Directorate of Loans and Debt Management
Mission Statement
To contribute to the macroeconomic development of the country by making sure that governments financing needs are met at the lowest possible cost consistent with a prudent degree of risk.

Bakary Krubally
Director of Loans and Debt Management
Working as the Director of Aid Coordination Ministry of Finance, Mr Bakary Krubally have spent over fifteen years of successful career and experience in both public and private sector working in various disciplines.
His career and experiences are focused on many areas of specialization such as the Financial Sector, working for major Commercial Banks such as Wells Fargo Bank and Standard Chartered Bank, the public sector working for the Ministry of Finance and Economic Affairs and the Ministry of Planning and Policy in the Gambia, as well as Academia working for the University of the Gambia school of business, and finally the Retail Sector working for the Home Depot USA.
These experiences together with his two masters� degree in Finance and Project Management (MBA and MSC) have equipped him and ready to take up any professional challenges in any International, Regional, Sub-regional and National organization globally.
Whilst working with the public Sector, Mr Krubally have had the opportunity to work with many development partners such as the World Bank, African Development Bank, IFAD, IMF, Islamic Development Bank, BADEA, some UN agencies etc on projects and programs development as one of the focal persons at the Directorate of Aid Coordination and Resource Mobilization Ministry of Finance and Economic Affairs and Ministry of Planning and Policy.
Mr. Krubally is a team player and love diverse workplaces as well as strongly believe that respect for others means respect for oneself.
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Core Mandate
The Directorate of Debt Management (DLDM) is the main unit in the Ministry of Finance (MoF) responsible for debt management. It deals with all aspects of public debt management (both domestic and external) including designing a national public debt strategy, conducting debt sustainability analyses, participation in loan negotiations, approving disbursements, effecting payments of government public debt, maintaining a comprehensive, loan-by-loan database on government and government-guaranteed external debt and on external grants to the government in CS-DRMS, coordinating with the Central Bank of The Gambia regarding the issuance of domestic debt instruments for fiscal purposes. DLDM analyzes proposed guarantees and on-lending terms, participate in the issuance of guarantees and the on-lending loan agreements and monitor the government guaranteed and on-lent loans.
This Directorate is the Government's main channel of communication with the external creditors and donors with responsibility for interacting with the IMF and World Bank on debt sustainability analyses (DSAs) and debt strategy formulation and implementation.
DLDM serves as the Secretariat to the Aid and Debt Management Coordinating Committee (ADMCC) and coordinates all interaction of the different agencies with respect to debt strategy formulation and implementation.
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Objectives
- Making sure that Government financing needs are met at the lowest possible cost,
- Consistent with a prudent degree of risk.
- Domestic Market Development
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Strategies
Medium Term Debt Management Strategy
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Key Achievements
- MTDS Review on an annual basis
- Annual public debt bulletin
- Successful introduction of the 3 year Government bond
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Downloads (87)
LOAN AGREEMENT BETWEEN REPUBLIC OF THE GAMBIA AND ISLAMIC DEVELOPMENT BANK
LOAN AGREEMENT BETWEEN REPUBLIC OF THE GAMBIA AND ISLAMIC DEVELOPMENT BANK
REGARDING ENHANCING VALUE ADDITION IN THE GROUNDNUT SECTOR PHASE II
PROJECT, THE GAMBIA
- Filesize: 9.31 MB
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December 2022 Issuance Calendar (in millions of Dalasi )December 2022 Issuance Calendar (in millions of Dalasi )
- Filesize: 56.79 KB
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2022 THIRD QUARTER STATISTICAL DEBT BULLETIN2022 THIRD QUARTER STATISTICAL DEBT BULLETIN
- Filesize: 1.13 MB
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IsDB- Widening Bertil Harding HighwayIsDB- Widening Bertil Harding Highway
- Filesize: 1.56 MB
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UNITED STATES MILLENNIUM CHALLENGE CORPORATION THRESHOLD PROGRAMUNITED STATES MILLENNIUM CHALLENGE CORPORATION THRESHOLD PROGRAM
- Filesize: 67.29 MB
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ADfB - Multi-country Covid-19 Crisis Response ProgrammeADfB - Multi-country Covid-19 Crisis Response Programme
- Filesize: 1.07 MB
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BADEA Widening Bertil Harding HighwayBADEA Widening Bertil Harding Highway
- Filesize: 1.85 MB
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USAID- Development objective grant agreementUSAID- Development objective grant agreement
- Filesize: 1.04 MB
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USAID- Development objective grant agreementUSAID- Development objective grant agreement
- Filesize: 1.04 MB
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BADEA - Technical Assistance for financing the services of an Arab expertBADEA - Technical Assistance for financing the services of an Arab expert
- Filesize: 490.42 KB
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SMALL RUMINANT STEP 1SMALL RUMINANT STEP 1
- Filesize: 2.53 MB
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IDB- Small Ruminant Project- LOAN AgreementIDB- Small Ruminant Project- LOAN Agreement
- Filesize: 2.80 MB
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Small Ruminant Production Enhancement Project - Agency AgreementSmall Ruminant Production Enhancement Project - Agency Agreement
- Filesize: 2.09 MB
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IDB - Small Ruminant Production Enhancement Project Framework agreementIDB - Small Ruminant Production Enhancement Project Framework agreement
