Gambia to benefit US$50M from IMF staff level agreement with authorities

EYEAFRICA TV: Banjul, The Gambia: International Monetary Fund Mission Chief said the global finance monitoring agency staff level agreement with Gambian authorities on the extended credit facility (ECF) will bring 50 million dollars for the country in the next three years.

Jaroslaw Wreczoreck said ECF is IMF’s main instrument for support to low income countries, saying The Gambia has built a positive track record and boost of confidence in the economy with credit growing at a fast rate which gave space for private sector activities, including the area of construction.

The mission is in the country on a three-day consultation with Gambian authorities to take stock of the 2019 staff audit programme and to agree with the government on the next step of negotiation on the extended credit facility.

Mr Wreczoreck emphasised that one prior action that Gambian authorities should implement before going forward is related to the cabinet submission of a revised procurement law which is the GPPA Act, saying IMF would want to see an improved process for public procurement, especially no single sourcing for larger projects. He said there will be very clean and transparent criteria for project selections.

Last Friday, Mr Wreczoreck announced Gambia’s overall current economic outlook growth was about 6% of GDP and inflation is low, with the Dalasi stable. He said agriculture production also declined to about ten percent in 2019, saying the country could have seen a much higher grow rate if the agriculture sector have performed much better.

Finance minister Mamburay Njie said Gambia is a small and vulnerable country that witnessed a very strong shock over the years. He said when the country go into full blown programme for the agreement, the discipline must be maintained and sustained.

According to him, Gambia has so far registered great success and is now looking into ways to consolidate the efforts. We are still in transition and for a country of transition to move, it take a great political will and commitment.

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