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Gambia: IMF Approves Us$28.8m for Gambia – NEWPAPER24

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Gambia: IMF Approves Us$28.8m for Gambia

2021-01-18 18:50:31

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The Worldwide Financial Fund (IMF) Govt Board on Friday accepted a right away disbursement of about US$28.8 million to The Gambia to assist meet the nation’s financing wants, help social spending and the post-pandemic restoration.

In a information launch, the IMF indicated that the COVID-19 pandemic continues to signify a big problem to nation’s economic system, including that progress is predicted to rebound to six.0% in 2021.

“Right this moment, the Govt Board of the IMF accomplished the primary evaluation of The Gambia’s efficiency below a program supported by a 39-month Prolonged Credit score Facility (ECF) association. The ECF, with a complete entry of SDR 35 million, (about US$47.1 million on the time of approval, or 56.3 % of quota), was accepted by the IMF Govt Board on March 23, 2020,” in accordance with the discharge.

IMF additional states that completion of the primary evaluation allows a right away disbursement of SDR 20 million, about US$28.8 million; to assist meet the nation’s balance-of-payments and monetary financing wants and help the post-pandemic restoration. That is mentioned to carry complete disbursements below the association to SDR 25 million (about US$36 million).

“In finishing the evaluation, the Govt Board additionally accepted an augmentation of entry below the ECF association from SDR 35 million to SDR 55 million (or 88.4 % of The Gambia’s quota within the Fund). The Board additionally accomplished a financing assurances evaluation and granted a waiver of nonobservance of a steady quantitative efficiency criterion referring to a zero ceiling on the buildup of exterior fee arrears.”

For the reason that onset of the COVID-19 pandemic, IMF mentioned The Gambia has additionally benefited from an IMF Speedy Credit score Facility disbursement of SDR 15.55 million (US$ 21.3 million on the time of approval) and is receiving debt service aid from the IMF below the Disaster Containment and Aid Belief, anticipated to complete SDR 7.9 million, of which SDR 4.2 million (about US$5.83 million) has already been accepted.

Following the Govt Board’s dialogue, Mr. Tao Zhang, appearing chair and deputy managing director, defined that The Gambia has been severely impacted by the COVID-19 pandemic. He added that the authorities’ decisive response to the pandemic has helped to reasonable its influence and set the stage for financial restoration.

“Continued dedication to prudent insurance policies and adhering to the fiscal envelope, whereas defending social spending is crucial to help the restoration and the attainment of program aims. Efforts to strengthen home income mobilisation ought to concentrate on lowering tax exemptions and reinforcing tax and customs administration,” he acknowledged.

He additional dwelt that ardent pursuit of governance reforms, together with in public procurement, anti-money laundering, and the general anti-corruption framework is necessary to boost transparency, whereas including that these efforts would additionally assist to cement optimistic perceptions of The Gambia as a sound enterprise vacation spot and help non-public sector-led inclusive progress.

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