- Filesize: 2.98 MB
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Gambia Third AF COVID19 Project paper financing agreement signed June13 2022[31430]Gambia Third AF COVID19 Project paper financing agreement signed June13 2022[31430]
- Filesize: 762.79 KB
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NOVEMBER 2022 ISSUANCE CALENDARNOVEMBER 2022 ISSUANCE CALENDAR
- Filesize: 58.61 KB
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2022 DEBT SUSTAINABILITY ANALYSIS2022 DEBT SUSTAINABILITY ANALYSIS
- Filesize: 1.50 MB
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MEDIUM-TERM DEBT MANAGEMENT STRATEGY (2022-2026)MEDIUM-TERM DEBT MANAGEMENT STRATEGY (2022-2026)
- Filesize: 1.17 MB
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PROSPECTUS FOR THE REOPENING OF THE 9.77% 3-YEAR BOND FIRST ISSUED ON SEPTEMBER 14, 2022 TO BE VALUED ON NOVEMBER 16, 2022PROSPECTUS FOR THE REOPENING OF THE 9.77% 3-YEAR BOND FIRST ISSUED ON SEPTEMBER 14, 2022 TO BE VALUED ON NOVEMBER 16, 2022
- Filesize: 231.60 KB
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Proposed October 2022 Issuance Calendar- Filesize: 56.62 KB
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September 2022 Issuance CalendarSeptember 2022 issuanca calender (in million of Dalasis)
- Filesize: 51.22 KB
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PROSPECTUS FOR THE ISSUE OF A NEW 3-YEAR GAMBIA GOVERNMENT BONDThis prospectus is only a summary of some of the more significant features of the bond to be issued, and bidders should refer to the information guideline for the definitive terms.
- Filesize: 150.93 KB
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2022 SECOND QUARTER STATISTICAL DEBT BULLETIN2022 SECOND QUARTER STATISTICAL DEBT BULLETIN, 30 TH JUNE, 2022
- Filesize: 417.58 KB
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2022 FIRST QUARTER STATISTICAL DEBT BULLETIN2022 FIRST QUARTER STATISTICAL DEBT BULLETIN, 31 ST MARCH, 2022
- Filesize: 398.40 KB
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August 2022 Issuance Calendar (in millions of Dalasi )August 2022 Issuance Calendar (in millions of Dalasi )
- Filesize: 52.47 KB
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July 2022 Issuance Calendar (in millions of Dalasi )July 2022 Issuance Calendar (in millions of Dalasi )
- Filesize: 51.19 KB
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2022 First Quarter Statistical Debt Bulletin- Filesize: 961.77 KB
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Annual Public Debt Bulletin - 2021- Filesize: 1.72 MB
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June 2022 Issuance Calendar- Filesize: 238.64 KB
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May 2022 Issuance Calendar- Filesize: 50.75 KB
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April 2022 Issuance Calendar- Filesize: 69.48 KB
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2022 ANNUAL BORROWING PLAN ANNOUNCEMENT- Filesize: 136.75 KB
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March 2022 Issuance Calendar- Filesize: 71.58 KB
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February 2022 Issuance Calendar- Filesize: 66.01 KB
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January 2022 Issuance Calendar- Filesize: 223.00 KB
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Medium-Term Debt Management Strategy (MTDS) - 2021 - 2025- Filesize: 1.56 MB
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December 2021 Issuance Calendar- Filesize: 70.03 KB
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Debt Sustainability Analysis (DSA) 2021- Filesize: 1.77 MB
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2021 THIRD QUARTER STATISTICAL DEBT BULLETIN- Filesize: 412.52 KB
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2021 November Issuance Calendar- Filesize: 418.04 KB
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October 2021 Issuance Calendar- Filesize: 418.38 KB
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2021 Second Quarter Statistical Debt Bulletin Final- Filesize: 369.47 KB
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2021 First Quarter Statistical Debt Bulletin Final- Filesize: 400.86 KB
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September 2021 Issuance Calendar- Filesize: 223.66 KB
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The Gambia will receive US$85 million SDRs Allocation from the IMF- Filesize: 64.13 KB
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August 2021 Issuance Calendar- Filesize: 227.33 KB
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July 2021 Issuance Calendar- Filesize: 228.52 KB
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June 2021 Issuance Calendar- Filesize: 223.54 KB
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May 2021 Issuance Calendar- Filesize: 226.85 KB
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April 2021 Issuance Calendar- Filesize: 233.32 KB
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Report of the Second Diaspora Finance Technical Roundtable- Filesize: 3.78 MB
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Annual Public Debt Bulletin - 2020
The 2020 Public Debt Bulletin demonstrates Government’s commitment to transparency and accountability concerning public debt management. The document provides an account of the Government’s annual debt management operations by providing information on the public debt stock, debt service payments, composition and structure of public debt; risks in the public debt portfolio; and developments in the domestic debt market. It also reports on the recent macroeconomic developments.- Filesize: 2.03 MB
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March 2021 Issuance Calendar- Filesize: 214.22 KB
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2021 ANNUAL BORROWING PLAN ANNOUNCEMENTThe Loans and Debt Management Department is publishing the Annual Borrowing Plan for the Year 2021 as per Section VI Sub-Section 39 of the Public Finance Act (2014) which emphasizes the preparation of an Annual Borrowing Plan to meet the aggregate borrowing requirement of the State.
