Abstract
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.
The Executive Board of the International Monetary Fund (IMF) completed today the fifth review of The Gambia’s economic performance under the three-year Poverty Reduction and Growth Facility (PRGF) arrangement. The completion of the review enables The Gambia to draw immediately an amount of SDR 5.11 million from the IMF (about US$8 million) bringing total disbursements to SDR 18.22 million (about US$28.6 million).
The Executive Board also granted a waiver for the nonobservance of an end-March 2009 structural performance criterion to make the credit reference bureau operational.
The PRGF arrangement became effective February 21, 2007, for a total amount of SDR 14 million (about US$22 million) (see Press Release No. 07/28). The fourth review was completed on February 18, 2009. The Executive Board’s decision on the fifth review was taken on a lapse of time basis.1
The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.