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Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gambia Secures $10.9 Million Funding from IMF


Thu 11 Jul 2024 | 01:43 PM
Israa Farhan

The International Monetary Fund (IMF) has approved a disbursement of $10.9 million to Gambia following the completion of the first review under the Extended Credit Facility (ECF).

This approval is part of a larger program allowing Gambia to access a total of $98.7 million, contingent upon the country's progress in implementing agreed-upon reforms.

In a statement, the IMF highlighted that Gambia experienced an economic recovery of 5.3% last year.

This growth was driven by strong performances in the agriculture, services, telecommunications, and construction sectors.

The IMF also noted an increase in tourist arrivals, although the numbers remain slightly below pre-pandemic levels. Remittance flows have shown sustained robust performance, contributing to the positive economic outlook.

Furthermore, the IMF reported a significant reduction in inflation, which dropped from a peak of 18.5% in September 2023 to 11% in April.

This decrease is attributed to falling global food and energy prices. However, inflation still exceeds the Central Bank of Gambia’s medium-term target of 5%.

The IMF's funding and the positive economic indicators suggest a promising outlook for Gambia's continued recovery and development, provided that the country maintains its commitment to the agreed reforms.