He has appealed for support, especially from the European Union (EU).
President Barrow was speaking in Banjul at the signing ceremony of $79 million immediate support package with the EU.
He said the sad reality was brought about by the mismanagement of the public finances.
“What is truly sad is that our debt burden has reached unsustainable level due to wasteful public spending,” he stated.
EU Commissioner Neven Mimica, who met the Gambia leader on Thursday, said the peaceful democratic change was a result of the determination of the people, as well as the regional and international efforts.
“Gambians have shown commendable resolve, patience and courage during a period of high tension. The EU is fully committed to engage with President Barrow and his government,” said Mr Mimica.
He disclosed that the EU was preparing a medium term package of $159 million, which would focus on building the capacities of the state and on job creation.
The commissioner described his visit as a clear signal of the EU’s readiness to provide immediate financial and technical support to the democratic process in The Gambia and its dividends for the population in terms of good governance, respect for human rights and the rule of law.
He promised that the EU would also step up its support to sustainable and inclusive development of the country in consultation with the new authorities.
The EU-Gambia partnership has helped deliver important development goals, including the paving of roads.
EU’s total allocation for the Gambia under the 11th European Development Fund (EDF) for the period 2014-2020 was set at $159 million.
EU had suspended its direct support to the Gambian government owing to poor governance and gross human rights violation under President Yahya Jammeh.
Posted by Juliet Ekwebelam (NAN)