The Gambia: First Review of the Staff-Monitored Program and Request for a 39-Month Arrangement under the Extended Credit Facility

April 13, 2020

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Format: Chicago

The Gambia: First Review of the Staff-Monitored Program and Request for a 39-Month Arrangement under the Extended Credit Facility, (USA: International Monetary Fund, 2020) accessed November 15, 2024

Summary

This paper presents The Gambia’s First Review of the Staff-Monitored Program and Request for a 39-Month Arrangement Under the Extended Credit Facility (ECF). The IMF-supported program aims to help The Gambia to be better prepared for external shocks, pursue high and inclusive growth, lessen debt vulnerabilities, strengthen public financial management, and bolster domestic revenue mobilization. The ECF arrangement is essential to help the authorities deal with the challenges posed by the coronavirus disease 2019 pandemic. The Gambian authorities’ commitment to prudent policies and institutional improvements has supported robust economic growth, while voluntary debt service deferrals from their main external creditors have helped attain debt sustainability. The authorities should remain committed to fiscal consolidation in the medium-term to ensure debt sustainability. The vulnerabilities identified in the 2019 Financial Sector Stability Assessment should be addressed to ensure soundness of the financial sector and improve legal and supervisory framework for banking supervision. The authorities should leverage the financial inclusion strategy, including through mobile banking, while strengthening the oversight of nonbanking institutions and monitoring of risks involved in mobile banking.

Subject: Debt service, Debt sustainability analysis, Domestic debt, External debt, Public debt

Keywords: Africa, CR, Debt service, Debt situation, Debt sustainability analysis, Domestic debt, ECF arrangement, End-March program ceiling, End-March program target, Financing needs, Global, Government financing needs, ISCR, March, Staff appraisal, Sub-Saharan Africa

Publication Details

Pages:

144
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/102
Stock No:

1GMBEA2020001
ISBN:

9781513540351
ISSN:

1934-7685

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