{"id":325639,"date":"2022-06-12T13:30:28","date_gmt":"2022-06-12T13:30:28","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=325639"},"modified":"2022-06-12T13:30:28","modified_gmt":"2022-06-12T13:30:28","slug":"imf-executive-board-approves-6-72m-disbursement-for-gambia","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/06\/12\/imf-executive-board-approves-6-72m-disbursement-for-gambia\/","title":{"rendered":"IMF Executive Board approves $ 6.72m disbursement for Gambia"},"content":{"rendered":"

The Executive Board of the International Monetary Fund (IMF) has approved the immediate disbursement of SDR 5 million, about US$ 6.72 million for the Gambia.<\/p>\n

In a press statement, the IMF announced that it has completed the fourth review under the Extended Credit Facility (ECF) arrangement for The Gambia.<\/p>\n

The disbursed amount aims to help meet the country\u2019s balance-of-payments and fiscal financing needs, support the post-pandemic recovery, and address challenges from the war in Ukraine.<\/p>\n

This brings total disbursements under the ECF arrangement to SDR 45 million. The statement indicated that the IMF Board also completed a financing assurances review and granted a waiver of nonobservance of a performance criterion on the ceiling on the net domestic borrowing of the central government.<\/p>\n

The ECF arrangement for The Gambia was approved by the IMF\u2019s Executive Board on March 23, 2020, with an initial total access of SDR 35 million (or 56.3% of quota) that\u00a0was augmented to SDR 55 million (88.4% of quota) at the time of the completion of the first review under the ECF, on January 15, 2021<\/a>.<\/p>\n

The Gambia has also benefited from an IMF<\/a>\u00a0Rapid Credit Facility disbursement\u00a0<\/a>of SDR 15.55 million approved on April 15, 2020, and received debt service relief from the IMF\u00a0under the Catastrophe Containment and Relief Trust,\u00a0<\/a>totalling SDR 7.9 million.<\/p>\n

 <\/p>\n

The Gambia\u2019s economic growth is estimated at 4.3% in 2021 despite the various waves of the COVID-19 pandemic. Growth is projected to reach 5.6% in 2022, predicated on strong remittance inflows, a robust expansion of the construction sector, and large public investment projects.<\/p>\n

The repercussions of the war in Ukraine intensify inflationary pressures, exacerbate pandemic-related uncertainties, dampen tourism prospects, and disrupt the supply of food and agricultural inputs. The central bank took initial measures to contain inflationary pressures, as inflation reached 11.7% at end-April 2022.<\/p>\n

The authorities are advancing reforms on several fronts, including the transparency of COVID-19 spending, the institutional framework of State-Owned Enterprises, revenue administration, and public financial management.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Executive Board of the International Monetary Fund (IMF) has approved the immediate disbursement of SDR 5 million, about US$ 6.72 million for the Gambia.<\/p>\n","protected":false},"author":4,"featured_media":319992,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24,33],"tags":[221],"class_list":["post-325639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development-partners","category-main","tag-international-monetary-fund-imf"],"yoast_head":"\nIMF Executive Board approves $ 6.72m disbursement for Gambia - egy-africa<\/title>\n<meta name=\"description\" content=\"The Executive Board of the International Monetary Fund (IMF) has approved the immediate disbursement of SDR 5 million, about US$ 6.72 million for the Gambia.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/06\/12\/imf-executive-board-approves-6-72m-disbursement-for-gambia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Executive Board approves $ 6.72m disbursement for Gambia - 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