The Gambia has been granted access to over $14 million by the International Monetary Fund (IMF) as support for the country’s coronavirus pandemic recovery program.
The support is part of the IMF’s Extended Credit Facility (ECF) initiative with The Gambia, which aims to support the country’s budgetary and post-pandemic recovery needs. This new stream of funding will complement the government’s financial requirements that are negatively impacted by the coronavirus pandemic. The approval of the funds comes as a result of the country’s successful macroeconomic stability owing to the government’s strict financial discipline.
“The authorities deserve praise for the strong program performance and their ability to maintain macroeconomic stability, despite the significant challenges posed by the pandemic,” the IMF said.
The IMF commended the government for its bold policies at the height of the pandemic to alleviate its impact on the people despite the downturn in revenue due to the lockdown. As a result, the IMF is projecting a 4.9 percent economic growth as the Covid-19 vaccination program unfolds and some sectors of the economy continue their steady and resilient growth.
Since the coronavirus pandemic hit crippling economies around the world, the Barrow administration has taken major steps to mitigate its impact on the Gambian people. The government has since distributed food and monetary support worth hundreds of millions of dalasis to thousands of Gambian families and households around the country.