The International Monetary
Fund (IMF) has approved the disbursement of US$2.3 million to The Gambia government
to support
programmes and structural reforms necessary to reduce the high rate of poverty
and boost economic growth in the country.
The disbursement is following the
IMF executive board’s completion of the first review of the
government’s economic performance under a programme supported by the Extended
Credit Facility (ECF) arrangement, according to a press
release from the IMF-Gambia office on Thursday.
This last disbursement makes the total disbursements
under the arrangement to about US$16.2 million.
In May 2012, the executive board of the IMF approved a
three-year ECF arrangement with an amount equivalent to about US$28.3 million
for The Gambia to support the government's economic programme.
Economy still
recovering
“The Gambian economy is still recovering from the
severe drought of 2011,” Naoyuki Shinohara, deputy managing director and
acting-chair of the IMF, said following the Board’s discussion of The Gambia.
The government’s policies and the support of the
international donor community played an important role in enabling the recovery
in agriculture to take hold, he noted.
However, he said there are downside risks related to The
Gambia’s economic recovery such as the high domestic debt burden, weaknesses in
the balance of payments, and inflationary pressures.
The domestic debt of the government increased to D11.3
billion, as at end-March 2013.
“High public indebtedness continues to pose risks to
macroeconomic stability and significant costs to the budget,” Mr Shinohara affirmed.
However, he said the government plans to sustain the
fiscal adjustment and reduces domestic borrowing, to address this problem.
He also noted that the recent introduction of the
Value-Added Tax and the planned phasing out of fuel subsidies are welcome steps
towards a stronger fiscal position,
Additional tax
reform needed
Mr Shinohara pointed out that there is further scope
to pursue additional tax reforms and enhance the quality of government
spending, including by developing a medium-term expenditure framework.
Quality of
data should be improved
Measures should also be taken to improve the quality
of economic data to enhance policy making and programme monitoring, he also said.
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