ODIOUS DEBT | LEGAL COMMITTEE IN GAMBIA

From time immemorial precisely during the early days of adoption of “Democracy” by the Greek as a system of political governance  which dates back  to countries past, would countries over saw the need to evolve a governmental system formulated through which she could inter-relate with her neighbouring counties as well formulate policies geared towards accountability and service delivery to suit the written cum caprices of her citizenry through some elected or appointed person who function as leaders to govern the overwhelming masses.

            Quoting John Mason, “there is limitation in imitation”. As counties adoption of democracy globally increased. Some country leaders implemented the provisions of democracy while others abused it. Embezzled public fund and contracted fund with the name of the public, and here, “ODIOUS DEBT” comes in.
            Represent the good people of the Gambia Republic. On the fateful cool afternoon of 18th February, 1965, Gambia gained her independence from great “Britain” and became a Republic on 25th April 1970. Gambia the smallest country in Africa is in the West of the continent bordered by Atlantic ocean in the West and Senegal in the North, cast and south respectively. Gambia with capital Peanjul has derekunda the largest city with the nation’s population approximately 2 million people under an economy driven by forming, fishing and tourism and pea nuts exportation.
            On my country’s stance on the legitimacy of the odious debt doctrine, I would say it is a new ideology. Quoting statistics, odious debt is a debt contracted against the welfare of the state by an individual or group of persons with the full awareness of the creditor. If could also be said to be a debt contracted by government in power without due awareness the people.
            The idea of odious debt contraction is not in voke at Gambia. This is because, Gambia is undue the control of a responsible government, where there is serious checks and balances between the three organ of government in control if the nation. When an individual in power in Gambia contrasts debt that from the factors and situation surrounding it could be said to be odious, when discovered by the leaders of the arms on tiers of government, depending on the level in which the act was perpetrated. The individual involved in the scandal is persecuted in accordance to the section of the constitution that takes care of that effect.
            Contraction of debt by Gambia leaders against the whims and caprices Gambia masses has not fully been invoke or practice for a couple of reasons. In the first place, some debt which leaders contract and are considered odious are contracted with some conduction. The economy of the country, the population, ability of the country to pay back are all put in consideration by the creditor. Now, Gambia is not an economically stable nation, this makes it head for this leaders to contract heavy debt which quiz is millions of US dollars because it is to the full awareness of the creditor be it IMT, World Bank, Paris Club, etc that they wont easily be able to pay. This tends to be a blockage towards debt heavy contraction from the aforementioned bodies.
            Another factor additionally that has made debt contraction; odious debt; a near failure is the population of the Gambia. The Gambia according to statistics is populated by approximately 2.5 million people. The valance of a nations economy unarguably has one or two things to do with her population. Some West African countries unlike the Gambia can contract debt global monetary bodies because of her population. The generates so much from her population as the more the population, the more the people who pay tax and then the higher the nations goes Domestic Product. The more the people the higher the nation active labour force. Now in the Gambia there are about 2 million people and a particular percent out of it are still dependent rations. Unlike her fellow West African countries like Nigeria where we have approximately 150 million people.
            The Gambia is a nation that the President – Yahya Jeremiah is struggling tirelessly to project into a trading, export oriented agricultural and manufacturing nation, thieving on free market policies and a vibrant private sector sustained by a well educated, trained, skilled, reliant and enterprising population as to bring into fruition the fundamental aim aspiration of the nations vision 2020.  
            From 18th February, 1965 when Gambia gained independence, there has not been cases odious debt even though we as a nation uphold the provisions of the 1978 Vienna convention. If there a any case of odious debt. It should have been recorded during the reign of the military government that too over the affairs of the nation in 1994 though a bloody coup.
            Following a partially widely accepted definition of odious debt; “Debt contract a predecessor state that was contrary to the good of the successor state and all debts contracted contrary to the provision of the UN charter in cases of state and not government succession.
            The times the Gambia contracted foreign debts, the money involved wasn’t much and it never met any of the three Alexander Sack’s specific tests for determining whether the debt is odious or not. The debt has always been contracted with the masser awareness through national opinion pools, used in favour of the Gambia federation with the creditor aware of the awareness of the state towards the debt is contracted by the Gambia government there has not been any case of sanction improved on Gambia by any monetary body or agency.
            Gambia enacted her federal constitution in 1970 same year that she became a republic. Provision was made in a section of her constitution drafted by her federal unicameral legislative body to deal with any risen cases if odious debt. Nevertheless, under the definition of odious debt but put it this way “in any case of public fund misappropriation by any person or group of people or on the other hand a person or body of individuals going to bosom with the name of the agency at parasitical they represent, such individuals shall have their assets confiscated by the Gambia government and tried before the supreme court of the Gambia and prosecuted accordingly and punished if found guilty in line with the judgment meant for persons who committed a crime against the state”. Persons involved in money laundering which is the indirect way of viewing odious debt in the Gambia are nationally regarded as unpatriotic civilians to the nation.
            As at present, the Gambia is faced with the daunting task of nation building and following her national economy analysis, it could be deduced that the Gambia at present is not facing any external debt. Instead, the Gambia is struggling for external aid, foreign investment and economic polices to formulate to improve her goes Domestic Product late   SGDP; and foreign reserve. This is working tirelessly on her national tax policy to produce a vibrant economy as well putting up democratic and behaviour of governance conducts to see an accountable and responsible government that will live up to the expectations of her citizen I protect her continental shelf and territorial boundaries as a sovereign entity. The only seeming debt circumstance facing the Gambia could be said to be protracted debt protracted by some unidentified civilians who claimed to have gone to borrow on behalf of the Gambia when the nation was in crisis in 1994. Bought about by the coup that ousted the sitting government. Notwithstanding, the amount involved is not a heavy one that the country at the inception of Yahya Jeremiah’s presidential administration paid it off and so was not sanctioned. Economically or any foam of trade embargo placed on her from any of the recognized World financial bodies.
            Whether the Gambia is a creditor or debtor state is a question that can be tackled from an Xray of her economy. A country in which her citizens (Mary) live below a dollar per day with a low goes Domestic Product unarguably can’t be a lender or creditor state. Gambia is a nation struggling with service delivery to her citizenry and at the verge of formulating policies that will be reaced towards nation building. Rather, creditor or lender states are: The united States, Germany Japan because of their buoyant economics. A look at the value of their shaves and stocks at the world exchange markets attests to this. For the united states dollar transactions and inter-country debt payments.
            Gambia since the country of “odious debt” came into us in the world economics has always been of the view that debts contracted by a predecessor government against a succeeding one should always be relieved from the sitting government. If the amount contracted is much, the Gambia has always been of the opinion that it be half. That is half written off and the government residing allowed to pay the remaining.
            A case study is what happened is Nigeria when the then government of Ibrahim Badamoi Babangida went and contracted a loan from IMT and accepted all its conditionlitics. Nevertheless, the debt was contracted against the wisher of the people as an opinion pod.
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