Africa-Press – Gambia. The International Monetary Fund (IMF) Executive Board has completed the Fourth Review under The Gambia’s Extended Credit Facility (ECF) arrangement and the First Review under the Resilience and Sustainability Facility (RSF) arrangement, enabling an immediate total disbursement of approximately US$38.15 million.
The Executive Board approved the fourth review of the ECF, originally approved on January 12, 2024, supporting reforms aimed at addressing structural impediments to inclusive growth. This review allows for the disbursement of SDR12.44 million (about US$17.00 million), bringing total disbursements under the ECF to SDR49.75 million (about US$68.00 million).
The Board also completed the first review under the RSF, approved on June 18, 2025, designed to strengthen macroeconomic resilience and build policy buffers against climate shocks. This review permits the immediate release of SDR15.54 million (about US$21.24 million).
The Gambia’s economic recovery remains on track, with real GDP projected to grow by 6 percent in 2025, driven by agriculture, construction, and tourism. Headline inflation has fallen to 7 percent as of October 2025. However, the economic outlook faces risks from global geopolitical developments.
Authorities have made progress in implementing their reform agenda despite fiscal challenges. Key priorities include increasing domestic revenue, advancing fiscal consolidation to safeguard debt sustainability, and strengthening social and infrastructure spending. Measures include enhanced tax administration and the introduction of a carbon-based excise duty on fuel products in the 2026 budget.
The Executive Board also approved a waiver for non-observance of the end-June 2025 net international reserves target, noting corrective actions taken by the authorities.
Following the Board’s discussions, IMF Deputy Managing Director Bo Li stated:
“The Gambia’s economy continues to experience robust growth and declining inflation. Implementation of the ECF program has been satisfactory, and reforms under the RSF are progressing. The authorities remain committed to meeting fiscal targets despite delays in external financing, through strengthened tax collection and disciplined expenditure prioritization. Maintaining fiscal consolidation, price stability, and a market-determined exchange rate are critical for long-term economic stability.”
Bo Li emphasized the importance of enhancing public financial management, limiting fiscal risks from state-owned enterprises and public-private partnerships, and improving data transparency. She also highlighted the central bank’s commitment to cease direct financial support to public entities as a step toward financial sector stability, alongside strengthening regulatory capacity and risk-based supervision.
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