The Gambia: First Review Under the Extended Credit Facility Arrangement, Financing Assurances Review, and Request for Augmentation of Access and a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
IMF Staff Country Reports, January 28, 2021
Source details
- Canonical URL
- The Gambia: First Review Under the Extended Credit Facility Arrangement, Financing Assurances Review, and Request for Augmentation of Access and a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
Other formats
Bibliographic details
- Published: January 28, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513567983.002
Financial assistance approved and requested
- IMF Executive Board approved, on March 23, 2020, a 39-month Extended Credit Facility (ECF) arrangement in the amount of SDR 35 million (56.3 percent of quota) for The Gambia.
- The Gambia benefited from a Rapid Credit Facility (RCF) disbursement of SDR 15.55 million (25 percent of quota) approved on April 15, 2020.
- The authorities are seeking an ECF augmentation of SDR 20 million (32.15 percent of quota) to meet balance-of-payments needs arising from fiscal measures to stimulate the economic recovery in 2021, strengthen public health preparedness, and increase social spending to mitigate the effects of the pandemic.
Debt relief and temporary measures related to COVID-19
- The Gambia is receiving debt service relief under the Catastrophe Containment and Relief Trust (CCRT) expected to total SDR 7.9 million (SDR 4.2 million of which has already been approved), to help meet heightened balance-of-payments and fiscal financing needs due to the impact of the COVID-19 pandemic.
- Measures financed or proposed are aimed at: stimulating economic recovery in 2021, strengthening public health preparedness, and increasing social spending to mitigate pandemic effects.
Performance criterion and waiver request
- The authorities requested a waiver of nonobservance of a continuous performance criterion (a zero ceiling) on new external payment arrears of the central government.
Key subjects and policy areas covered
- Budget planning and preparation
- COVID-19
- Debt service
- External debt
- Public debt
Keywords and issues noted
- authorities well
- CR
- debt service deferral
- Executive Board discussion
- Gambian authorities
- ISCR
- monetary policy stance
Source: The Gambia: First Review Under the Extended Credit Facility Arrangement, Financing Assurances Review, and Request for Augmentation of Access and a Waiver of Nonobservance of a Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for The Gambia (January 28, 2021).
Content in this bundle
- The Gambia — IMF staff report