This 2011 Article IV Consultation highlights that the Gambian economy has performed well in recent years, despite a difficult global environment. The external current account deficit has widened in recent years, owing to weak tourism receipts and remittances and high global commodity prices. Executive Directors have commended the authorities for making progress in poverty reduction and achieving strong growth and low inflation despite a difficult global environment. Directors have welcomed the improved fiscal performance and supported the government’s plans for additional fiscal consolidation in the period ahead.
The Poverty Reduction Strategy Paper (PRSP) describes The Gambia’s macroeconomic, structural, and social policies in support of growth and poverty reduction, external financing needs, and major sources of financing. Since PRSP I had experienced some setbacks during its implementation, PRSP II has been formulated with revised strategies to achieve Vision 2020 and the Millennium Development Goals (MDGs) of reducing poverty globally. Based on a detailed analysis, the authorities provided some specific recommendations for the long-term sustainability of the program in terms of priorities and operational modalities.
This paper discusses Poverty Reduction Strategy Paper (PRSP) 2007–11 for The Gambia. PRSP II builds on the long-term development Vision 2020 of The Gambia. It also takes cognizance of the fact that implementation of PRSP I suffered from revenue shortfalls as the IMF suspended its program with the Gambia. Consequently, PRSP II attempts to include interventions that were planned for PRSP I. PRSP II contains interventions and actions that have been well synchronized to ensure complimentarily, and the institutional and operational structures will also be streamlined to avoid duplication.
The economic performance has been positive as tight macroeconomic policies prevailed, helped by a remarkable revenue mobilization effort. None of the key indicator targets were met. Fiscal performance improved, but there was an increase in the overall fiscal deficit. Monetary policy was also less expansionary. Efforts were sustained to strengthen the justice delivery system. The long-term goal is to eradicate poverty by significantly increasing the national income, through stable economic growth, and reducing income and non-income inequalities through specific poverty-reduction priority interventions.
This Annual Progress Report focuses on The Gambia’s Poverty Reduction Strategy Paper (PRSP). It provides information and analysis regarding the achievements and shortfalls experienced between July 2002 and December 2003 with respect to the poverty targets, priority public actions, and the monitoring and evaluation systems put in place for the PRSP/Strategy for poverty alleviation II (SPA II). The report highlights important changes necessary in the strategy as appropriate in light of implementation experiences to date, changes in exogenous factors, and new data and analysis regarding poverty and its dimensions.
This paper reviews some early interim and full PRSPs for countries with which the authors worked during 1999-2000 (Uganda, Burkina Faso, Tanzania, Mozambique, Mali and The Gambia). The purpose of the review is to compare and contrast how the PRSP process was established there. It finds that rapid progress was made in implementing the initiative in all the countries, increasing commitment to poverty reduction amongst government and donors and encouraging broader participation in the policy dialogue. However, there was considerable variation between the cases, reflecting different local contexts and capacities.
International Monetary Fund. External Relations Dept.
At the beginning of August, the IMF and the World Bank launched a review of the poverty reduction strategy paper (PRSP) process to find ways to strengthen the two year-old initiative aimed at improving the poverty focus of public policy in, and development assistance to, poor countries. The IMF launched a concurrent review of the Poverty Reduction and Growth Facility (PRGF), its concessional lending window for poor countries. Masood Ahmed, Deputy Director of the IMF’s Policy Development and Review Department and Co-Chair of the Joint World Bank-IMF Implementation Committee for poverty reduction strategies and debt relief, talks to Wayne Camard about the reviews.
The note views the problem of poverty in The Gambia. The largest group of cash crop producers have the highest poverty rate in the country. The design of public policies in the area of education and health has a large impact on the living standards of the poor. Therefore, these social policies have to be supported by policies that enhance the poor households' access and use of formal financial services. The note discusses the Gambian government's attempts to address the growing incidence of poverty.
International Monetary Fund. External Relations Dept.
IMF Managing Director Michel Camdessus, World Bank President James D. Wolfensohn, and World Trade Organization (WTO) Director-General Mike Moore issued a joint statement to the Third WTO Ministerial Conference in Seattle, Washington, on November 30. Camdessus also addressed the conference separately. Extracts from the joint statement, issued as News Brief 99/78, and Camdessus’s statement follow.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.