By Haddy Touray
The Executive Board of the International Monetary Fund (IMF) has completed the 2026 Article IV Consultation with The Gambia and the fifth review of the country’s Extended Credit Facility (ECF) program, paving the way for the immediate disbursement of SDR22 million (about US$8.44 million).
A statement obtained on Tuesday, stated that the latest disbursement brings total releases under the ECF arrangement, approved in January 2024, to SDR55.97 million (about US$75.98 million).
The Board also completed the second review under the Resilience and Sustainability Facility (RSF), enabling the immediate disbursement of SDR10.36 million (about US$14.06 million), bringing total access under the facility to SDR25.90 million (about US$35.16 million).
In addition, the Executive Board approved a six-month extension, augmentation and rephasing of access under the ECF arrangement, as well as a six-month extension and rephasing of the RSF program.
According to the IMF, the additional ECF financing of SDR12.44 million is intended to help The Gambia address emerging balance of payments pressures arising from the war in the Middle East, while the RSF extension will provide more time to implement complex climate-related reforms.
The Fund said Gambia’s macroeconomic outlook remains broadly favourable despite increasing downside risks linked to external shocks and climate change.
Economic growth is projected to slow to 4.7 percent in 2026 from 6 percent in 2025 before stabilizing at around 5 percent over the medium term.
It noted that inflationary pressures have resurfaced, delaying progress toward the Central Bank’s inflation target amid rising food and energy prices.
The IMF said the Gambian authorities have committed to tightening fiscal policy in 2026 through enhanced domestic revenue mobilisation and expenditure reprioritisation to address fiscal slippages recorded at the end of 2025.
It added that the Central Bank of The Gambia is expected to maintain a data-driven monetary policy stance to contain inflation and preserve external stability, while reforms to strengthen financial sector supervision, governance and state-owned enterprise management will continue.
The Fund also highlighted the importance of accelerating structural reforms to improve governance, strengthen the anti-corruption framework and enhance the business environment to support private sector-led growth and job creation.
The IMF noted that capacity development support has played a key role in strengthening revenue administration, exchange rate management, public financial management, state-owned enterprise oversight and macroeconomic statistics.
As part of the review, the Executive Board approved waivers for The Gambia’s non-observance of end-December 2025 quantitative performance criteria relating to net domestic borrowing and the domestic primary balance, citing corrective measures undertaken by the authorities.
Commenting on the Board’s decision, IMF Deputy Managing Director Bo Li said Gambia’s economy continues to record strong growth despite renewed inflationary pressures driven by higher food and energy prices.
He said maintaining fiscal discipline, prudent monetary policy and continued implementation of governance and climate-related reforms would be essential to preserving macroeconomic stability and supporting sustainable growth.
The Executive Directors welcomed the authorities’ commitment to fiscal consolidation, stronger public financial management and reforms aimed at strengthening debt sustainability, while emphasising the need for continued progress in governance, financial sector resilience and climate adaptation.
The next IMF Article IV Consultation with Gambia will be conducted in line with the Fund’s consultation cycle for member countries with active financial arrangements.
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