Abdou Kolley, the minister of Finance and Economic Affairs has assured members of the National Assembly and the general public that there is no cause for alarm as far as the effective and efficient running of the country's financial system is concerned.

"I want to assure you that there is no cause for alarm as far as an effective and efficient running and management of the Gambia's financial system is concerned. The Ministry of Finance and Economic Affairs is working hand in glove in monitoring the country's economic and other related financial affairs. The Central Bank of the Gambia is also monitoring activities and financial statues of all the commercial banks in The Gambia regardless of their origin. The ministry and the Central Bank will not hesitate to close any bank that falls below the standard required for operation in the country", he said.

Minister Kolley made these remarks whilst responding to comments and observations made by the National Assembly members on the 2010 budget delivered last Friday, 18th December 2009. He gave a detailed explanation in response to the various comments and observations highlighted by the deputies.

Mr Kolley further explained that the governor of the Central Bank of Nigeria made a visit to The Gambia sometime in November and assured that everything is normal back in Nigeria as far as the banking crisis is concerned and that the Nigerian banks operating in The Gambia are qualified to continue operating.

5% increment on imported rice

On the 5 per cent increment on imported rice, Minister Kolley said the move is meant to encourage and promote the production and consumption of local products instead of relying heavily on imported products at an expensive cost. "The government of The Gambia realised that the cost of importation is very expensive and there is need to encourage production of local products and promote development of local industries throughout the country," he said.

Increment on private vehicle tax

Minister Kolley highlighted government's position for increasing the tax on private vehicles and license. According to him, this step was taken considering the number of private vehicles on the roads before and now which are not paying tax despite their numbers. "The tax on private vehicles and license is to complement the cost of road maintenance and construction," he said. He assured deputies that the government of The Gambia will address the various issues and observations they highlighted.