The International Monetary Fund(IMF) on Wednesday declared that its executive board approved a 7 million U.S. dollar disbursement to the Gambia as it completed a third review of the West African country’s loan arrangement.
Meaning, the completion of the review enables the release of SDR 5.0 million (about 6.97 million USD), bringing total disbursements under the arrangement to SDR 40.0 million (about 55.75 million).
The Gambia’s 39-month extended credit facility(ECF) had been approved by the Executive Board back on March 20, 2020, to help meet financial needs relating to the COVID-19 health challenge across the country.
The objective of the ECF-supported program is to address the challenges from the covid 19 pandemic, support inclusive growth, as well as reduce debt vulnerabilities. Advance structural reforms, including on public financial management and domestic revenue mobilization.
According to the Executive Board Deputy Managing Director and Acting Chair, Bo Li, Gambia’s active performance under the economic program supported by the Extended Credit Facility has been largely satisfactory despite the challenging pandemic context.
“Fiscal policy will need to continue to contain the spread of the pandemic and support economic recovery while reducing debt vulnerabilities. The authorities are making quite some strong communication efforts on COVID-19 vaccination and are also delivering on their commitments regarding the transparency of pandemic-related spending.”