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International Monetary Fund. African Dept.

Abstract

Sub-Saharan Africa is contending with an unprecedented health and economic crisis—one that, in just a few months, has jeopardized years of hard-won development gains and upended the lives and livelihoods of millions.

Robert W. Edwards and Abdoulaye Bio-Tchané

This Report on the Observance of Standards and Codes (ROSC)—Data Module provides an assessment of The Gambia’s macroeconomic statistics against the recommendations of the General Data Dissemination System, complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework, July 2003. The assessment reveals that the legal framework for statistical activity in The Gambia is broadly adequate. Further legislative effort is under way to promote greater autonomy or authority of some statistical agencies.

International Monetary Fund

The Czech Republic’s strong fundamentals helped to sustain economic growth with low unemployment and underpin strides toward convergence with EU-15. Executive Directors welcomed the euro accession strategy and the sustained implementation of the Maastricht criteria, which would provide a solid foundation for euro adoption. They commended the sound financial system and prudent monetary policies and supported policy tightening to counter rising inflation pressures. Directors highlighted the need to sustain fiscal consolidation, promote labor participation, and lower structural unemployment in alleviating fiscal adjustment.

International Monetary Fund

This paper discusses key findings of the First Review Under the Poverty Reduction and Growth Facility (PRGF). Overall performance under the program has been strong. All but one of the quantitative performance criteria and indicative targets were met. Fiscal performance has been impressive, reflecting higher-than-projected revenues and strengthened expenditure control. However, two structural performance criteria were not observed. The medium-term macroeconomic framework underlying the program has been modified slightly. Maintaining fiscal discipline remains key to lowering domestic public debt and protecting poverty-reducing expenditures.

International Monetary Fund

This paper discusses key findings of the Fifth Review under the Poverty Reduction and Growth Facility (PRGF) for The Gambia. The Gambia’s external debt position has worsened recently. The global economic crisis is undermining growth and the external balance. Performance on the PRGF-supported program has been generally satisfactory. All quantitative performance criteria for end-March 2009 were met, and the structural measures scheduled through March were implemented. IMF staff supports the authorities’ request for a waiver for the nonobservance of the performance criterion for making the credit reference bureau operational.

International Monetary Fund. African Dept.

The Gambian economy is still recovering from the severe drought and crop failure. Depreciation pressure on the Dalasi has largely been driven by weaknesses in the balance of payments and uncertainty about exchange rate policy. Executive Directors have urged the government to curb domestic borrowing and to sustain the fiscal adjustment needed to reduce the high cost and risks of domestic debt. They have also commended the progress achieved toward eliminating fiscal dominance and encourage implementing a restrained monetary policy.