Abstract

The Gambia has made considerable progress since the mid-1980s in laying the foundation for a sustainable expansion of output through the successful implementation of a wide range of financial and structural reforms, supported by successive arrangements from the Fund and structural adjustment credits from the World Bank. As a result, by the end of the three-year ESAF arrangement, The Gambia’s internal and external imbalances had been reduced and a comfortable external position had been attained, consistent with no need for exceptional balance of payments financing, mainly as a result of the significant progress made in diversifying the production and export bases.

Economic Adjustment in a Small Open Economy
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