I would like to conclude this year's Budget Speech with the following
remarks
141) The sound management of public finances is at
the heart of good economic policymaking. Government's medium to long
term objectives, as set out in the Poverty Reduction Strategy Paper
(PRSP), are to reduce poverty through sustainable economic growth, and
the provision of basic public services.
142) Achieving the PRSP objectives will require an
expansion in public provision of basic poverty reducing services over
the medium term. We will only be able to achieve these objectives, if
we boost domestic revenues, curb Government borrowing, secure debt relief
or sustainable debt cancellation, improve the efficiency of public expenditure,
and curb the build-up of expenditure arrears. Consequently, these are
our budgetary priorities in 2006. While some of the tax increases, and
restraints on Departments' dicretionary expenditures in the 2006 Budget
may not be universally popular, these measures are unavoidable, if we
are to keep our public finances on a sound footing, and are, therefore,
in the best interests of our nation and country.
143) If we implement an IMF Poverty Reduction and
Growth Facility Programme in a satisfactory manner, it will be possible
for The Gambia to reach the Completion Point of the Enhanced HiPC Debt
Relief Initiative, either in late 2006 or early 2007. This will then
unlock substantial external resources for funding poverty reduction
programmes.
144) The long term prospects for our economy are good. The country
has the potential to expand agriculture, tourism and other services,
which will generate employment and higher income for the population.
But, this potential will only be realized if we consistently continue
to implement good economic policies, which ensure macroeconomic stability,
and support private investment, savings and growth. The Budget, I have
presented to this Assembly today, is designed to lay the foundation
for achieving the PRSP objectives through sustainable debt cancellation,
and the attainment of the Millennium Development Goals.
-end.