The Gambia, which has been severely hit by covid-19, signed an extended credit facility arrangement with the IMF to revive its economy. In the framework of that arrangement, it is implementing a set of reforms.
The International Monetary Fund (IMF) announced, Friday (June 10), a US$6.7 million disbursement to support Gambia’s post-pandemic recovery. According to the IMF release announcing the disbursement, it will also help address challenges from the war in Ukraine.
The disbursement was approved after the fourth review of the country’s 39-month Extended Credit Facility (ECF) arrangement. The arrangement concluded in March 2020 and entitled The Gambia to 35 million Special Drawing Rights (SDR) but, in January 2021, after the first review, it was revised upward to SDR 55 million.
In the press release published after the first review of the ECF arrangement, the IMF explained that the program aims to “help The Gambia to be better prepared for external shocks, pursue high and inclusive growth, lessen debt vulnerabilities, strengthen public financial management and bolster domestic revenue mobilization.”
According to the IMF, the reforms implemented by The Gambia helped the country achieve positive growth despite the various Covid-19 waves. For 2022, the institution forecasts a 5.6% growth after 4.3% in 2021.
Jean-Marc Gogbeu
DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...
DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...
China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...
Ghana to allocate $2.8B in 2026 budget for major road infrastructure push Funding targ...
Powered exclusively by Rolls-Royce Trent 7000, delivering 14 % lower fuel burn per seat and f...
Under sanction pressure, Lukoil is divesting its foreign oil assets, drawing interest from international players like the UAE's ADNOC. Yet, no African...
Senegal plans CFA427 billion ($750.7 million) in agricultural spending for 2026, up 37.88% from 2025. The increase stems mainly from new planned...
The move, which gives African cocoa and coffee producers a reprieve, was driven by internal E.U. pressure and technical delays, drawing criticism from...
Namibia inaugurated its first telecom tower financed by the Universal Service Fund (USF) to extend 4G coverage to underserved rural areas. The...
Orange Egypt and Qatar’s Qilaa International Group have partnered to develop WTOUR, a digital platform offering trip planning, hotel bookings, local...
Singita will invest $60m to build a 60-bed lodge on Santa Carolina Island and $42m in projects across the Bazaruto Archipelago. The...