A delegation from the International Monetary Fund (IMF) has concluded a 12-day visit to the Gambia.

The delegation led by Ms. Eva Jenkner met with President Adama Barrow and other senior government officials. 

They also met representatives of the private sector, civil society, and development partners.

The IMF officials had “productive discussions”with the Gambian authorities on the second review of the programme supported under the 36-month Extended Credit Facility (ECF) arrangement, which was approved in January 2024 for total access of US$99.5 million. 

Discussions will continue remotely and in Washington D.C. over the coming weeks to finalise agreement, according to a press statement from the IMF. 

Subject to later approval by the IMF’s Executive Board, the completion of the review will enable a disbursement of US$11.05 million, bringing the total disbursement under the arrangement to about US$33.2 million.

“The authorities remain committed to their reform agenda and program objectives. Despite significant revenue collection efforts, fiscal out turns of the first half of 2004 were weaker than expected, mainly reflecting strong spending pressures stemming from the OIC Summit, accelerated infrastructure projects and emergency support to the national utility NAWEC. 

“Regardless, ten out of eleven quantitative performance criteria and indicative targets under the ECF-supported program were met. Also, progress was made on significant structural benchmarks, such as audits of large taxpayers and improvements in public financial management, and the public debt-to-GDP ratio remains on a downward trajectory,” said Ms. Jenkner. 

“Economic activity is strengthening. Economic growth is estimated at 5.8 percent for 2024, supported by agriculture, services, telecom, and construction sectors. Tourist arrivals continued to recover, reaching a level closer to the pre-pandemic peak levels. Remittance inflows also strengthened. Inflation declined to 9.8 percent at end-August 2024, from a peak of 18.5 percent at end-2022.”