The Gambia: First Review Under the Extended Credit Facility Arrangement, Request for Modification 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 2024/218, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents The Gambia’s First Review under the Extended Credit Facility Arrangement, Request for Modification of a Performance Criterion, and Financing Assurances Review. Economic activity continued to recover robustly. Inflation eased but remains well above the central bank’s medium-term objective. Following the adoption of a new foreign exchange policy, the wedge between the official and parallel market exchange rates has largely closed. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions. Performance under program has been satisfactory. Continued implementation of the reforms will help address medium- and long-term macroeconomic challenges and catalyze additional financing from development partners and the private sector. The central bank will maintain a tight monetary policy stance to ensure that inflation firmly declines. It will also continue close implementation of the recently introduced foreign exchange policy to prevent reoccurrence of forex shortages and any wedge with the parallel market. Finally, structural reforms will be pursued and accelerated, particularly on revenue administration, public financial management, state-owned enterprises management, governance, and business environment.

Keywords: Policy discussion; introduced foreign exchange policy; central bank official; procurement authority; revenue collection; policy commitment; Fiscal stance; Global (search for similar items in EconPapers)
Pages: 74
Date: 2024-07-12
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