(Ecofin Agency) - The International Monetary Fund (IMF) approved the disbursement of $6.97 million to support The Gambia’s recovery.  The funding is part of the Extended Credit Facility (ECF) signed with the country.

In a Nov 24 statement, IMF says the program aims to “address the challenges from the pandemic, support inclusive growth, reduce debt vulnerabilities, and advance structural reforms, including on public financial management, domestic revenue mobilization, business environment, and State-owned Enterprises”.

The restriction measures deployed by the government have led to a contraction of the economy. From 6.2% in 2019, the country's GDP fell to -0.2% in 2020. However, the IMF hails the structural reforms and the vaccination campaign that have helped mitigate the effects of the disease. “The Gambia’s performance under their economic program supported by the Extended Credit Facility has been broadly satisfactory despite the challenging pandemic context. The economy is showing some signs of recovery but the third wave of the pandemic in mid-2021 has hampered a vigorous rebound,” the statement read.

The Gambia, which has already benefited from more than $55.7 million from the IMF-led ECF, is expected to grow by 4.9% this year, and 6% next year.

Jean-Marc Gogbeu, intern