The Gambia: Fourth Review under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance and Modification of a Performance Criterion, and Financing Assurances Review - Press Release; Staff Report; and Statement by the Executive Director for The Gambia

IMF Staff Country Reports, June 27, 2022

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The Gambia: Fourth Review under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance and Modification of a Performance Criterion, and Financing Assurances Review - Press Release; Staff Report; and Statement by the Executive Director for The Gambia

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Bibliographic details

• Published: June 27, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400214769.002

Overview and Key Findings

• The paper discusses The Gambia’s Fourth Review under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance and Modification of a Performance Criterion, and Financing Assurances Review.
• Despite the various waves of the coronavirus disease 2019 pandemic, the Gambian economy grew by 4.3 percent in 2021.
• Growth is expected to grow by 5.6 percent in 2022.
• The authorities remain committed to strong policy measures and structural reforms, including on fiscal management, State-Owned Enterprises, and governance.

Macroeconomic Projections and Drivers

• Growth projections:
  • 4.3 percent in 2021.
  • 5.6 percent in 2022.
• Projected drivers of 2022 growth:
  • strong remittance inflows,
  • a robust expansion of the construction sector,
  • large public investment projects.

Risks, External Shocks, and Sectoral Impacts

• The repercussions of the war in Ukraine are reported to:
  • intensify inflationary pressures,
  • exacerbate pandemic-related uncertainties,
  • dampen tourism prospects,
  • disrupt the supply of food and agricultural inputs.

Inflation and Monetary Policy Response

• Inflation reached 11.7 percent at end-April 2022.
• The central bank took initial measures to contain inflationary pressures.

Policy Recommendations and Structural Reforms

• Authorities’ commitments highlighted:
  • strong policy measures,
  • structural reforms on fiscal management,
  • reforms targeting State-Owned Enterprises,
  • governance reforms.

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