He explained that prompted by this development, the government decided to formulate sound policies that would put in place buffers against shocks and improve domestic revenue mobilization.
Despite the challenges, Barrow added that the fourth review of the Extended Credit Facility with the IMF was successfully completed in December 2021.
The president continued that his government remained committed to sound economic policy management, as detailed in the medium-term economic fiscal framework (2022-2026), saying the framework aimed to improve macro-fiscal stability.
“With the support of the United Nations Development Programme, the first steps in formulating a recovery-oriented national development plan (RF-NDP: 2023-2027) and a long-term development vision ( LTDV:2050) have started. The RF-NDP will succeed the National Development Plan (2018-2021), and the LTDV will succeed Vision 2020 for the country’s long-term development and transformation goals.
He reiterated that the country’s total debt service payment in 2021 was 5.01 billion dalasis. Of this amount, he said, 1.9 billion dalasis corresponded to the payment of external debt service and 3.1 billion dalasis to the payment of internal debt service.
“Debt service payment increased by 11.1% from 4.5 billion dalasis in 2020 to 5 billion dalasis in 2021. There were no receipts from the Service Suspension Initiative debt, compared to the previous year.”