{
  "title": "IMF Executive Board Completes First Review under the Extended Credit Facility Arrangement for The Gambia, and Approves US$28.8 Million Disbursement",
  "publication": "IMF News, January 15, 2021",
  "sourceUrl": "https://www.imf.org/en/news/articles/2021/01/15/pr2112-the-gambia-imf-executive-board-completes-1st-review-under-ecf-approves-disbursement",
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  "summary": "The 39-month Extended Credit Facility (ECF) arrangement: total access of SDR 35 million (about US$47.1 million at the time of approval, or 56.3 percent of quota), approved March 23, 2020.",
  "publishDate": "2021-01-15",
  "sections": [
    {
      "heading": "Program and Financing",
      "content": "- The 39-month Extended Credit Facility (ECF) arrangement: total access of SDR 35 million (about US$47.1 million at the time of approval, or 56.3 percent of quota), approved March 23, 2020.\n- Completion of the first review enables an immediate disbursement of SDR 20 million, about US$28.8 million, to help meet balance-of-payments and fiscal financing needs and support the post-pandemic recovery.\n- Total disbursements under the arrangement to date: SDR 25 million, about US$36 million.\n- The Executive Board approved an augmentation of access under the ECF from SDR 35 million to SDR 55 million (or 88.4 percent of The Gambia’s quota).\n- Financing assurances review completed and waiver granted of nonobservance of a continuous quantitative performance criterion relating to a zero ceiling on the accumulation of external payment arrears.\n- Additional IMF support since the pandemic onset:\n  - IMF Rapid Credit Facility (RCF) disbursement: SDR 15.55 million (US$ 21.3 million at the time of approval).\n  - Catastrophe Containment and Relief Trust (CCRT) debt service relief expected to total SDR 7.9 million, of which SDR 4.2 million (about US$5.83 million) has already been approved."
    },
    {
      "heading": "Economic Outlook and Assessment",
      "content": "- Pandemic impact: growth in 2020 is estimated at about zero percent.\n- Growth projections:\n  - 2021: 6.0 percent.\n  - Medium term average: 6.5 percent per year.\n  - GDP at constant prices (selected years): 2018: 7.2; 2019: 6.1; 2020: 2.5 (RCF Prel.); 2021: 0.0; 2022: 6.5; 2023: 6.0; 2024: 7.0; 2025: 5.8.\n- Inflation and prices:\n  - GDP deflator (selected): 2018: 7.1; 2019: 6.2; 2020: 5.9; 2021: 4.3; 2025: 4.8.\n  - Consumer prices (average): 2018: 6.7; 2019: 5.5; 2020: 5.1; 2021: 5.0.\n  - Consumer prices (end of period): 2018: 6.4; 2019: 7.7; 2020: 5.2.\n- External sector:\n  - Exports, f.o.b (US$ values) growth (selected): 2018: -0.9; 2019: 24.1; 2020: -11.3; 2021: -10.7; 2022: 29.1; 2023: 23.1; 2024: 12.7; 2025: 14.0.\n  - Imports, f.o.b (US$ values) growth (selected): 2018: 11.9; 2019: 14.7; 2020: -0.1; 2021: -1.7; 2022: 20.5; 2023: 17.9; 2024: 6.6.\n  - Terms of trade (deterioration = -) (selected): 2018: -3.3; 2019: -4.8; 2020: -3.4; 2021: 1.4; 2025: -0.6.\n- Reserves and external position:\n  - Gross official reserves (millions of US$) (selected): 2018: 157.0; 2019: 225.0; 2020: 258.0; 2021: 330.0; 2022: 303.4; 2023: 389.8; 2024: 410.1; 2025: 426.5; 2026 (mem.): 435.8; 2027 (mem.): 451.3.\n  - Months of next year's imports (selected): 2018: 2.7; 2019: 4.6; 2020: 4.5.\n- Debt and debt distress:\n  - The Gambia continues to be assessed at high risk of debt distress, with limited borrowing space.\n  - Public debt (percent of GDP) (selected): 2018: 84.6; 2019: 80.1; 2020: 80.3; 2021: 76.4; 2022: 74.1; 2023: 74.4; 2024: 70.4; 2025: 65.7; 2026: 60.8; 2027: 55.9.\n  - External public debt (percent of GDP) (selected): 2018: 46.3; 2019: 44.6; 2020: 46.2; 2021: 42.8; 2022: 43.8; 2023: 43.3; 2024: 42.0; 2025: 40.0; 2026: 37.6; 2027: 34.9.\n  - External public debt (millions of US$) (selected): 2018: 756.6; 2019: 798.1; 2020: 847.4; 2021: 813.8; 2022: 883.4; 2023: 888.0; 2024: 934.9; 2025: 973.9; 2026: 995.5; 2027: 1,001.5.\n  - PV of overall debt-to-GDP ratio (selected): 2018: 69.9; 2019: 68.5; 2020: 67.5; 2021: 63.4; 2022: 65.9; 2023: 62.1; 2024: 56.2; 2025: 52.3; 2026: 48.2.\n- External current account balance (percent of GDP) (selected):\n  - Excluding official transfers: 2018: -10.4; 2019: -8.4; 2020: -13.6; 2021: -10.9; 2022: -12.6; 2023: -14.1; 2024: -14.8; 2025: -12.8; 2026: -11.5; 2027: -10.0.\n  - Including official transfers: 2018: -5.3; 2019: -9.8; 2020: -6.2; 2021: -11.9; 2022: -12.5; 2023: -9.9."