- Filesize: 249.43 KB
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February 2021 Issuance Calendar- Filesize: 208.24 KB
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January 2021 Issuance Calendar- Filesize: 218.80 KB
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2020 THIRD QUARTER STATISTICAL DEBT BULLETIN- Filesize: 638.64 KB
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Gambia-MTDS (2020-2024)- Filesize: 1.33 MB
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Debt Sustainability Analysis (DSA) 2020Debt relief in the early 2000s was to provide fiscal space and help developing countries achieve debt sustainability while promoting growth and alleviating poverty. However, supporting literature shows that, most countries in Africa that benefitted from debt cancellation programmes are currently faced with high unsustainable debt levels due to lack of reforms leading to expenditure overruns, which have culminated into rising debt levels that pose significant risks to public debt management.
- Filesize: 1.93 MB
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JANUARY-JULY 2020 EXPENDITURE BRIEFThis brief presents an analysis of central government expenditure from January to end July 2020. It also aims to inform Senior Management about the composition of total expenditure by different classification, highlighting the absorption capacity of different budget entities (BEs), and give an indication of expenditure trends compared to the same period a year earlier. It should be noted that all expenditure referred to in this brief is solely Government Local Fund (GLF), and the report does not factor any donor funds (loans and grants), including projects across the country.
- Filesize: 1.12 MB
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2020 SECOND QUARTER STATISTICAL DEBT BULLETIN- Filesize: 517.05 KB
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Request for Information: Gambia Sustainable Energy ProjectThe Government of the Gambia (GoTG) has received financing from the European Investment Bank (EIB) towards its Gambia Sustainable Energy Project within the Gambia Renewable Energy Framework. The Component 4 of the Framework consists of designing, supplying, installation, and operation and maintenance of on-grid/off-grid solar photovoltaic (PV) energy systems at up to 1,000 schools and 99 health facilities in the country (the Project). The preliminary calculations resulted in a wide range of systems’ sizes - from 2 kWp for schools to 100 kWp for hospitals. The identified project sites are spread all over the country with approximately 417 schools, 46 health centers and 11 hospitals already connected to the grid, but with unreliable electricity supply due to the frequent blackouts. The remaining facilities are off-grid.
- Filesize: 105.99 KB
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2020 FIRST QUARTER STATISTICAL DEBT BULLETIN- Filesize: 634.35 KB
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Annual Public Debt Bulletin - 2019The 2019 Public Debt Bulletin demonstrates Government’s commitment to transparency and accountability with respect to public debt management. The document provides an account of Government’s annual debt management operations, by providing information on the public debt stock; debt service payments; composition and structure of public debt; risks in the public debt portfolio; and developments in the domestic debt market. It also reports on the recent macroeconomic developments.
