IMF Reviews The Gambia’s Economic Credibility, Grants $2.3 Million Disbursement

Written by Makula Dunbar

May 24, 2013

The Executive Board of the International Monetary Fund (IMF) Thursday completed the first review of The Gambia’s economic performance under a program supported by the Extended Credit Facility (ECF) arrangement.

The completion of the review enables the disbursement of an amount equivalent to SDR 1.555 million (about US$2.3 million), bringing total disbursements under the arrangement to SDR 10.885 million (about US$16.2 million).

In completing the review, the Board approved the authorities’ request for a waiver for nonobservance of the continuous performance criterion on external arrears and a re-phasing of the reviews.

A statement issued by the IMF Gambia office said Thursday that the Executive Board approved a three-year ECF arrangement with an amount equivalent to SDR 18.66 million (then about US$28.3 million) for The Gambia on May 25, 2012 to support the government’s economic program.