{
  "title": "IMF Management Approves a Staff-Monitored Program with The Gambia",
  "publication": "IMF News, May 7, 2019",
  "sourceUrl": "https://www.imf.org/en/news/articles/2019/05/07/pr19150-the-gambia-imf-management-approves-a-staff-monitored-program-with-the-gambia",
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  "summary": "Management approved a Staff-Monitored Program (SMP) with The Gambia on April 24, 2019.",
  "publishDate": "2019-05-07",
  "sections": [
    {
      "heading": "Key facts and timeline",
      "content": "- Management approved a Staff-Monitored Program (SMP) with The Gambia on April 24, 2019.\n- The SMP covers the period from January to December 2019.\n- The 2019 SMP builds on the previous SMP that covered April 2017 to September 2018.\n- SMPs are informal and flexible instruments for dialogue between the Fund staff and a member country; SMPs are not accompanied by financial assistance nor endorsed by the IMF Executive Board."
    },
    {
      "heading": "Economic context and recent performance",
      "content": "- Growth exceeded 6½ percent in 2018.\n- Inflation eased to 6½ percent at end‑2018.\n- Gross official reserves more than doubled, reaching 2.7 months of prospective imports.\n- Debt service absorbs more than half of domestic revenue.\n- The Gambia is assessed to be in external debt distress."
    },
    {
      "heading": "Objectives and policy focus of the 2019 SMP",
      "content": "- Main objectives:\n  - Consolidate gains from the previous SMP.\n  - Help anchor debt sustainability.\n- Policy and reform priorities:\n  - Enhance domestic revenue mobilization.\n  - Strengthen public financial management.\n  - Improve SOE governance and strengthen monitoring of fiscal risks stemming from SOEs.\n  - Tighten external debt contracting and pursue mainly grant financing.\n  - Develop a Medium-Term Debt Strategy (MTDS) and strengthen debt management.\n  - Step up structural reforms to stimulate private investment, sustain growth, and make growth more inclusive.\n  - Maintain monetary policy focus on controlling inflation and ensuring financial stability."
    },
    {
      "heading": "Debt sustainability and external support",
      "content": "- Restoring debt sustainability is identified as a primary concern.\n- Restoring debt sustainability will require:\n  - A combination of debt relief,\n  - Prudent fiscal policy supported by reforms of state-owned enterprises (SOEs),\n  - Predominantly grant financing for The Gambia’s development program.\n- The authorities are continuing discussions with their external creditors to seek debt relief, which is also needed to catalyze additional donor support."
    },
    {
      "heading": "Expected outcomes and prospects",
      "content": "- Satisfactory performance under the SMP is expected to pave the way to a possible Extended Credit Facility (ECF) arrangement with the IMF, once debt sustainability is restored.\n\nPress Release No. 19/150 — IMF Communications Department, May 7, 2019.\n\n---\n\n\n References\n\n- The Gambia and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2019/05/07/pr19150-the-gambia-imf-management-approves-a-staff-monitored-program-with-the-gambia"
    }
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    "Published: May 7, 2019",
    "Management approved a Staff-Monitored Program (SMP) with The Gambia on April 24, 2019.",
    "The SMP covers the period from January to December 2019.",
    "The 2019 SMP builds on the previous SMP that covered April 2017 to September 2018.",
    "SMPs are informal and flexible instruments for dialogue between the Fund staff and a member country; SMPs are not accompanied by financial assistance nor endorsed by the IMF Executive Board.",
    "Growth exceeded 6½ percent in 2018.",
    "Inflation eased to 6½ percent at end‑2018.",
    "Gross official reserves more than doubled, reaching 2.7 months of prospective imports.",
    "Debt service absorbs more than half of domestic revenue.",
    "The Gambia is assessed to be in external debt distress.",
    "Main objectives:",
    "Policy and reform priorities:",
    "Restoring debt sustainability is identified as a primary concern.",
    "Restoring debt sustainability will require:",
    "The authorities are continuing discussions with their external creditors to seek debt relief, which is also needed to catalyze additional donor support.",
    "Satisfactory performance under the SMP is expected to pave the way to a possible Extended Credit Facility (ECF) arrangement with the IMF, once debt sustainability is restored.",
    "[The Gambia and the IMF](http://www.imf.org/external/country/GMB/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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