- Filesize: 1.54 MB
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Third Quarter Statistical Debt Bulletin- Filesize: 387.91 KB
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Second Quarter Statistical Debt Bulletin- Filesize: 298.18 KB
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First Quarter Statistical Debt Bulletin 2019- Filesize: 617.66 KB
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APPLICATION FOR 2-YEAR GAMBIA GOVERNMENT TREASURY BONDS- Filesize: 206.55 KB
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REVISED BOND GUIDELINE 2019- Filesize: 276.05 KB
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Prospectus of a Two Year BondThis prospectus is issued subject to the terms contained in the Guidelines relating to the Issue of Gambia Government Bonds published by the Central Bank of The Gambia dated May 2017 (the “Guidelines”). The terms of the Guideline apply to the above Bonds and their auction. This prospectus is only a summary of some of the more significant features of the Bond to be issued, and bidders should refer to the Information Guideline for the definitive terms
- Filesize: 294.84 KB
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November Debt Issuance Calendar- Filesize: 293.92 KB
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MEDIUM TERM ECONOMIC FISCAL FRAMEWORK (2019-2024)The Ministry of Finance and Economic Affairs (MoFEA) is required by The Public Finance Act 2014, Part II Section 4, to develop a Government macro-fiscal policy and medium-term economic and fiscal framework (MTEFF) for budget preparation for each year. The MTEFF helps to integrate the top-down revenue (resource) envelope with the bottom-up sector programs executed by various Ministries, Departments and Agencies (MDAs). The MTEFF outlines expenditures reflecting the Government’s key fiscal policy priorities over the medium term (2020–2024) to be strictly guided by budget realities, investment and public procurement options, debt strategies and borrowing plans of the government and the key reform priorities.
- Filesize: 779.20 KB
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THE GAMBIA DEBT SUSTAINABILITY ANALYSIS 2019- Filesize: 1.39 MB
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Medium-Term Debt Management Strategy (MTDS) for the 2019-2022The Medium-Term Debt Management Strategy (MTDS) for the 2019-2022 horizon provides the strategic direction of Government’s intent on borrowing and debt management over the medium-term to achieve the objective of ensuring that financing needs are met at the lowest possible cost and consistent with a prudent degree of risk.
- Filesize: 890.32 KB
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Annual Public Debt Bulletin - 2018The Ministry of Finance and Economic Affairs (MoFEA) is mandated under section 51 of the Public Finance Act 2014, to prepare and publish statistical bulletins of state debt and financing arrangements. Public Debt Statistical Bulletin is prepared by the Directorate of Loans and Debt Management (DLDM) at MoFEA on an annual basis to reflect the debt position of the country. The main objective of publishing the bulletin is to provide the public an account of government’s debt management operations in the fiscal year.
- Filesize: 1.81 MB
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international legal advisors- Filesize: 307.34 KB
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Annual Public Debt Bulletin - 2017- Filesize: 1.75 MB
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Mid-Term Debt Strategy 2017-2020- Filesize: 175.56 KB
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Debt Sustainability Analysis - 2015- Filesize: 3.98 MB
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REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTING SERVICES)SPECIFIC PROCUREMENT NOTICE
WEST AFRICAN MONETARY INSTITUTE (WAMI)
REQUEST FOR EXPRESSIONS OF INTEREST
(CONSULTING SERVICES)
RECRUITMENT OF A CONSULTING FIRM FOR THE PREPARATION OF HARMONIZED INSTITUTIONAL INVESTORS’ FRAMEWORK & THE DEVELOPMENT OF PRIMARY DEALERS’ SYSTEMRECRUITMENT OF A CONSULTING FIRM FOR THE PREPARATION OF HARMONIZED INSTITUTIONAL INVESTORS’ FRAMEWORK & THE DEVELOPMENT OF PRIMARY DEALERS’ SYSTEM
- Filesize: 412.85 KB
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Annual Public Debt Bulletin - 2013This debt bulletin reviews the Gambias public debt portfolio and debt management practices as outlined in the debt strategy. It also highlights new developments in public debt management in 2013.
- Filesize: 1.45 MB
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Annual Public Debt Bulletin - 2014This debt bulletin reviews the Gambias public debt portfolio and debt management practices as outlined in the debt strategy. It also highlights new developments in public debt management in 2014.
- Filesize: 1.10 MB
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Annual Public Debt Bulletin - 2015This debt bulletin reviews the Gambias public debt portfolio and debt management practices as outlined in the debt strategy. It also highlights new developments in public debt management in 2015.
- Filesize: 1.72 MB
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Annual Public Debt Bulletin - 2016This debt bulletin reviews the Gambias public debt portfolio and debt management practices as outlined in the debt strategy. It also highlights new developments in public debt management in 2016.
- Filesize: 2.48 MB
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Medium Term Debt Management Strategy - 2011-2014Review of the Medium-term Debt Management Strategy (MTDS) - 2011 - 2014
- Filesize: 1.08 MB
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Medium-term Debt Management Strategy - 2016-2019Review of the Medium Term Debt Management Strategy (MTDS) - 2016 - 2019
- Filesize: 1.63 MB
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Medium Term Debt Strategy (MTDS) - 2015-2017- Filesize: 940.95 KB
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