    },
    {
      "heading": "Policy Assessment and Recommendations (from Acting Chair Mr. Tao Zhang)",
      "content": "- Continue commitment to prudent policies and adhere to the fiscal envelope while protecting social spending to support recovery and program objectives.\n- Strengthen domestic revenue mobilization by focusing on reducing tax exemptions and reinforcing tax and customs administration.\n- Strengthen public financial management to improve public service delivery and reduce fiscal risks; near-term priorities include:\n  - Putting state-owned enterprises on a sound financial footing.\n  - Strengthening budget execution.\n  - Improving debt management to prevent recurrence of external payment arrears.\n  - Ensuring transparency in COVID-19-related spending.\n- Monetary policy recommendations:\n  - Maintain a prudent monetary policy stance to support low inflation.\n  - Strengthen the balance sheet of the central bank, entrench its autonomy, and maintain financial credibility.\n- Financial sector recommendations:\n  - Strengthen the legal framework for banking supervision and crisis preparedness to address mounting risks to financial sector stability.\n  - Support greater financial inclusion by strengthening oversight of non-bank financial institutions and monitoring risks from mobile banking.\n- Governance and anti-corruption:\n  - Ardent pursuit of governance reforms, including in public procurement, anti-money laundering, and the overall anti-corruption framework, to enhance transparency and support private sector-led inclusive growth."
    },
    {
      "heading": "Key Statistics and Memorandum Items",
      "content": "- GDP per capita (US$) (selected): 2018: 729.0; 2019: 774.2; 2020: 766.7; 2021: 787.4; 2022: 817.1; 2023: 830.0; 2024: 877.5; 2025: 929.7; 2026: 980.8; 2027: 1,033.9.\n- Nominal GDP (billions of dalasi) (selected): 2018: 80.4; 2019: 91.4; 2020: 96.5; 2021: 98.0; 2022: 108.8; 2023: 108.3; 2024: 120.4; 2025: 134.2; 2026: 148.8; 2027: 165.0.\n- Central government finances (percent of GDP) (selected):\n  - Domestic revenue (taxes and other revenues): 2018: 11.8; 2019: 13.9; 2020: 13.1; 2021: 13.3; 2022: 13.8; 2023: 14.1; 2024: 14.3; 2025: 14.6; 2026: 14.9.\n  - Of which: Tax Revenue: 2018: 10.1; 2019: 10.9; 2020: 11.1; 2021: 10.4; 2022: 11.2; 2023: 11.6; 2024: 12.0; 2025: 12.4.\n  - Grants: 2018: 3.3; 2019: 9.3; 2020: 10.3; 2021: 8.2; 2022: 7.8.\n  - Total expenditures and net acquisition of financial assets: 2018: 21.2; 2019: 23.2; 2020: 24.8; 2021: 25.1; 2022: 23.9; 2023: 25.2; 2024: 23.5; 2025: 22.5; 2026: 21.8.\n  - Net lending (+)/borrowing (–): 2018: -6.1; 2019: -2.5; 2020: -2.6; 2021: -1.8; 2022: -3.9; 2023: -2.0; 2024: -0.8; 2025: -0.2.\n- Use of Fund resources (millions of SDRs):\n  - Disbursements: 0 (2018); 35.0 (2019).\n  - Of which: 2020 RCF: 15.6.\n  - Repayments (selected): -5.5; -4.3; -3.6; -4.0; -2.8; -4.1; -5.2.\n  - CCRT debt relief: 3.2.\n\nSources: The Gambia authorities; and IMF staff estimates and projections.\n\n---\n\n\n References\n\n- https://www.imf.org/-/media/images/imf/bios/imfboard.jpg\n- The Executive Board\n- IMF COVID-19 Hub\n- Policy Tracker\n- Financial Assistance\n- Questions & Answers\n- The Gambia and the IMF\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- was approved by the IMF Executive Board on March 23, 2020\n- Rapid Credit Facility disbursement\n- IMF under the Catastrophe Containment and Relief Trust,\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2021/01/15/pr2112-the-gambia-imf-executive-board-completes-1st-review-under-ecf-approves-disbursement"
    }
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    "Published: January 15, 2021",
