The Gambia: Sixth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia

International Monetary Fund

No 2023/216, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper highlights The Gambia’s Sixth Review under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of a Performance Criterion, and Financing Assurances Review. The IMF Executive Board decision allows for an immediate disbursement of funds to the Gambia to help meet the country’s financing needs, address the repercussions of the war in Ukraine, and support the post-pandemic recovery. The exogenous shocks continue to weigh on the country’s socio-economic environment, impeding vigorous economic activity. Inflation pressures persist. The Gambian authorities are taking measures to address the exogenous shocks and remain committed to strong policies and reforms. The fiscal policy in 2023 will remain anchored on the adopted budget despite multiple shocks, given high debt vulnerabilities. The necessary measures will be taken to this end, including the collection of some significant budgetary resources. Finally, structural reforms will be pursued and accelerated, particularly on revenue administration, public financial management, state-owned enterprises management, governance, and anti-corruption.

Keywords: PPP bill; financing amendment bill; market forces; Gambia's Extended Credit Facility; ECF arrangement; anti-corruption bill; procurement authority; Debt service; West Africa; Global; Middle East (search for similar items in EconPapers)
Pages: 99
Date: 2023-06-21
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