Press Release No. 09/279

Press Release: IMF Completes the Fifth Review Under The Gambia’s PRGF Arrangement and Approves a US$8 Million Disbursement

August 7, 2009

The Executive Board of the International Monetary Fund (IMF) completed today the fifth review of The Gambia’s economic performance under the three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review enables The Gambia to draw immediately an amount of SDR 5.11 million from the IMF (about US$8 million) bringing total disbursements to SDR 18.22 million (about US$28.6 million).

The Executive Board also granted a waiver for the nonobservance of an end-March 2009 structural performance criterion to make the credit reference bureau operational.

The PRGF arrangement became effective February 21, 2007, for a total amount of SDR 14 million (about US$22 million) (see Press Release No. 07/28). The fourth review was completed on February 18, 2009. The Executive Board’s decision on the fifth review was taken on a lapse of time basis.¹

¹ The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.