    "The 39-month Extended Credit Facility (ECF) arrangement: total access of SDR 35 million (about US$47.1 million at the time of approval, or 56.3 percent of quota), approved March 23, 2020.",
    "Completion of the first review enables an immediate disbursement of SDR 20 million, about US$28.8 million, to help meet balance-of-payments and fiscal financing needs and support the post-pandemic recovery.",
    "Total disbursements under the arrangement to date: SDR 25 million, about US$36 million.",
    "The Executive Board approved an augmentation of access under the ECF from SDR 35 million to SDR 55 million (or 88.4 percent of The Gambia’s quota).",
    "Financing assurances review completed and waiver granted of nonobservance of a continuous quantitative performance criterion relating to a zero ceiling on the accumulation of external payment arrears.",
    "Additional IMF support since the pandemic onset:",
    "Pandemic impact: growth in 2020 is estimated at about zero percent.",
    "Growth projections:",
    "Inflation and prices:",
    "External sector:",
    "Reserves and external position:",
    "Debt and debt distress:",
    "External current account balance (percent of GDP) (selected):",
    "Continue commitment to prudent policies and adhere to the fiscal envelope while protecting social spending to support recovery and program objectives.",
    "Strengthen domestic revenue mobilization by focusing on reducing tax exemptions and reinforcing tax and customs administration.",
    "Strengthen public financial management to improve public service delivery and reduce fiscal risks; near-term priorities include:",
    "Monetary policy recommendations:",
    "Financial sector recommendations:",
    "Governance and anti-corruption:",
    "GDP per capita (US$) (selected): 2018: 729.0; 2019: 774.2; 2020: 766.7; 2021: 787.4; 2022: 817.1; 2023: 830.0; 2024: 877.5; 2025: 929.7; 2026: 980.8; 2027: 1,033.9.",
    "Nominal GDP (billions of dalasi) (selected): 2018: 80.4; 2019: 91.4; 2020: 96.5; 2021: 98.0; 2022: 108.8; 2023: 108.3; 2024: 120.4; 2025: 134.2; 2026: 148.8; 2027: 165.0.",
    "Central government finances (percent of GDP) (selected):",
    "Use of Fund resources (millions of SDRs):",
    "[https://www.imf.org/-/media/images/imf/bios/imfboard.jpg](https://www.imf.org/-/media/images/imf/bios/imfboard.jpg)",
    "[The Executive Board](https://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[IMF COVID-19 Hub](https://www.imf.org/en/Topics/imf-and-covid19)",
    "[Policy Tracker](https://www.imf.org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19)",
    "[Financial Assistance](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)",
    "[Questions & Answers](https://www.imf.org/en/About/FAQ/imf-response-to-covid-19)",
    "[The Gambia and the IMF](http://www.imf.org/external/country/GMB/index.htm)",
    "[Special Drawing Rights (SDRs) -- A Factsheet](https://www.imf.org/en/about/factsheets/sheets/2023/special-drawing-rights-sdr)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[was approved by the IMF Executive Board on March 23, 2020](https://www.imf.org/en/News/Articles/2020/03/23/pr2099-gambia-imf-executive-board-approves-usd47-1-million-ecf-arrangement)",
    "[Rapid Credit Facility disbursement](https://www.imf.org/en/News/Articles/2020/04/15/pr20164-gambia-imf-exec-board-approves-us-21-3m-disbursement-the-gambia-address-covid19-pandemic)",
    "[IMF under the Catastrophe Containment and Relief Trust,](https://www.imf.org/en/News/Articles/2020/04/13/pr20151-imf-executive-board-approves-immediate-debt-relief-for-25-countries)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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