The Gambian government aims to boost growth and reduce poverty. But the country's economy is under pressure from exogenous shocks that are hampering the country's efforts. To this end, numerous measures are being implemented with the support of development partners in order to overcome them.

To support meeting The Gambia's financing needs, the International Monetary Fund (IMF) has approved the disbursement of 20.55 million Special Drawing Rights (SDRs) equivalent to $27.41 million to the government of the country. The announcement was made by the financial institution on Wednesday, December 14, on its website.

Indeed, this financing comes within the framework of the Extended Credit Facility (ECF) agreement for The Gambia, whose fifth review has just been completed. The funding brings total disbursements to 65.55 million SDRs, or approximately $87.44 million. According to Bo Li, Deputy Director General and Acting President of the institution, these funds support a Gambian economy “facing multiple exogenous shocks, including the repercussions of the war in Ukraine, the continuing impact of the COVID-19 pandemic and a major flood.”