IMF, The Gambia Reach Staff-Level Agreement on Fourth ECF Review and First RSF Review
The International Monetary Fund (IMF) has reached a staff-level agreement with The Gambia on the fourth review of the country’s economic reform programme supported under the Extended Credit Facility (ECF) arrangement, as well as on the first review of the Resilience and Sustainability Facility (RSF).
The IMF team, led by Ms. Eva Jenkner, held discussions in Banjul from September 25 to October 8, 2025, on the authorities’ performance and policy priorities under the ongoing 36-month ECF arrangement approved in January 2024, with total access equivalent to SDR 74.64 million (about US$102.3 million).
Subject to approval by the IMF Executive Board—tentatively scheduled for early December 2025—the completion of the review will enable a disbursement of SDR 12.44 million (about US$17.1 million), bringing total disbursements under the ECF to SDR 49.75 million (about US$68.2 million).
A staff-level agreement was also achieved on two reform measures under the RSF arrangement aimed at enhancing climate resilience, while one additional reform measure planned for the second review was completed ahead of schedule. This brings total disbursements under the RSF to SDR 15.54 million (about US$21.3 million).
Commenting on the development, Ms. Jenkner noted that the country’s economic recovery remains robust, supported by agriculture, construction, and tourism. “Real GDP growth is estimated at 6 percent in 2025, while inflation has decelerated sharply from a peak of 18.5 percent in September 2023 to 7.6 percent in August 2025,” she said.
According to her, fiscal performance in the first half of 2025 was stronger than expected, with tax revenue exceeding projections and current expenditure remaining below target. “The expected overall fiscal deficit for the year is within reach,” Ms. Jenkner added.
She stated that programme implementation under the ECF has been satisfactory, with six out of seven quantitative performance criteria and all four indicative targets for end-June 2025 met. “Eight of the ten structural benchmarks have been completed, including those aimed at strengthening revenue mobilisation, public financial management, and governance,” she observed.
On the debt front, public debt reached about 80 percent of GDP in 2024 but remains sustainable. However, the IMF cautioned that continued fiscal discipline, expenditure restraint, and robust revenue mobilisation will be critical, especially ahead of the 2026 election year.
The Fund also encouraged the Central Bank of The Gambia (CBG) to sustain its disinflation drive while maintaining a market-determined exchange rate. “The CBG is strongly encouraged to focus on its core mandate and cease any financial assistance, whether directly or indirectly through third parties, to the public sector,” Ms. Jenkner emphasised, adding that the forthcoming revised CBG Act should reflect these principles.
On structural reforms, she lauded the government’s commitment to strengthening governance and anti-corruption frameworks. “The final appointment of anti-corruption commissioners and the establishment of the commission will mark an important milestone,” she said.
The IMF further noted steady progress under the RSF-supported climate resilience reforms. The authorities have begun integrating climate mitigation and adaptation criteria into the public investment management process and public-private partnership (PPP) frameworks, with index-based insurance regulations expected to broaden protection for climate-vulnerable households.
“The IMF will continue to work closely with the Gambian authorities and stands ready to assist through financing, policy advice, and technical support,” Ms. Jenkner concluded.
During the mission, the IMF team met with Minister of Finance and Economic Affairs, Seedy Keita; Attorney General and Minister of Justice, Dawda Jallow; Governor of the Central Bank of The Gambia, Buah Saidy; Commissioner General of the Gambia Revenue Authority, Yankuba Darboe; National Auditor General, Cherno Sowe; as well as representatives of the private sector, civil society, and development partners.
