Gambia's economy continues to perform well Says IMF, as it completes seventh
review
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   Tuesday, January 11, 2011
The Executive Board of the International Monetary Fund (IMF) has confirmed
that the Gambia economy continues to perform well under the Extended Credit
Facility (ECF) with growth set to remain at about 5.5 to 6 percent a year,
while inflation is kept in check. The authorities have taken measures to
correct the fiscal slippages of the first half of the year and adjust to a
reduced resource envelope.

This was disclosed in a news release issued on January 7th, 2010 by the IMF
Executive Board after completing the seventh review of The Gambia's economic
performance under a programme supported by the ECF. The Board also approved
waivers for the non-observance of the end-March 2010 performance criteria on
the floor on the basic balance and on the floor on the net usable
international reserves of the Central Bank.

According to the release, the Board's decision enables the immediate
disbursement of an amount equivalent to SDR 2.3325 million (about US$ 3.56
million), bringing total disbursement under the ECF to The Gambia to an
amount equivalent to SDR 22.55 million (about US$ 34.38 million). At the
conclusion of the Executive Board's discussion on The Gambia, the release
added, Mr. Murilo Portugal, deputy managing director and acting chair,
stated: "The Gambian economy has continued to perform well under the
Extended Credit Facility, with growth set to remain at about 5.5 to 6
percent a year, while inflation is kept in check. The authorities have taken
measures to correct the fiscal slippages of the first half of the year and
adjust to a reduced resource envelope.

"The 2011 budget will be anchored on limiting government’s domestic
borrowing to ease pressure on inflation, interest rates, and the exchange
rate and to achieve substantial fiscal savings. To help implement this
agenda, the authorities intend to stabilise revenue through the introduction
of a new formula for fuel price adjustments that would allow for greater
pass-through of movements in import prices. The authorities are also taking
steps to ensure a smooth introduction of a VAT by January 2013. The budget
includes allocations for poverty reducing expenditures, which could also
help garner greater donor support. Key structural reforms will contribute to
maintaining macroeconomic stability and strong growth. In particular,
reforms in public financial management will enhance fiscal discipline and
better control government expenditures. Steps to strengthen bank supervision
will help to ensure stability in the financial sector."

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GOD BLESS SHEIKH PROFESSOR ALHAGIE YAHYA AJJ JAMMEH*
*(PRESIDENT FOR LIFE.)*
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*GOD BLESS THE GAMBIA*
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*GOD BLESS APRC*
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*DOWN WITH THE FAILED OPPOSITION *


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