IMF Staff Country Reports

The Gambia: Second Review Under the Extended Credit Facility Arrangement, Requests for A Waiver of Nonobservance of Performance Criterion, Modifications of Performance Criteria and Indicative Targets, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia

January 14, 2025

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International Monetary Fund. African Dept. "The Gambia: Second Review Under the Extended Credit Facility Arrangement, Requests for A Waiver of Nonobservance of Performance Criterion, Modifications of Performance Criteria and Indicative Targets, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia", IMF Staff Country Reports 2025, 004 (2025), accessed January 15, 2025, https://doi.org/10.5089/9798400296949.002

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Summary

The Gambia hosted the 15th Summit of the Organization of Islamic Cooperation (OIC) in early May 2024—the second largest intergovernmental organization in the world. Economic recovery is strengthening, while inflation has trended down, albeit slowly. Despite strong revenue collection efforts, the fiscal outcome for 2024H1 was weighed down by the costs of hosting the OIC Summit and emergency support to the National Water and Electricity Corporation (NAWEC). The foreign exchange market continues to function smoothly, and foreign reserves remain at a comfortable level. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions.

Subject: Arrears, Budget planning and preparation, Debt sustainability, Expenditure, External debt, Fiscal policy, Fiscal stance, Foreign exchange, Public debt, Public financial management (PFM), Revenue administration

Keywords: Arrears, Budget planning and preparation, Debt sustainability, Fiscal stance

Publication Details

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