The Gambia: 2003 Article IV Consultation-Staff Report; Report on Noncomplying Disbursements and Recommendation for Corrective Action; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for The Gambia
IMF Staff Country Reports, May 18, 2004
Source details
- Canonical URL
- The Gambia: 2003 Article IV Consultation-Staff Report; Report on Noncomplying Disbursements and Recommendation for Corrective Action; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for The Gambia
Other formats
Bibliographic details
- Published: May 18, 2004
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451815443.002
Summary findings
- Economic performance of The Gambia deteriorated substantially in 2002–03.
- A collapse of the groundnut harvest in 2002 led to a contraction of real GDP by 3 percent.
- The groundnut harvest collapse also affected export revenues in 2003.
- Poor execution of monetary and fiscal policy, reflecting serious deficiencies in governance, caused the exchange rate to depreciate and inflation to surge.
- In 2003, the fiscal deficit is estimated to have declined to 6.0 percent of GDP, compared with a budget target of 4.5 percent.
Major macroeconomic developments
- Real GDP:
- Contraction of real GDP by 3 percent in 2002–03 linked to the collapse of the groundnut harvest in 2002.
- External sector:
- Export revenues were negatively affected in 2003 as a consequence of the groundnut harvest collapse.
- Prices and exchange rate:
- Exchange rate depreciation occurred in the period, accompanied by surging inflation (no quantitative inflation rate provided in the source text).
Fiscal and policy execution
- Fiscal outcome:
- Fiscal deficit in 2003 estimated at 6.0 percent of GDP.
- Budget target had been 4.5 percent of GDP for 2003.
- Policy implementation:
- Poor execution of monetary and fiscal policy noted.
- Governance deficiencies identified as a primary factor undermining policy effectiveness.
Subject coverage and keywords (as listed)
- Subjects: Banking, Central banks, Currencies, Expenditure, Foreign exchange, International reserves, Monetary base, Money
- Keywords: authority, CBG, CBG reserve, complying disbursement, CR, Currencies, IMF disbursement, IMF executive board review, International reserves, ISCR, Monetary base, unprogrammed government expenditure, West Africa
International Monetary Fund. The Gambia: 2003 Article IV Consultation-Staff Report; Report on Noncomplying Disbursements and Recommendation for Corrective Action; Staff Statement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for The Gambia. May 18, 2004.