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Books and Analytical Papers > IMF Staff Country Reports

You are looking at 1 - 10 of 63 items for :

  • Type: Journal Issue x
  • Gambia, The x
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Cover IMF Staff Country Reports
The Gambia: First Review Under the Extended Credit Facility Arrangement, Request for Modification of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
This paper presents The Gambia’s First Review under the Extended Credit Facility Arrangement, Request for Modification of a Performance Criterion, and Financing Assurances Review. Economic activity continued to recover robustly. Inflation eased but remains well above the central bank’s medium-term objective. Following the adoption of a new foreign exchange policy, the wedge between the official and parallel market exchange rates has largely closed. Structural reforms are advancing. The economic outlook is subject to large downside risks, particularly owing to global geopolitical tensions. Performance under program has been satisfactory. Continued implementation of the reforms will help address medium- and long-term macroeconomic challenges and catalyze additional financing from development partners and the private sector. The central bank will maintain a tight monetary policy stance to ensure that inflation firmly declines. It will also continue close implementation of the recently introduced foreign exchange policy to prevent reoccurrence of forex shortages and any wedge with the parallel market. Finally, structural reforms will be pursued and accelerated, particularly on revenue administration, public financial management, state-owned enterprises management, governance, and business environment.
Keywords:
Policy discussion; introduced foreign exchange policy; central bank official; procurement authority; revenue collection; policy commitment; Fiscal stance; Global
Cover IMF Staff Country Reports
The Gambia: 2023 Article IV Consultation and Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
This paper presents the 2023 Article IV consultation and Request for an Arrangement under the Extended Credit Facility (ECF) with The Gambia. The ECF-supported program aims to strengthen economic recovery, tackle inflation, address foreign exchange pressures, reduce debt vulnerabilities, advance structural reforms, and foster strong and inclusive growth. The Article IV policy consultation focused on drivers of inflation, macroeconomic implications of the gender gap, climate-related risks and policies, debt sustainability, and external stability. In view of lingering vulnerabilities, including the upcoming expiration of debt service deferrals, it would be important to build fiscal and external buffers. The authorities are encouraged to persevere in their ambitious structural reform agenda, including on enhancing governance and improving the business environment to support private sector-led growth and poverty reduction. Adopting strong climate-related policies and tackling gender inequality would also support more resilient and inclusive growth.
Keywords:
ECF arrangement; TA mission; reform agenda; liability positions vis-à-vis nonresident; IIP source data; foreign exchange pressure; arrangement Extended Credit Facility; article IV policy consultation; Budget planning and preparation; Global; Middle East; Africa; West Africa
Cover IMF Staff Country Reports
The Gambia: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper investigates the drivers of headline inflation and the degree of exchange rate pass-through (ERPT) in The Gambia over the period 2014–2023. Stylized facts and the limited studies on The Gambia point to the role of both domestic and external drivers for inflation dynamics. The Gambia is indeed a net importer of essential foods and energy. The analysis highlights the decisive long-term roles of global prices of commodities (food, oil and fertilizer), the exchange rate, and the domestic output gap. The short-run dynamics of inflation points to the roles of global food price and the second-round effects of changes in food prices and the output gap. Monetary policy has the potential to tame inflation in the short run provided the monetary policy rate is adjusted rapidly and boldly. Lastly, there is evidence of an asymmetric ERPT to domestic prices, and the size of currency depreciation matters for inflation dynamics.
Keywords:
climate strategy; food vulnerability indicator; staff team of the International Monetary Fund; literature review; climate change vulnerability; Inflation; Natural disasters; Women; Climate change; Output gap; Global; Sub-Saharan Africa; Africa
Cover IMF Staff Country Reports
The Gambia: Sixth Review Under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
This paper highlights The Gambia’s Sixth Review under the Extended Credit Facility Arrangement, Request for a Waiver of Nonobservance of a Performance Criterion, and Financing Assurances Review. The IMF Executive Board decision allows for an immediate disbursement of funds to the Gambia to help meet the country’s financing needs, address the repercussions of the war in Ukraine, and support the post-pandemic recovery. The exogenous shocks continue to weigh on the country’s socio-economic environment, impeding vigorous economic activity. Inflation pressures persist. The Gambian authorities are taking measures to address the exogenous shocks and remain committed to strong policies and reforms. The fiscal policy in 2023 will remain anchored on the adopted budget despite multiple shocks, given high debt vulnerabilities. The necessary measures will be taken to this end, including the collection of some significant budgetary resources. Finally, structural reforms will be pursued and accelerated, particularly on revenue administration, public financial management, state-owned enterprises management, governance, and anti-corruption.
Keywords:
PPP bill; financing amendment bill; market forces; Gambia's Extended Credit Facility; ECF arrangement; anti-corruption bill; procurement authority; Debt service; West Africa; Global; Middle East
Cover IMF Staff Country Reports
Nigeria: Selected Issues
International Monetary Fund. African Dept.
This Selected Issues paper presents stylized facts about food insecurity in Nigeria, investigates its drivers in a cross-country setting, and assesses the role of policies. The paper describes regional aspects of Nigeria’s food insecurity and compares the impact of coronavirus disease 2019 and the war in Ukraine on food security in Nigeria and other countries. It also provides an overview of agricultural production and consumption in Nigeria. The paper investigates the drivers of food security using an empirical cross-country framework including demand, supply, and price factors, and offers thoughts on policies to improve agricultural yields and production. The important role of inputs is evident in the policy experience of comparator countries. Nigeria has achieved a substantial increase in agricultural production associated with its policies but some have been less successful. Import dependency for key staples has not fallen and the cost of these agricultural products remains driven by international prices. Further, central bank credit to the agricultural sector has not succeeded in increasing production beyond the stimulus of high rainfall and high food prices.
Keywords:
EIU FOOD INSECURITY index; World wheat price inflation; tax revenue mobilization; food supply; fuel subsidy reform; food price inflation; Mobile banking; Financial inclusion; Food security; Excises; Global; Sub-Saharan Africa
Cover IMF Staff Country Reports
The Gambia: Fifth Review Under the Extended Credit Facility Arrangement, Requests for Augmentation of Access, Waiver for Nonobservance of a Performance Criterion, Modification of a Performance Criterion, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for The Gambia
International Monetary Fund. African Dept.
The repercussions of the war in Ukraine are threatening economic and social stability. Following a slight uptick in July-August, new COVID-19 cases have declined to almost nil recently while the vaccination rate remains low at around 22 percent of the population. The Gambia is also suffering from more frequent climatic shocks, including a recent major flooding. The country continues to advance social and justice reforms. Following a parliamentary election, President Barrow reshuffled the Cabinet in May 2022, without any expected change in the overall direction of economic policies.
Keywords:
forex shortage; ECF arrangement; inflation expectation; Gambia tax management system; procurement authority; market forces; Debt service; Global; West Africa