Front Matter Page

© 1995 International Monetary Fund

December 1995

IMF Staff Country Report No. 95/123

The Gambia—Recent Economic Developments

This report on recent economic developments in The Gambia was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of The Gambia, or the Executive Board of the IMF.

International Monetary Fund

Washington, D.C.

Front Matter Page

INTERNATIONAL MONETARY FUND

THE GAMBIA

Recent Economic Developments

Prepared by a staff team consisting of Mr. J. Kakoza (head), Mr. R. Basanti, Mr. T. Ehrbeck, and Ms. R. Prem (EP) (all AFR)

Approved by the African Department

September 13, 1995

Contents

• Basic Data

• Selected Social and Demographic Indicators

  • I. Overview of Recent Economic Developments

    • 1. Background

    • 2. Adjustment policies and economic performance in 1985/86–1992/93

    • 3. Initial challenge and shocks in 1993/94–1994/95

  • II. Real Sector Performance

    • 1. Developments in output, savings, and investment

    • 2. Developments in prices, employment, wages

  • III. External Sector

    • 1. Overview

    • 2. Developments in the re-export trade sector

    • 3. Tourism

    • 4. Developments in the balance of payments and external debt

    • 5. Exchange market developments

  • IV. Public Finance

    • 1. Overview of fiscal developments

    • 2. Revenue performance

    • 3. Expenditure developments

    • 4. Performance of the parastatal sector

  • V. Monetary Sector Developments

    • 1. Monetary policy during structural adjustment

    • 2. Monetary developments in 1993/94–1994/95

    • 3. Structural features and reforms in the financial sector

• Charts

  • 1. Developments in Output and Prices, 1984/85–1994/95

  • 2. External Sector Developments, 1985/86–1994/95

  • 3. Exchange Rate Developments, 1985/86–1994/95

  • 4. Fiscal Developments, 1989/90–1994/95

  • 5. Monetary Developments, 1985/86–1994/95

• Appendices

  • I. Statistical Appendix

    • 1. Gross Domestic Product by Sector, 1989/90–1994/95

    • 2. Gross Domestic Product by Sector, 1989/90–1993/94

    • 3. Supply and Use of Resources, 1989/90–1994/95

    • 4. Savings and Investment Balance, 1984/85–1994/95

    • 5. Agricultural Production, 1989/90–1994/95

    • 6. Minimum Producer Prices for Agricultural Commodities, 1989/90–1994/95

    • 7. Indicators of Tourism Activity, 1989/90–1994/95

    • 8. Energy Statistics, 1989/90–1993/94

    • 9. Overall Consumer Price Index for Low-Income Households in Banjul and Kombo St. Mary, January 1989-June 1995

    • 10. Public Sector Wage Scale, 1991/92–1994/95

    • 11. Minimum Daily Wages, 1989–94

    • 12. Civil Service Structure, 1989/90–1994/95

    • 13. Balance of Payments, 1989/90–1994/95

    • 14. Composition of Merchandise Exports, 1989/90–1994/95

    • 15. Composition of Merchandise Imports, 1989/90–1994/95

    • 16. Direction of Trade, 1989–94

    • 17. Foreign Trade Indicators, 1989/90–1994/95

    • 18. Public External Debt Outstanding and Debt Service, 1989 /90–1994/95

    • 19. Exchange Rate Indicators, 1989/90–1994/95

    • 20. Interbank and Parallel Market Exchange Rates (End of Period; Mid-Market Rates), 1993–95

    • 21. Central Government Operations, 1989/90–1994/95

    • 22. Central Government Revenue, 1989/90–1994/95

    • 23. Economic Classification of Central Government Expenditure, 1989/90–1994/95

    • 24. Public Investment Program and Its Financing, 1989/90–1994/95

    • 25. Monetary Survey, June 1990-June 1995

    • 26. Summary Accounts of the Monetary Authorities, June 1990-June 1995

    • 27. Summary Accounts of the Commercial Banks, June 1990-June 1995

    • 28. Monthly Interest Rates on Treasury Bills, January 1989-June 1995

    • 29. Structure of Interest Rates, 1988/89–1994/95

    • 30. Distribution of Commercial Bank Credit by Sector, June 1989-June 1995

    • 31. Distribution of Outstanding Government Securities, June 1990-June 1995

    • 32. Liquidity Position of Commercial Banks, 1989/90–1994/95

  • II. Summary of the Tax System as of June 30, 1995