The International Monetary Fund (IMF) staff and Gambian authorities held successful discussions on economic policies as part of the second review of the Extended Credit Facility (ECF) program.
The country’s economic recovery is strengthening, with inflation dropping to single digits. Despite challenges, The Gambia’s reform agenda is advancing, particularly in public financial management and revenue collection.
Led by Ms. Eva Jenkner, the IMF team met with Gambian officials to assess progress under the ECF program, which was approved in January 2024. The completion of this review is expected to lead to a disbursement of $11.05 million, bringing the total funds disbursed to about $33.2 million.
The discussions highlighted that The Gambia’s economy grew by an estimated 5.8% in 2024, driven by the agriculture, services, telecom, and construction sectors. Tourism has also seen a strong recovery, nearing pre-pandemic levels. Inflation, which peaked at 18.5% in 2022, has declined to 9.8% by August 2024.
The IMF’s focus remains on supporting the country’s long-term development, with a particular emphasis on maintaining fiscal responsibility and strengthening domestic revenue mobilization. Despite fiscal pressures, including increased spending related to infrastructure projects and emergency support, the government has met most of its performance targets under the ECF program.
The IMF will continue working with The Gambia remotely and in Washington D.C. to finalize the review, with expected approval from the IMF’s Executive Board by the end of the year.
