An International Monetary Fund (IMF) team, led by Ms. Eva Jenkner, conducted discussions with Gambian authorities in Washington, DC. These talks followed previous discussions held in Banjul from September 30 to October 11, 2024. The outcome was a staff-level agreement on the second review of the Extended Credit Facility (ECF) program for The Gambia. This arrangement, approved in January 2024, allows total access to SDR 74.64 million (approximately US$99.4 million). Pending approval from the IMF’s Executive Board, this review's completion would enable a disbursement of SDR 8.29 million (around US$11.04 million), increasing the total disbursement under the arrangement to approximately US$33.1 million. The Board meeting is tentatively scheduled for December 20, 2024.
Ms. Jenkner stated: “The authorities remain committed to their reform agenda and program objectives.”
She noted that economic activity is strengthening in The Gambia with an estimated growth rate of 5.8 percent for 2024, driven by agriculture, services, telecom, and construction sectors. Inflation was reported at 10 percent as of end-September 2024, down from a peak of 18.5 percent at end-September 2023 but still above the central bank’s medium-term target of 5 percent.
Policy discussions primarily focused on maintaining fiscal responsibility for the years 2024 and 2025. Key areas included addressing social and developmental needs, protecting vulnerable populations, tackling climate-related risks, and gradually clearing central government arrears.
“The ECF supported program is anchored on a medium-term fiscal framework aiming to reduce debt vulnerabilities and to maintain overall macrofinancial stability,” added Ms. Jenkner.
The mission expressed gratitude towards its counterparts for engaging in candid and constructive discussions.
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