{"id":26576,"date":"2022-12-24T11:37:43","date_gmt":"2022-12-24T11:37:43","guid":{"rendered":"https:\/\/www.africa-press.net\/gambia\/uncategorized\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated"},"modified":"2022-12-24T12:09:21","modified_gmt":"2022-12-24T12:09:21","slug":"imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated","title":{"rendered":"IMF Says Gambia\u2019s Economic Recovery & Tax Collection Weaker Than Anticipated"},"content":{"rendered":"

Africa-Press – Gambia. <\/strong><\/span>IMF\u2019s acting board chair Mr. Bo Li said recently that the Gambia\u2019s economic recovery and tax collection are \u201cweaker than anticipated while inflationary pressures and foreign exchange shortages are intensifying\u201d.<\/b><\/p>\n

According to Mr. Li, this situation has been engendered by the ramifications of Russia\u2019s invasion of Ukraine, the Covid-19 hangover and the last July destructive flooding in The Gambia.<\/p>\n

Despite acknowledging that the Central Bank of The Gambia (CBG) is \u201ctightening the monetary policy stance to tackle inflation\u201d, IMF\u2019s acting executive board chair said:\u201dIt would be paramount to allow smooth functioning of the foreign exchange market and ensure that the exchange rate reflect market forces, which would help restore equilibrium\u201d.<\/p>\n

\u201cFiscal policy aims at alleviating the impact of the high global fuel and food prices on the population while safeguarding debt sustainability. To keep public debt on a downward path, it would be important to bolster domestic revenue mobilization, streamline tax exemptions, rationalize subsidies to SOEs, strengthen cash management, and further prioritize public investment projects,\u201dhe recommended.<\/p>\n

Mr. Li recently issued a statement shortly after the IMF executive board completed the fifth review under the Extended Credit Facility (ECF) arrangement for The Gambia.<\/p>\n

The review allows the immediate disbursement of about US$27.41 million, to help plug the Gambia\u2019s balance-of-payments and fiscal financing needs amid challenges, including the repercussions of the war in Ukraine and lingering impact of the COVID-19 pandemic.<\/p>\n

\u201cIn view of lingering vulnerabilities, including anticipated increases in debt service obligations at the expiry of the debt service rescheduling period, it would be important to maintain sufficient fiscal and external buffers,\u201d IMF acting further recommended.<\/p>\n

\u201cTo this end, it would be advisable to contain domestic borrowing, strictly adhere to the external borrowing plan, and seek grants and highly concessional loans,\u201d Mr. Li advised.<\/p>\n

The IMF board chair also encouraged authorities to further consolidate the business environment to propel private sector-led growth and lessen poverty.<\/p>\n

For More News And Analysis About Gambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Gambia. IMF\u2019s acting board chair Mr. Bo Li said recently that the Gambia\u2019s economic recovery and tax collection are \u201cweaker than anticipated while inflationary pressures and foreign exchange shortages are intensifying\u201d. According to Mr. Li, this situation has been engendered by the ramifications of Russia\u2019s invasion of Ukraine, the Covid-19 hangover and the […]<\/p>\n","protected":false},"author":84,"featured_media":26575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[2355,2361,260],"class_list":["post-26576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-gambia","tag-gambia"],"yoast_head":"\nIMF Says Gambia\u2019s Economic Recovery & Tax Collection Weaker Than Anticipated - Gambia<\/title>\n<meta name=\"description\" content=\"IMF\u2019s acting board chair Mr. Bo Li said recently that the Gambia\u2019s economic recovery and tax collection are \u201cweaker t ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Says Gambia\u2019s Economic Recovery & Tax Collection Weaker Than Anticipated\" \/>\n<meta property=\"og:description\" content=\"IMF\u2019s acting board chair Mr. Bo Li said recently that the Gambia\u2019s economic recovery and tax collection are \u201cweaker t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated\" \/>\n<meta property=\"og:site_name\" content=\"Gambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-24T11:37:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-24T12:09:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2022\/12\/postQueueImg_1671870888.46.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1080\" \/>\n\t<meta property=\"og:image:height\" content=\"719\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"IMF Says Gambia\u2019s Economic Recovery & Tax Collection Weaker Than Anticipated\",\"datePublished\":\"2022-12-24T11:37:43+00:00\",\"dateModified\":\"2022-12-24T12:09:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated\"},\"wordCount\":345,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/gambia\/sites\/19\/2022\/12\/postQueueImg_1671870888.46.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Gambia\",\"Gambia\"],\"articleSection\":[\"all news\",\"Economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated\",\"url\":\"https:\/\/www.africa-press.net\/gambia\/all-news\/imf-says-gambias-economic-recovery-tax-collection-weaker-than-anticipated\",\"name\":\"IMF Says Gambia\u2019s Economic Recovery & Tax Collection Weaker Than Anticipated - 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