By Buba Gagigo
The International Monetary Fund (IMF) has provided The Gambia with a financial aid package of $100 million to bolster the country’s economic recovery efforts, address inflation concerns, and alleviate foreign exchange pressures, among other priorities.
This assistance was granted following the presentation of preliminary findings by IMF staff after their recent visit to the country.
“IMF staff and the Gambian authorities have reached a staff-level agreement on economic policies and reforms to be supported by a new 3-year arrangement under the Extended Credit Facility (ECF), with requested access of SDR74.64 million (around US$100 million).
“The ECF-supported program aims to strengthen economic recovery, tackle inflation, address foreign exchange pressures, reduce debt vulnerabilities, advance structural reforms, and foster strong and inclusive growth,” the IMF said in a statement.
The IMF’s mission team, led by Mr. Ivohasina Fizara Razafimahefa, Mission Chief for The Gambia, conducted discussions with Gambian authorities in Banjul, The Gambia, from October 19 to November 1, 2023, focusing on economic and financial policies under a new 36-month ECF arrangement and the 2023 Article IV consultation.