictions. We pointed out a few in our
postings. Am sure a more seasoned economist can do a better job. Hamjatta,
thanks also for putting into perspective our (Gambians living abroad)
relationship with those on the ground. I hope some people will learn from
your posting. As usual, you did a superb job detecting the fraud this people
are engaged in telling the IMF that we know where they stand. I also hope
that Ebrima's sources call talk a little about our national budget and the
'below the line accounts' the IMF letter complained about. Yusupha, you are
spot on about some of the uses of our Reserves. In the Letter of Intent, the
government conceded that it was not using the Reserves to frequently
intervene in the local foreign currency market. So that means that the
Reserve is used mainly to service external loans and government purchases
that are denominated in foreign currency. This money hardly reaches the
ordinary Gambian. The proceeds of the loans they are servicing is in
Caribbean bank accounts owned by Yaya and his cohorts. The money might not
be much to the IMF, but their gesture speaks volumes to ordinary Gambians.
Thanks again for your contributions.
KB

>From: Hamjatta Kanteh <[log in to unmask]>
>Reply-To: The Gambia and related-issues mailing list
><[log in to unmask]>
>To: [log in to unmask]
>Subject: Re: IMF Scandal/Yus
>Date: Wed, 9 Aug 2000 12:29:52 GMT
>
>Yusupha,
>I must confess here that i'm one of your admirers especially your patience,
>geniality and bonhomie attributes which i hope you will kind enough one to
>shower on me. Do please keep it coming.
>In your posting, you lamented amongst others that you haven't seen any
>attempts to expertly dissect the IMF letter like a professional economist
>would have done. Well, i believe i had once stated a disclaimer here that
>i'm not an econmist. Rather a non-econbomist who is interested in economics
>or shall we economic philosophy cause my area of specialisation, [social
>and
>political theory] cuts across economic philosopy and political economy.
>People like Basil Jones are best suited to dissect the IMF letter. I
>believe
>Basil has first hand knowledge on such matters. I hope he will assist us
>all. Most of the comments i pass on economics, at any rate have to do with
>the philosophical rationale behind certain economic decisions, i.e whether
>certain economic decisions are right or wrong morally. My type are what
>Paul
>Krugman would call "policy entrepreneurs" or "trespassers" into economic
>science.
>Many thanks for your insights. Have a great day dread!
>Hamjatta Kanteh
>________________________________________________________________________
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