IMF Reaches Agreement with Gambian Authorities, Sets $11.04M Disbursement for December

By Buba Gagigo

The International Monetary Fund (IMF) has announced an agreement with Gambian authorities on the next steps of the Extended Credit Facility (ECF) program, setting the stage for a December disbursement of Special Drawing Rights (SDR) 8.29 million—equivalent to approximately $11.04 million. This will bring total disbursements under the program to $33.1 million.

The ECF program, established to support The Gambia’s medium-term fiscal strategy, aims to alleviate debt vulnerabilities and sustain macroeconomic stability. Led by Ms. Eva Jenkner, the IMF team conducted discussions in Washington, DC, following earlier consultations in Banjul between September 30 and October 11.

Ms. Jenkner provided an update on the program’s progress, confirming that the staff-level agreement reached on this second review is part of a 36-month ECF arrangement approved in January 2024, which grants The Gambia access to SDR 74.64 million (about $99.4 million). Once the review is formally approved by the IMF’s Executive Board—tentatively scheduled for December 20, 2024—the disbursement will proceed.  

“The discussions followed those in Banjul from September 30 to October 11, 2024 (see PR 24/367). A staff-level agreement was reached on the second review of the program supported under the 36-month Extended Credit Facility (ECF) arrangement approved in January 2024 for total access of SDR 74.64 million (about US$99.4 million). Subject to approval by the IMF’s Executive Board, the completion of the review would enable a disbursement of SDR 8.29 million (about US$11.04 million), bringing the total disbursement under the arrangement to about US$33.1 million. The Board date is tentatively scheduled for December 20, 2024,” IMF said.

Ms. Jenkner highlighted the country’s ongoing economic growth, projected at 5.8 percent for 2024, fueled by advancements in agriculture, services, telecommunications, and construction. She commended the Gambian authorities for their commitment to the program’s objectives, which aim to reinforce economic resilience through targeted reforms.

 “The authorities remain committed to their reform agenda and program objectives.“Economic activity is strengthening. Economic growth remains estimated at 5.8 percent for 2024, supported by agriculture, services, telecom, and construction sectors.” she stated.