Public Management

Gambia secures new $28.8mln IMF support under the ECF deal

Monday, 18 January 2021 18:58
Gambia secures new $28.8mln IMF support under the ECF deal

(Ecofin Agency) - The International Monetary Fund approved additional financing of $28.8 million for The Gambia under the Extended Credit Facility signed with the country in March 2020.

In an official statement, the Fund said the money will help the country meet its urgent balance of payment and fiscal needs and boost its pandemic-affected economy. Covid-19 has hampered the implementation of reforms initially scheduled for last year. "The Gambia has been severely impacted by the pandemic. The authorities’ decisive response to the pandemic has helped to moderate its impact and set the stage for economic recovery,” said Tao Zhang, IMF Deputy MD. However, for 2020, the Fund expects zero economic growth for the West African country.

For an economic takeoff, IMF encourages The Gambian authorities to strengthen the mobilization of domestic revenue, focusing on “tax exemptions and reinforcing tax and customs administration.” This strategy should help the government improve its fiscal management and protect social spending in a context where The Gambia continues to be considered a country at high risk of debt distress, with limited borrowing space.

“Ardent pursuit of governance reforms, including in public procurement, anti-money laundering, and the overall anti-corruption framework is important to enhance transparency. These efforts would also help to cement positive perceptions of The Gambia as a sound business destination and support private sector-led inclusive growth,” Mr. Zhang said.

The IMF Executive Board also approved an increase in the amount provided to The Gambia under the ECF arrangement. For 2021, the country's growth is expected to recover at 6%, according to the institution. 

Moutiou Adjibi Nourou

Additional Info

  • communiques: Non
  • couleur: N/A
 
Finance


 
Telecom


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.