Gambia Set to Receive Additional $28 Million as IMF Reaches Staff-Level Agreement

By Makutu Manneh

The Gambia is poised to receive an additional $28 million in financing from the International Monetary Fund (IMF) following a staff-level agreement on the latest reviews of the country’s economic reform and climate resilience programs.

The agreement, equivalent to 20.73 million Special Drawing Rights (SDRs), covers the sixth review under the Extended Credit Facility (ECF) and the third review under the Resilience and Sustainability Facility (RSF).

According to a statement issued following an IMF mission to Banjul from October 19 to 30, 2026, the agreement remains subject to approval by the IMF Executive Board and the implementation of agreed prior actions.

If approved, the latest disbursement would bring total financing provided to The Gambia under the two arrangements to approximately $142 million, equivalent to SDR 105.75 million.

The IMF delegation, led by Eva Jenkner, assessed the country’s economic performance, implementation of agreed reforms, and progress toward strengthening fiscal stability and climate resilience.

Speaking at a news conference on Friday, Ms. Jenkner said The Gambian economy had demonstrated resilience despite global economic uncertainties and domestic disruptions to electricity supply.

The IMF projects real gross domestic product (GDP) growth of 5.1 percent in both 2026 and 2027, supported by activity in the construction and tourism sectors, as well as continued inflows of remittances.

Inflation has also moderated, declining from 7 percent in April to 6.1 percent in September 2026. However, Ms. Jenkner noted that consumer price increases remain above the Central Bank of The Gambia’s 5 percent inflation target.

She praised the country’s performance under the IMF-supported programs, saying the government had met all agreed quantitative performance criteria and indicative targets through the end of June.

“The performance has been strong through the end of June. All the performance criteria and indicative targets that we have were met,” she said.

Ms. Jenkner also welcomed progress in strengthening public financial accountability, particularly the National Audit Office’s efforts to clear longstanding audit backlogs.

However, she emphasized that significant institutional and economic challenges remain.

She called for further efforts to make the Anti-Corruption Commission fully operational, strengthen governance and transparency, contain fiscal risks, and improve the country’s ability to withstand climate-related shocks.

The IMF also underscored the importance of mobilizing climate financing to support sustainable development and reduce The Gambia’s vulnerability to environmental and economic disruptions.

Finance and Economic Affairs Minister Seedy Keita welcomed the outcome of the mission, describing the engagement with the IMF as productive.

Mr. Keita said The Gambia continued to attract growing interest from foreign investors, pointing to increasing foreign direct investment as a positive development for the economy.

He acknowledged that high energy costs remain a significant challenge for households and businesses but said the government was pursuing measures to reduce electricity costs.

“We thank the IMF for the collaborative work done in a very successful mission,” he said.

The latest agreement comes as The Gambia continues to pursue economic reforms aimed at strengthening public finances, maintaining macroeconomic stability and improving the country’s resilience to external shocks.

The IMF has remained a key development partner, providing financial assistance, technical support and policy guidance to support economic reforms and climate resilience initiatives.

The anticipated $28 million disbursement, however, will depend on the IMF Executive Board’s approval and the government’s fulfillment of the remaining agreed conditions.