This paper discusses The Gambia’s Article IV Consultation, Third Review Under the Extended Credit Facility (ECF) Arrangement, Request for Modification of a Performance Criterion. Economic activity shows signs of recovery, albeit fragile. The authorities are intensifying coronavirus disease 2019 vaccination campaign to fight the pandemic and allow full resumption of activity, including tourism. In view of lingering vulnerabilities, maintaining exchange rate flexibility and adequate external buffers will be critical. Adherence to the external borrowing plan under the program and seeking grants and concessional financing will help secure debt sustainability. The ECF arrangement helps address the challenges from the pandemic, support inclusive growth, reduce debt vulnerabilities, and advance structural reforms. The Gambian authorities recognize the need to foster sustainable development, address the infrastructure gap through improved spending efficiency and revenue mobilization, and maintain financial and external stability.
International Monetary Fund. Western Hemisphere Dept.
COVID-19 has taken a severe social and economic toll, including almost 60,000 deaths. With over 5 million jobs temporarily affected, Colombia recorded its largest recession on record. Since 2020H2, an uneven recovery with intermittent growth has been underway, led by private domestic demand. Staff expects only a gradual recovery in 2021 with economic activity not expected to return to pre-pandemic levels until the second half of 2022. Vaccinations began in February with plans to effectively cover the adult population. However, both external and domestic risks remain skewed to the downside.