By Haddy Toura
The International Monetary Fund (IMF) mission to The Gambia has announced that it has reached a staff-level agreement with the Gambian authorities on the fifth review of the Extended Credit Facility (ECF) arrangement and the second review under the Resilience and Sustainability Facility (RSF), following the 2026 Article IV consultation discussions.
In an end-of-mission statement, the IMF said the agreement is subject to approval by its Executive Board and is based on preliminary findings from discussions held in Banjul from 22 April to 6 May 2026, as well as subsequent remote engagements.
The Fund noted that although two fiscal targets were missed in 2025 due to higher-than-expected spending, the authorities reaffirmed their commitment to the reform programme supported under the ECF.
It said economic growth is estimated at 6.0% in 2025, supported by agriculture and construction, while inflation has eased but remains above the Central Bank’s medium-term target of 5%.
However, the IMF warned that rising global risks, including the impact of the conflict in the Middle East and associated commodity price increases, could weaken the 2026 outlook.
According to the statement, fiscal performance in 2025 was weaker than expected, with a deficit of about 5% of GDP, driven by higher expenditure including transfers, arrears payments, emergency subsidies to the National Water and Electricity Company (NAWEC), and support to food security institutions.
Public debt was estimated at about 79% of GDP in 2025 and remains assessed as sustainable, though the Fund stressed the need for continued fiscal discipline.
The IMF said five of seven quantitative performance criteria for end-December 2025 were met, while five structural benchmarks under the programme have been completed, with the remaining measure expected in the coming weeks.
It urged the Central Bank of The Gambia to maintain a tight monetary policy stance to bring inflation back toward target and to limit foreign exchange interventions to smoothing volatility and building reserves.
The Fund also called for stronger governance and anti-corruption reforms, including the operationalisation of an anti-corruption commission, and improvements in public financial transparency.
On climate policy, the IMF said the authorities are now better equipped to integrate climate-related fiscal risks into budgeting and could consider introducing a carbon-based excise once conditions allow.
The mission met Finance Minister Seedy Keita, Central Bank Governor Buah Saidy, and senior officials from key institutions, as well as representatives of the private sector, civil society and development partners.
The IMF said it remains ready to support The Gambia through financing, policy advice and technical assistance.