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International Monetary Fund

of the CFA franc were suspended and border controls tightened by Senegal, and subsequently in January 1994 the CFA franc was devalued as part of a broad adjustment program in the CFA franc zone countries. These developments significantly dampened the Gambian re-export trade, which declined in real terms by an estimated 24 percent in 1993/94 and 13 percent in 1994/95. The impact of these factors on economic activity was compounded by the July 1994 military coup, which triggered a cutoff of program aid by donors. The resulting political and economic uncertainties led

International Monetary Fund
This paper reviews economic developments in The Gambia during 1990–95. Economic activity slowed down in 1993/94 and contracted by at least 4 percent in real terms in 1994/95. With the drop in re-export trade and the disruption of the tourist season, domestic government revenues declined by more than 4 percent of GDP during 1993/94–1994/95; foreign grants fell by an additional 2 percent of GDP, owing to the suspension of balance-of-payments assistance following the military coup.
International Monetary Fund