The International Monetary Fund (IMF) has approved two new financial packages for The Gambia, signaling continued support for the country’s economic reforms and its push to confront the growing impacts of climate change. On Wednesday, the IMF’s Executive Board signed off on a climate-focused facility worth about $63.5 million under[Read More…]
Tag: IMF
Momodou Sabally Expresses Confidence In Gambia’s Economy
Momodou Sabally, Special Adviser to Gambian President Adama Barrow, recently shared positive insights on the Gambia’s economic growth and stability. In an interview on Coffee Time With Peter Gomez, Sabally highlighted Gambia’s GDP growth and the decline in inflation, noting that these factors place the country among the top 20[Read More…]
Gambia: IMF Staff Agrees On Second Extended Credit Facility Review
An International Monetary Fund (IMF) team, led by Ms. Eva Jenkner, held discussions in Washington DC with the Gambian authorities.The discussions followed those in Banjul from September 30 to October 11, 2024 (see PR 24/367). A staff-level agreement was reached on the second review of the program supported under the[Read More…]
Int’l Monetary Fund Staff Concludes Visit to The Gambia
The International Monetary Fund (IMF) team, led by Ms. Eva Jenkner, held discussions with Gambian authorities in Banjul from September 30 to October 11, 2024, as part of the second review of the Gambia’s program supported by a 36-month Extended Credit Facility (ECF). The ECF arrangement, approved in January 2024,[Read More…]
Senegal Pledges Swift Action On Budget Gap After Ratings Cut
Senegal said it will act swiftly to lower its budget deficit after an audit showing a weaker fiscal and debt position prompted Moody’s Ratings to downgrade the West African nation. The company lowered Senegal’s long-term rating to B1 from Ba3 late on Friday after an audit launched by newly elected[Read More…]
IMF & Gambia Agree New $100M Support Package
The International Monetary Fund and Gambian authorities have reached a staff-level agreement on a new three-year support package of around $100 million, the Fund said in a statement on Wednesday. The program will support agreed economic policies and reforms. It aims to tackle inflation and foreign exchange pressures, reduce debt[Read More…]
Africa To Have Third Seat On IMF Board – Official
Africa would soon have a third seat on the International Monetary Fund (IMF) board of directors to give the continent “a louder voice,” IMF managing director Kristalina Georgieva has announced. Georgieva’s announcement came ahead of Monday’s IMF and World Bank meetings kicking off in Marrakesh, Morocco – the first gathering[Read More…]
IMF, WB, EU Should Be Concerned About Gambians’ Uproar Over ‘Corruption’
If the IMF, WB and EU could give Gambia money but with strings attached, they can equally help it deal with corruption. The apparent laisez faire attitude of these financing institutions towards the deepening public perception of official corruption in the country has yet to be understood. Despite pumping millions of[Read More…]
IMF Says Gambia’s Economic Recovery & Tax Collection Weaker Than Anticipated
IMF’s acting board chair Mr. Bo Li said recently that the Gambia’s economic recovery and tax collection are “weaker than anticipated while inflationary pressures and foreign exchange shortages are intensifying”. According to Mr. Li, this situation has been engendered by the ramifications of Russia’s invasion of Ukraine, the Covid-19 hangover[Read More…]
IMF Approves Nearly US$27.41M For Gambia
The Executive Board of the IMF has approved about US$27.41m for The Gambia after the Fifth Review under the Extended Credit Facility Arrangement for the country held in Washington, DC on Thursday. This takes the total disbursements under ECF arrangements to about US$87.44 million. In the second augmentation of access[Read More…]
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