The International Monetary Fund has reached staff-level agreement with The Gambia on the fifth review of its 36-month Extended Credit Facility arrangement and the second review of its 18-month Resilience and Sustainability Facility arrangement, alongside the 2026 Article IV consultation. The package would extend both arrangements by six months to July 2027 and raise Extended Credit Facility access by SDR 12.44 million to address challenges stemming from the war in the Middle East. Subject to agreed prior actions and Executive Board approval, it would release SDR 6.22 million under the Extended Credit Facility and SDR 10.36 million under the Resilience and Sustainability Facility, taking total disbursements to SDR 55.97 million and SDR 25.9 million respectively. The IMF assessed the economy as still recovering strongly, with real GDP growth estimated at 6.0 percent in 2025 and headline inflation easing to 7.0 percent in April 2026 from 18.5 percent in September 2023, although inflation remains above the Central Bank of The Gambia's 5 percent medium-term target and higher commodity prices are starting to add pressure. Fiscal performance in 2025 was weaker than expected, with a deficit of 5 percent of GDP after unbudgeted transfers, arrears payments and emergency subsidies, while public debt reached about 79 percent of GDP but remained sustainable. Program implementation was mixed, with five of seven end-December 2025 quantitative performance criteria met, all indicative targets achieved and five of six structural benchmarks completed. It called for a tight monetary stance, an exchange rate determined by market forces with foreign exchange intervention limited to excessive volatility and reserve accumulation, and an end to central bank financial assistance to the public sector, with those principles reflected in the ongoing revision of the Central Bank of The Gambia Act. The IMF Executive Board is tentatively scheduled to consider the reviews in early July 2026.
International Monetary Fund2026-05-28
International Monetary Fund reaches staff-level agreement with The Gambia on program reviews extending both arrangements to July 2027 and increasing Extended Credit Facility access by SDR 12.44 million
The International Monetary Fund reached staff-level agreement with The Gambia on the fifth review of its 36‑month Extended Credit Facility and second review of its 18‑month Resilience and Sustainability Facility, alongside the 2026 Article IV consultation, proposing a six‑month extension of both arrangements to July 2027 and an increase in Extended Credit Facility access by SDR 12.44 million. Subject to Executive Board approval, the package would disburse SDR 6.22 million under the Extended Credit Facility and SDR 10.36 million under the Resilience and Sustainability Facility, bringing total disbursements to SDR 55.97 million and SDR 25.9 million respectively.