The agreement covers the sixth review under the Extended Credit Facility (ECF) and the third review under the Resilience and Sustainability Facility.
Approval by the IMF Executive Board and implementation of agreed prior actions would bring total financing under both arrangements to about $142 million.
The Gambian economy is projected to grow by 5.1% in both 2026 and 2027, supported by construction, tourism and remittances.
Inflation declined from 7% in April to 6.1% in September but remained above the Central Bank of The Gambia’s 5% target. “The Gambian economy remains resilient despite external uncertainties and domestic energy supply disruptions,” IMF Mission Chief Eva Jenkner said.
The country met all eight quantitative performance criteria for the end of June and three of four indicative targets. The tax-revenue target was missed by a small margin.
The government’s 2027 Budget targets an overall deficit of about 1% of gross domestic product.
The IMF called for stronger revenue collection, expenditure controls, cash management and timely clearance of arrears while protecting priority social spending.
Recent electricity disruptions highlighted financial and operational problems at the National Water and Electricity Company.
Emergency government support helped clear arrears owed to regional electricity suppliers and restore generation capacity.
Further reforms should reduce operational losses, strengthen revenue collection and gradually introduce cost-recovery tariffs while protecting vulnerable households.
The Central Bank should maintain a prudent, data-driven monetary policy to return inflation sustainably towards the 5% target.
The IMF also called for exchange-rate flexibility, adequate international reserves and close monitoring of banks’ exposure to government debt.
Progress included partial privatisation of Gambia Telecommunications Cellular Company Limited and the National Audit Office’s clearance of longstanding audit backlogs.
However, the IMF urged the government to operationalise the Anti-Corruption Commission, strengthen Central Bank independence and end quasi-fiscal activities.
Climate reforms include stronger groundwater management and the integration of resilience measures into coastal-zoning regulations. “The IMF remains committed to supporting the authorities’ reform efforts through financing, policy advice and technical assistance,” Jenkner said.
–IMF/ChannelAfrica–
