Africa-Press – Gambia. Lamin Manneh, the Administrative Secretary for External Affairs of the United Democratic Party (UDP), has cautioned that the International Monetary Fund’s (IMF) Extended Credit Facility (ECF) should not be viewed as an achievement, arguing that it is a sign of economic underperformance.
Manneh made the remarks following the IMF’s announcement of a staff-level agreement with The Gambia on the fourth review of its ECF arrangement, which, pending approval by the IMF Executive Board, would enable the disbursement of US$17.1 million to the country.
“Gambians need to know that ECF, is something you give to a government that is underperforming. When they have protracted balance of payment issues, that’s when you give them the extended credit facility to help them come out of that,” he stated.
He explained that the facility serves as a medium-term support mechanism aimed at helping governments stabilize and grow out of financial distress. However, he added that The Gambia’s inability to manage previous support packages effectively has resulted in the need for additional sustainability facilities. “They have to give them a sustainability facility. That is a longer-term facility. And it is exactly for the same reason.”
Joining the discussion, Dr. Ousman Gajigo, a former economist with the African Development Bank (AfDB), highlighted that during the joint IMF–Ministry of Finance press conference, the IMF representative specifically noted the need to establish an anti-corruption commission as part of the conditions for the credit facility.
“Why would they say that? IMF actually made a point of mentioning that as a condition, which means that they already know and believe that you have a major corruption problem in your government,” he stated.
Dr. Gajigo also criticized the government’s lack of transparency in reporting the country’s debt, noting that many contingent liabilities are excluded from official records. “Our government doesn’t even report it.”
Dr. Gajigo also criticized the government’s lack of transparency in reporting the country’s debt, noting that many contingent liabilities are excluded from official records.
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