The International Monetary Fund said on Wednesday its executive board approved a 7 million U.S. dollar disbursement to the Gambia as it completed a third review of the West African country’s loan arrangement.
The completion of the review enables the release of SDR 5.0 million (about 6.97 million USD), bringing total disbursements under the arrangement to SDR 40.0 million (about 55.75 million). The Gambia’s 39-month extended credit facility(ECF) was approved by the Executive Board on March 20, 2020, to help meet financing needs associated with the COVID-19 pandemic.
The ECF-supported program aims to address the challenges from the pandemic, support inclusive growth, reduce debt vulnerabilities, and advance structural reforms, including on public financial management and domestic revenue mobilization.
According to the Executive Board Deputy Managing Director and Acting Chair, Bo Li, Gambia’s performance under the economic program supported by the Extended Credit Facility has been broadly satisfactory despite the challenging pandemic context.
“Fiscal policy will need to continue to contain the spread of the pandemic and support economic recovery while reducing debt vulnerabilities. The authorities are making strong communication efforts on COVID-19 vaccination and are delivering on their commitments regarding the transparency of pandemic-related spending.”