The government of Gambia is set to consider a bill for the liquidation of the Asset Management and Recovery Corporation (AMRC). The Minister of Finance and Economic Affairs, Seedy Keita, disclosed this during a question and answer session at the National Assembly. The bill's consideration comes after a liquidation taskforce established by the Ministry of Finance completed its work and submitted a report.
According to Minister Keita, the draft liquidation bill is now before Cabinet for consideration before it is transmitted to the National Assembly. The proposed liquidation of AMRC has been necessitated by concerns over the continued financial burden of maintaining the corporation. The parliamentarian who raised the question noted that AMRC was still incurring costs despite having only a few staff remaining.
The Member for Brikama South had sought to know how soon the government could fast-track the process to avoid further expenditure on an institution intended for liquidation. In response, Keita reiterated that the taskforce's report was before Cabinet and that the bill would be forwarded to the National Assembly for consideration. The minister explained that AMRC was established through an Act of Parliament and could therefore only be dissolved by Parliament.
The completion of the liquidation process depends on the necessary legislative steps being taken after Cabinet has considered the draft bill. However, the minister did not provide a specific date for when the bill would be submitted to the National Assembly or when the corporation's liquidation would be completed. The proposed dissolution comes amid concerns over the continued cost of maintaining AMRC while the government works towards formally ending its operations.
The government has established a liquidation taskforce to examine the process of dissolving AMRC. The taskforce has completed its work and submitted its report, which is now being considered by Cabinet. Once the bill is approved by Cabinet, it will be transmitted to the National Assembly for the necessary legislative action.
The liquidation of AMRC is expected to bring to an end the operations of the corporation, which was established to manage and recover assets. The government's decision to dissolve the corporation is aimed at reducing expenditure and streamlining the operations of state-owned enterprises. The bill's consideration by Cabinet is a significant step towards the liquidation of AMRC.
The government has assured lawmakers that it is working to fast-track the process of liquidating AMRC. The Minister of Finance and Economic Affairs, Seedy Keita, has reiterated the government's commitment to completing the process as soon as possible. The liquidation of AMRC is expected to have significant implications for the country's financial sector and the management of state-owned assets.
Key points
- The Gambia government to consider bill for liquidation of Asset Management and Recovery Corporation
- Liquidation taskforce has completed its work and submitted report to Cabinet
- Completion of liquidation process depends on legislative steps being taken by National Assembly
