This paper discusses The Gambia’s Request for Disbursement Under the Rapid Credit Facility, and Proposal for a Staff-Monitored Program. The authorities have committed to lowering net domestic borrowing (NDB) from 11.4 percent in 2016 to a fiscal anchor of 1 percent of GDP in 2017 and beyond, and refraining from monetary financing. External budget support of 7.2 percent of GDP will be complemented by a set of non-tax revenue and expenditure measures of 5 percent of GDP to achieve the NDB target. The IMF staff supports the authorities’ request. The IMF staff also views the package of measures the authorities have committed to as representing a very significant adjustment effort.
This report presents the results of the mid-term evaluation of the Enhanced Data Dissemination Initiative (EDDI) financed by the United Kingdom’s Department for International Development (DFID) covering the period April 1, 2010 to September 30, 2012. The evaluation was conducted internally by the IMF in consultation with DFID. EDDI is a five-year project (April 2010–March 2015) implemented by the IMF to improve macroeconomic statistics in 25 African countries. The project includes modules for sub-groups of countries covering national accounts, monetary statistics, government finance statistics (GFS), balance of payments statistics (BOP), and harmonization of statistics in several regional organizations. The mid-point of a five-year project is an appropriate time for all stakeholders of the project to step back and take stock of what has been accomplished in the first half of the project, what has gone well, what aspects have been disappointing, and what might be adjusted or changed to make the remainder of the project more effective in achieving its objectives. To facilitate this process, questionnaires were developed to obtain feedback from three groups: counterparts in participating countries, IMF module managers and experts, and DFID country and regional advisors. Recommendations made by the stakeholders that will be followed up in the second half of the project are listed as bullets in italics below.
The Gambian economy showed strong growth and low inflation during the global crisis under the Extended Credit Facility (ECF), despite a sharp drop in tourism and remittance receipts. Executive Directors appreciated the macroeconomic policy framework and stressed the importance of achieving the MDGs and targets on poverty-reducing expenditures. They encouraged strengthening of fiscal performance to anchor macroeconomic stability and reduce the debt burden. Directors strongly supported tax reform and welcomed budget procedures and their execution. Directors supported recent improvements in debt management and stressed the importance of debt sustainability.
This paper discusses key findings of the Fifth Review under the Poverty Reduction and Growth Facility (PRGF) for The Gambia. The Gambia’s external debt position has worsened recently. The global economic crisis is undermining growth and the external balance. Performance on the PRGF-supported program has been generally satisfactory. All quantitative performance criteria for end-March 2009 were met, and the structural measures scheduled through March were implemented. IMF staff supports the authorities’ request for a waiver for the nonobservance of the performance criterion for making the credit reference bureau operational.
This Report on the Observance of Standards and Codes (ROSC)—Data Module provides an assessment of The Gambia’s macroeconomic statistics against the recommendations of the General Data Dissemination System, complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework, July 2003. The assessment reveals that the legal framework for statistical activity in The Gambia is broadly adequate. Further legislative effort is under way to promote greater autonomy or authority of some statistical agencies.