UTG students urged to intensify research in economics
Young academicians at the University of The Gambia (UTG) have been challenged by the International Monetary Fund’s chief officer in Banjul to intensify research in the area of economics so as to acquaint themselves with its policies, reforms and statistic aimed at expanding their knowledge.
Gaston K. Mpatswe, who was speaking recently during a day’s session with UTG students at the UN House in Bakau, described such an undertaking as critical to their academic success. He inspired the students with a reference to the Gambian-born top economist and former governor of the Central Bank of The Gambia (CBG), Bamba Saho, whom he said is one of the 24 members of the Board of Governors of the IMF. He further stated that Saho is serving as the representative of the Anglophone countries in the whole of Africa.
“As students, it’s good to do more research in economics so as to expand your knowledge in the area,” he challenged, while giving indicators of the Gambian economy from the year 2006-2013.
He pointed out that out of 2, 670 employees from 154 countries; the IMF has attached a staff at The Gambia’s Ministry of Finance like other member countries, to provide technical assistance in public finance management. The economist explained that the Board of Governors is responsible for overseeing IMF’s day-to-day work and organisational structure.
Further dilating on the governance and organisational structure of the IMF, Mpatswe said it is accountable to the government of its member countries. “The Board of Governors meets once each year at the IMF-World Bank annual meeting. Twenty-four of the governors sit on the international Monetary and Financial Committee and normally meet twice each year,” he indicated.
He disclosed that IMF’s total quota was US$360 billion as of 9th June 2013, with an additional pledge or what he referred to as committed resources of US$1 trillion. Loans committed, he further explained, as of the same year and date stood at US$233 billion, of which US$162 billion have not been drawn. He named Greece, Portugal and Ireland as the biggest borrowers at that time.
He disclosed that the institution’s resources are provided by its member countries, primarily through payments of quotas, which broadly reflect each country’s economic size.
Author: Bekai Njie & Lolly M. Camara