The Gambia: Request for a Staff-Monitored Program; Press Release and Staff Report

International Monetary Fund

No 2019/128, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses The Gambia’s request for a Staff-Monitored Program (SMP). The Gambia is enjoying a strong economic recovery, with good prospects of sustained growth over the medium term. In order to consolidate gains and establish a track record for a possible arrangement under the Extended Credit Facility, the authorities are requesting a new SMP covering 2019. The SMP will help build an adequate track record of performance for a potential Fund-supported program. Enhanced domestic revenue mobilization and expenditure control will help create room for much needed public investment and poverty-reducing social spending. The program’s strategy includes fiscal policy to focus on domestic revenue mobilization, improved treasury management and spending prioritization. A prudent borrowing strategy and strengthened oversight of state-owned enterprises, with the focus on containing contingent liabilities, is expected to contribute to anchoring debt sustainability. Monetary policy will remain active to curb inflation pressures and banking supervision vigilant to foster financial stability.

Keywords: ISCR; CR; Staff-Monitored Program; debt; management of the International Monetary Fund; debt service; TA strategy; envisaged debt restructuring; financial support; burden threshold; fiscal consolidation; service-to-revenue ratio; authorities' fiscal consolidation; dynamics equation; GDP deflator; debt ratio; sustainability framework; Debt sustainability analysis; Budget planning and preparation; Debt service; Africa; Sub-Saharan Africa; Global (search for similar items in EconPapers)
Pages: 96
Date: 2019-05-08
New Economics Papers: this item is included in nep-mac
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