The Gambia has secured access to $80.5 million in new funding from the International Monetary Fund (IMF), following a successful review of the country’s economic performance.
This includes a newly approved 18-month arrangement under the Resilience and Sustainability Facility (RSF), worth approximately $63.55 million. The funding is designed to help The Gambia strengthen its economy and build resilience against climate-related challenges.
In addition, the IMF completed its third review under the Extended Credit Facility (ECF), unlocking another $16.95 million for immediate disbursement.
Despite ongoing global uncertainties, the IMF expressed optimism about The Gambia’s economic outlook. Growth is projected at 5.7% in 2025, buoyed by continued recovery in tourism and strong performance in agriculture and construction. Inflation, which has been gradually falling, is expected to remain in the single digits, reaching 8.1% by April 2025.
The IMF commended the government’s progress on economic reforms, even as fiscal challenges remain. In particular, unplanned expenditures — such as those related to the national utility company, Nawec — continue to strain the national budget.
To maintain progress, the IMF stressed the need for stronger implementation of fiscal and structural reforms. This includes enhancing revenue collection and limiting financial risks posed by state-owned enterprises and public-private partnerships.
The Fund also approved waivers for previously unmet targets on domestic borrowing and fiscal balances, citing corrective actions already taken.
Following the Executive Board’s meeting, Deputy Managing Director Bo Li remarked:
> “The Gambia’s economy remains on a solid path. While there have been delays in achieving some reform goals, the government remains committed to its broader agenda. Continued progress will depend on building fiscal buffers and ensuring transparency, especially in public sector finances.”
Li also welcomed the Central Bank’s decision to end direct financial support to public institutions, calling it a “positive step” toward protecting financial stability.
