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IMF Reveals Approving Around D18 Billion For Gambia Since 1967

Ivohasina Fizara Razafimahefa, IMF Chief of Mission to The Gambia speaking at the new IMF officein Senegambia along Bertil Harding Highway

By Landing Ceesay

The International Monetary Fund (IMF) Chief of Mission to The Gambia, Ivohasina Fizara Razafimahefa said since 1967, the IMF has approved 15 financial operations for the Gambia which are worth about D18 billion.

“It is worth noting that the history of this fruitful relationship started in 1967, when The Gambia formally joined the IMF. Since admitting The Gambia’s membership, IMF has approved 15 financial operations for the country totalling SDR (Special Drawing Rights) 244 million: equivalently around US $336.5 million or GMD 18 billion in today’s exchange rate.

“In addition to financing, the IMF also provides technical assistance, with support from development partners present here today (Monday). The three resident advisors to MoFEA, GRA, and CBG are present here today,” Razafimahefa said during the official opening of the IMF new office in Senegambia.

He further stated that the world economy, including the economy of Sub Saharan Africa, faces difficult challenges and shocks from the lingering repercussions of the COVID-19 pandemic and the Russia-Ukraine war.

“These shocks are having a difficult impact on The Gambian economy. The future path of the pandemic is highly uncertain and may continue to weigh on economic activity. The Russia-Ukraine war is putting pressures on global oil and food prices, which will impact prices in The Gambia. These shocks and challenges require common efforts and reveal time and again the need for multilateralism, supported by several bilateral and multilateral institutions present here today,” he said.

The IMF Chief of Mission added that his institution is making all necessary efforts to help its members face those “shocks.”

Mr. Razafimahefa continued that the discussions are underway on the rechannelling of SDRs from member countries with strong positions to member countries that need more support.

“This rechannelling of SDR is another form of multilateralism and global collaboration,” he said.

The official opening of the IMF new office in Senegambia took place on Monday along Bertil Harding Highway.

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