FOROYAA – BURNING ISSUES Issue Number 94/2003, 8-10 December, 2003 Editorial Why Parties Opposed to APRC are Silent on its Division Many people are wondering why the Opposition did not try to capitalize on the serious split that is developing over Baba Jobe’s arrest. Readers would recall that many National Assembly Members tried to visit Members of the Executive to urge them to intervene after Baba was arrested but to no avail. Apparently, many APRC National Assembly Members received material support from Baba Jobe. Many other party members have been receiving goods from the Youth Development Enterprise. This gave Baba Material Influence. Maybe this is why President Jammeh was pressurized to say that he is infact the force behind the Youth Development Enterprise, eventhough the statement was subjudice, especially when the case that is to start on 8th December, is precisely about the Youth Development Enterprise. From the comments of APRC Party stalwarts we can gather that some are in support of what is happening to Baba while others are opposed to it. In our view, Gambia is bigger than the APRC. The strength of an alternative government must not be determined by the weakness of a party in office, but the viability of its alternative policies. A party, which cannot build unity and trust in its ranks based on honesty, justice and the placing of national interest before personal interest cannot possibly promote national unity. What is important is for political parties opposed to the regime to leave the people to be their our judges of the record of the regime and dwell on building an alternative political agenda that can earn the confidence of the people in particular and the international community in general. This is the way forward. GAMBIA IN DEBT CRISIS TOTAL REVENUE = 2171 MILLION DEBT SERVICE = 1573 MILLION 72% OF REVENUE TO REPAY DEBTS The Gambia Government is anticipating to raise 2171 Million as revenue for 2004 excluding grants. Raise 2171 Million as revenue for 2004 excluding grants. An overview of debt service for 2004 however indicates a payment requirement of 1573 Million Dalasis. This simply means that 72% of revenue collected should go to pay debts. This is the message that should be gathered by all Gambians from this year’s budget presentation by the Secretary of State for Finance and Economic Affairs. Secondly, the revenue will fall short of what is required to meet government expenditure by approximately 895 Million Dalasis. Government has the capacity to raise 2171 Million as revenue and 410 as grants. However because of the State of the Central Bank and the lack of Audited Accounts those agencies, which used to give budgetary support have decided to put an embargo on those funds until the government meets all criteria for accountability. The government now has to clean up the mess in its financial institutions and put the Auditing system in order before being considered for budgetary support by the Donors. We have emphasized over and over again that taking loans to carryout development projects and issuing Treasury Bills without a corresponding development of the productive base of the economy will only lead to a debt crisis. The government however argued that Gambia was the Jewel of West Africa; that its Donors had claimed that it was among the best in economic performance. Now the Donors are singing a different tune. We hope the Gambian people will begin to understand that most of the debts being paid are domestic ones. The foreign debts and interests being paid are past ones. In short, most of the foreign loans being taken by the government will be paid in twenty or thirty years. The domestic debts however comprise both short term and long term treasury bills. The interest on the short-term treasury bills to be paid in 2004 amounts to D706 Million, while the long term amounts to only D45 Million. The interest on the foreign debt amounts to D242 Million. These payment of the principal of the foreign debt is what amounts to D578 Million. It is therefore absolutely incorrect to say that the government has just inherited a debt burden. The Truth is that the government is depending on treasury bills to meet its expenses. This is unsustainable. A country cannot develop by debts alone!! _________________________________________________________________ Browse styles for all ages, from the latest looks to cozy weekend wear at MSN Shopping. And check out the beauty products! http://shopping.msn.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ To Search in the Gambia-L archives, go to: http://maelstrom.stjohns.edu/CGI/wa.exe?S1=gambia-l To contact the List Management, please send an e-mail to: [log in to unmask] To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~