Gambia secures $16M emergency credit from IMF

Gambia secures $16M emergency credit from IMF

The IMF will give Gambia lump sum of $16 million dollars (D640 million dalasis) to address an urgent balance of payments needs by the West African authorities.

Gambia has been faced by economic shocks, which were deepened by months of political turmoil sparked by the ex-president, Yahya Jammeh’s refusal to cede power.

“The Gambia faces an urgent balance of payment needs triggered by a weak agricultural season, lower tourism receipts due to the political turmoil early this year, and higher commodity prices,” said Mitsuhiro Furusawa of IMF.

“These shocks along with past economic mismanagement have exacerbated an already weak economic situation.”

The Gambian authorities are strongly committed to a break with past policies and to restoring macroeconomic stability and debt sustainability.

The new government of Adama Barrow is implementing economic and policy reforms to attract investors and reduce poverty.

President Barrow has publicly declared he inherited a nearly insolvent nation and his administration accused former President Jammeh of financial mismanagement and corruption.

According to the IMF, the West African authorities have committed to reducing domestic borrowing and to increase non-tax revenue.

A swift reform of public enterprises is ongoing, especially with the country’s submarine fiber optic gateway program, from which hundreds of millions have been siphoned.

(Reporting by Ebrima Sawaneh; Writing by Sam Phatey; Editing by Alhagie Jobe)

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