The last joint IMF/IDA DSA was presented to the Fund Executive Board on December 19, 2007 (IMF Country Report No. 08/109, Appendix I) and to the World Bank Executive Board on December 20, 2007 (Enhanced HIPC Completion Point Document and MDRI, Report No. 41413-GM).
The minimum grant element required under the NCBP is 35 percent or higher, should a higher minimum level be required under an existing IMF arrangement. The policy is complementary to other policies and tools that the Bank and Fund have in place to help countries maintain debt sustainability, such as the LIC Debt Sustainability Framework, the Debt Management Performance Assessment (DeMPA) tool, and the toolkit for developing Medium-Term Debt Management Strategies (MTDS). See “IDA’s Non-Concessional Borrowing Policy: Review and Update”, Resource Mobilization Department, (FRM), The World Bank, June 2008.
To be considered concessional in Fund arrangements, loans should have a grant element of at least 35 percent. Concessional financing for the Gambia is defined as loans with a grant element of 45 percent or higher.
Defined as expenditures excluding interest payments and externally-financed projects.