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International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Reaches Staff-Level Agreement on a New Arrangement under the Extended Credit Facility and Conducts Discussions on the 2023 Article IV Consultation with The Gambia

The staff-level agreement is subject to approval by the IMF Management and Executive Board, which will make available about US$10.9 million

IMF staff and the Gambian authorities have reached a staff-level agreement on economic policies and reforms to be supported by a new 3-year arrangement under the Extended Credit Facility (ECF), with requested access of SDR74.64 million (around US$100 million); The ECF-supported program aims to strengthen economic recovery, tackle inflation, address…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes Discussions for the Sixth Review under the Extended Credit Facility Arrangement for The Gambia

The mission team also had fruitful discussions with representatives of the private sector, civil society, and development partners

A team from the International Monetary Fund (IMF), led by Mr. Ivohasina Fizara Razafimahefa, Mission Chief for The Gambia, held discussions with the Gambian authorities during March 14–24, 2023, on the sixth review of The Gambia’s economic program supported by the IMF’s Extended Credit Facility (ECF) arrangement. [1] At the…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Governance Diagnostic for The Gambia

An IMF mission led by Olivier Basdevant visited Banjul over the period January 10—24, 2023, to conduct a diagnostic of governance and corruption vulnerabilities in The Gambia

At the request of The Gambia authorities, an IMF mission conducted a diagnostic to assess the strength of the governance framework in The Gambia, identify vulnerabilities, including to corruption, and offer reform options, guided by the IMF’s framework for Enhanced Engagement in Addressing Governance Vulnerabilities. The authorities made significant progress…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

Opening Remarks at Mobilizing with Africa II High-Level Virtual Event

We are here today because COVID-19 continues its assault on the health and wellbeing of people, and on the economy

By Managing Director Kristalina Georgieva As prepared for delivery Excellencies, Ministers, Ladies and Gentlemen—thank you for participating in this important event. I am honored to co-host with President Malpass. And I would like to recognize U.N. Secretary General Guterres and AU Commission Chair Moussa Faki Mahamat. We are here today…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

Coronavirus - Gambia: International Monetary Fund (IMF) Executive Board approves a US$21.3 million disbursement to The Gambia to address the COVID-19 Pandemic

The global COVID-19 pandemic is straining The Gambian economy, notably as international travel and tourism are halted

The COVID-19 pandemic is projected to lower growth of The Gambian economy to 2.5 percent in 2020; to address the urgent balance-of-payments need, the IMF Executive Board has approved financial assistance for The Gambia in the amount of US$21.3 million under the Rapid Credit Facility. The country will also benefit…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

IMF Management Approves a Staff-Monitored Program with The Gambia

A Staff-Monitored Program (SMP) is an informal and flexible instrument for dialogue between the Fund staff and a member country on its economic policies

The Management of the International Monetary Fund (IMF) approved a Staff-Monitored Program (SMP) with The Gambia covering the period from January to December 2019. An SMP is an informal and flexible instrument for dialogue between the Fund staff and a member country on its economic policies. SMPs are not accompanied…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Reaches Staff Level Agreement on a Staff Monitored Program with The Gambia

The team discussed economic and financial policy commitments under a new Staff-Monitored Program (SMP) for 2019

Improved revenue mobilization and expenditure restraint are essential to ensure fiscal discipline and create fiscal space for much-needed public investment and social spending; Comprehensive reform of state-owned enterprises is needed to address budgetary risks and improve public service delivery; Restoring debt sustainability will require prudent fiscal policy, limiting external borrowing,…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Completes Second Review of Staff Monitored Program with The Gambia

Economic recovery is well underway and the outlook is favorable, albeit contingent on continued adherence to the policy reform agenda

Economic recovery is well underway with growth estimated at 3.5 percent in 2017. Implementation of the Staff-Monitored Program remains broadly satisfactory. The Gambia’s public debt is unsustainable, with the debt-to-GDP ratio reaching nearly 130 percent of GDP in 2017. On June 18, 2018, the Managing Director of the International Monetary…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Concludes Visit to The Gambia

Forward-looking discussions focused on economic and financial policy commitments for the remainder of the SMP, which was extended through September 2018 to enable the completion of the program reform agenda

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a…

International Monetary Fund (IMF)
Source: International Monetary Fund (IMF) |

IMF Executive Board Approves US$16.1Million Disbursement Under the Rapid Credit Facility for The Gambia

The Gambia faces an urgent balance of payments need triggered by a weak agricultural season, lower tourism receipts due to the political turmoil early this year, and higher commodity prices

The Board’s approval enables the immediate disbursement of US$16.1 million, which is equivalent to 18.75 percent of The Gambia’s quota in the IMF. The IMF financial assistance is intended to address urgent balance of payments needs that have arisen on account of the shocks. Determined and strong policy implementation under…