The Gambia: First Review Under the Extended Credit Facility Arrangement, Request for 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, July 12, 2024

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The Gambia: First Review Under the Extended Credit Facility Arrangement, Request for 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: July 12, 2024
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400283154.002

Executive summary

• This paper presents The Gambia’s First Review under the Extended Credit Facility Arrangement, Request for Modification of a Performance Criterion, and Financing Assurances Review (IMF Staff Country Report).
• Publication date: July 12, 2024.
• Pages: 74.
• Series: Country Report No. 2024/218.
• Issue: 218.
• Volume: 2024.
• DOI: https://doi.org/10.5089/9798400283154.002.
• Stock No: 1GMBEA2024003.
• ISBN: 9798400283154.
• ISSN: 1934-7685.

Key economic developments and performance under the program

• Economic activity continued to recover robustly.
• Inflation eased but remains well above the central bank’s medium-term objective.
• Following the adoption of a new foreign exchange policy, the wedge between the official and parallel market exchange rates has largely closed.
• Structural reforms are advancing.
• Performance under the program has been satisfactory.

Risks and outlook

• The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.

Policy stance and recommendations

• Monetary policy
  • The central bank will maintain a tight monetary policy stance to ensure that inflation firmly declines.
  • The central bank will continue close implementation of the recently introduced foreign exchange policy to prevent reoccurrence of forex shortages and any wedge with the parallel market.
• Structural reforms (to be pursued and accelerated)
  • Revenue administration
  • Public financial management
  • State-owned enterprises management
  • Governance
  • Business environment
• Expected policy impact
  • Continued implementation of the reforms will help address medium- and long-term macroeconomic challenges and catalyze additional financing from development partners and the private sector.

Subject and keywords (focus areas highlighted in the report)

• Subject: Fiscal policy, Fiscal stance, Foreign exchange, Public debt, Revenue administration
• Keywords: central bank official, Fiscal stance, Global, introduced foreign exchange policy, policy commitment, Policy discussion, procurement authority, revenue collection

Source: IMF Staff Country Report — The Gambia: First Review Under the Extended Credit Facility Arrangement, Request for Modification of a Performance Criterion, and Financing Assurances Review (July 12, 2024).

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