Commonwealth assists Gambia in enhancing debt management
16 September 2004
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| The Secretariat has been working with The Gambia for nearly 20 years in the area of debt recording and management. |
In helping the Government of The Gambia in this task under a one-year project starting in October 2004, the Secretariat is collaborating with Debt Relief International, the West African Institute for Economic Management and the Department for International Development.
The Secretariat has been working with The Gambia for nearly 20 years in the area of debt recording and management. The Government currently uses CS-DRMS to record its external debt. A new, improved version of the system was recently installed in the Department of State for Finance and Economic Affairs to help the Gambian Government to manage both external and domestic debt. The Secretariat is providing training on how to operate the system.
Along with donor partners, the Secretariat will design a strategy to help The Gambia restructure its domestic debt, cut its risk exposure and reduce its debt burden. Experts will conduct training workshops and co-ordinate with government officials in implementing the strategy adopted.
"The Government of The Gambia, through the Secretary of State for Finance and Economic Affairs, requested urgent debt management assistance from the Secretariat during a visit to London in October 2003," said Jose Maurel, Head of the Secretariat's Debt Management Section.
"The Secretary of State had expressed concern over his country's growing public debt burden -- especially domestic debt -- and the institutional structure for managing national debt."
CS-DRMS is now being used by more than 50 Commonwealth and non-Commonwealth countries to improve their economic performance in recording and managing debt.
CNIS - the Commonwealth News and Information Service Issue 201
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