{
  "title": "IMF Executive Board Completes Fourth Review under the Extended Credit Facility Arrangement for The Gambia and Approves US$ 6.72 Million Disbursement",
  "publication": "IMF News, June 10, 2022",
  "sourceUrl": "https://www.imf.org/en/news/articles/2022/06/10/pr22194-gambia-imf-executive-board-completes-fourth-review-under-ecf",
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  "summary": "IMF Executive Board Completes Fourth Review under the Extended Credit Facility Arrangement for The Gambia and Approves US$ 6.72 Million Disbursement",
  "publishDate": "2022-06-10",
  "sections": [
    {
      "heading": "Disbursement and program status",
      "content": "- Immediate disbursement approved: SDR 5 million (about US$ 6.72 million).\n- Purpose of disbursement: help meet the country’s balance-of-payments and fiscal financing needs, support the post-pandemic recovery, and address challenges from the war in Ukraine.\n- Total disbursements under the ECF arrangement to date: SDR 45 million.\n- Waivers and reviews:\n  - The Board completed a financing assurances review.\n  - The Board granted a waiver of nonobservance of a performance criterion on the ceiling on the net domestic borrowing of the central government.\n- ECF arrangement history:\n  - ECF approved on March 23, 2020 with initial total access of SDR 35 million (or 56.3 percent of quota).\n  - Access augmented to SDR 55 million (88.4 percent of quota) at completion of the first review on January 15, 2021.\n- Other IMF support:\n  - IMF Rapid Credit Facility disbursement: SDR 15.55 million (approved April 15, 2020).\n  - Debt service relief under the Catastrophe Containment and Relief Trust: SDR 7.9 million."
    },
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- Real GDP growth:\n  - 2021: 4.3 percent (estimated, despite COVID-19 waves).\n  - 2022: projected 5.6 percent (predicated on strong remittance inflows, robust expansion of the construction sector, and large public investment projects).\n- Inflation and external pressures:\n  - Inflation reached 11.7 percent at end-April 2022.\n  - Repercussions of the war in Ukraine: intensify inflationary pressures, exacerbate pandemic-related uncertainties, dampen tourism prospects, and disrupt supply of food and agricultural inputs.\n- Policy response:\n  - The central bank took initial measures to contain inflationary pressures."
    },
    {
      "heading": "Structural reforms and governance measures",
      "content": "- Authorities remain committed to:\n  - Strong policy measures and structural reforms, including on fiscal management, State-Owned Enterprises (SOEs), and governance.\n  - Reforms on transparency of COVID-19 spending, institutional framework of State-Owned Enterprises, revenue administration, and public financial management.\n- Recommended reform priorities highlighted by IMF management:\n  - Further streamline tax exemptions.\n  - Rationalize subsidies to SOEs.\n  - Strengthen cash management.\n  - Better prioritize public investment projects.\n  - Adhere to the external borrowing plan under the ECF-supported program and seek grants and highly concessional loans to maintain adequate fiscal and external buffers.\n  - Persevere with ambitious structural reform agenda, including transitional justice reforms and improvement of the business environment to support private sector-led growth and poverty reduction, and to build resilience to climate change."
    },
    {
      "heading": "Governance, political context, and vulnerabilities",
      "content": "- Democratic progress: successful organization of peaceful and transparent presidential and parliamentary elections commended.\n- Program performance: broadly satisfactory despite COVID-19 and electoral challenges.\n- Risks and vulnerabilities:\n  - Spillovers from the war in Ukraine hampering a vigorous rebound and intensifying inflationary pressures.\n  - Lingering vulnerabilities include anticipated increases in debt service at the expiry of the debt service rescheduling period; maintaining fiscal and external buffers is important.\n\nPress Release No. 22/194, June 10, 2022.\n\n---\n\n\n References\n\n- The Gambia and the IMF\n- Special Drawing Rights (SDRs) -- A Factsheet\n- Press Releases\n- PRESS CENTER\n- approved by the IMF’s Executive Board on March 23, 2020\n- was augmented to SDR 55 million (88.4 percent of quota) at the time of the completion of the first review under the ECF, on January 15, 2021\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/2022/06/10/pr22194-gambia-imf-executive-board-completes-fourth-review-under-ecf"
    }
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    "Published: June 10, 2022",
    "Immediate disbursement approved: SDR 5 million (about US$ 6.72 million).",
    "Purpose of disbursement: help meet the country’s balance-of-payments and fiscal financing needs, support the post-pandemic recovery, and address challenges from the war in Ukraine.",
    "Total disbursements under the ECF arrangement to date: SDR 45 million.",
    "Waivers and reviews:",
    "ECF arrangement history:",
    "Other IMF support:",
    "Real GDP growth:",
    "Inflation and external pressures:",
    "Policy response:",
    "Authorities remain committed to:",
    "Recommended reform priorities highlighted by IMF management:",
    "Democratic progress: successful organization of peaceful and transparent presidential and parliamentary elections commended.",
    "Program performance: broadly satisfactory despite COVID-19 and electoral challenges.",
    "Risks and vulnerabilities:",
    "[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/)",
    "[approved by the IMF’s 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)",
    "[was augmented to SDR 55 million (88.4 percent of quota) at the time of the completion of the first review under the ECF, on January 15, 2021](https://www.imf.org/en/News/Articles/2021/01/15/pr2112-the-gambia-imf-executive-board-completes-1st-review-under-ecf-approves-disbursement)",
    "[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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