Gambia Secures $63.5 Million IMF Support to Strengthen Economic Stability and Climate Resilience
By Fatou Sillah
The Gambia has secured an 18-month funding arrangement under the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF), amounting to approximately US$63.55 million (equivalent to SDR 46.65 million). The announcement was made in a press release issued by the Ministry of Finance and Economic Affairs.
The facility is intended to support The Gambia’s efforts to strengthen macroeconomic stability and build resilience against climate-related shocks. It will also contribute to the development of policy buffers and institutional frameworks necessary for sustainable economic growth.
“Disbursement of funds under this facility will begin following the successful completion of the first review,” the statement said.
Additionally, the IMF has completed the third review of The Gambia’s Extended Credit Facility (ECF), initially approved in January 2024. This milestone paves the way for the immediate release of US$16.95 million (SDR 12.44 million), bringing total disbursements under the ECF to approximately US$50.82 million (SDR 37.31 million).
According to the statement, the ECF is focused on driving structural reforms aimed at promoting inclusive and sustainable economic growth, addressing long-standing challenges, and improving fiscal discipline.
Despite global uncertainties and domestic fiscal pressures, The Gambia’s economic outlook remains positive, with growth projected at 5.7 percent in 2025. This optimism is supported by continued recovery in the tourism sector, as well as strong performance in agriculture and construction. Inflation has also eased, declining steadily to 8.1 percent as of the end of April 2025.
The government reaffirmed its commitment to the reform agenda, particularly in enhancing domestic revenue collection, maintaining fiscal discipline, and improving public expenditure efficiency.
However, challenges persist, including unbudgeted liabilities from state-owned enterprises such as NAWEC. The statement noted that corrective measures have been taken, and the IMF Executive Board has granted waivers for non-compliance with certain 2024 performance benchmarks.
The Ministry emphasized that the continued implementation of reforms under both the RSF and ECF will be critical to sustaining macroeconomic stability, ensuring debt sustainability, and enhancing long-term climate resilience.