Abstract
THE GAMBIA
Title Page
THE GAMBIA
STAFF REPORT FOR THE 2021 ARTICLE IV CONSULTATION, THIRD REVIEW UNDER THE EXTENDED CREDIT FACILITY ARRANGEMENT, REQUEST FOR MODIFICATION OF A PERFORMANCE CRITERION, AND FINANCING ASSURANCES REVIEW—INFORMATIONAL ANNEX
November 8, 2021
Prepared By
The staff of the International Monetary Fund in Consultation with the World Bank
Contents
RELATIONS WITH THE FUND
JOINT BANK-FUND WORK PROGRAM
STATISTICAL ISSUES
Relations with the Fund
(As of September 30, 2021)
Membership status. Joined September 21, 1967. The Gambia accepted the obligations under Article VIII, Sections 2(a), 3, and 4, of the Fund’s Articles of Agreements on January 21, 1993. It maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions.
| General Resources Account | SDR Million | % Quota |
|---|---|---|
| Quota | 62.20 | 100.00 |
| Fund holdings of currency | 52.91 | 85.06 |
| Reserve Tranche Position | 9.35 | 15.03 |
| General Resources Account | SDR Million | % Quota |
|---|---|---|
| Quota | 62.20 | 100.00 |
| Fund holdings of currency | 52.91 | 85.06 |
| Reserve Tranche Position | 9.35 | 15.03 |
| SDR Department | SDR Million | % Allocation |
|---|---|---|
| Net cumulative allocation | 89.38 | 100.00 |
| Holdings | 61.92 | 69.27 |
| SDR Department | SDR Million | % Allocation |
|---|---|---|
| Net cumulative allocation | 89.38 | 100.00 |
| Holdings | 61.92 | 69.27 |
| Outstanding Purchases and Loans | SDR Million | % Quota |
|---|---|---|
| RCF Loans | 32.66 | 52.50 |
| ECF arrangements | 37.49 | 60.27 |
| Outstanding Purchases and Loans | SDR Million | % Quota |
|---|---|---|
| RCF Loans | 32.66 | 52.50 |
| ECF arrangements | 37.49 | 60.27 |
Latest Financial Arrangements
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| ECF | Mar. 23, 2020 | Jun. 22, 2023 | 55.00 | 35.00 |
| ECF | May 25, 2012 | May 20, 2015 | 18.66 | 10.89 |
| ECF | Feb. 21, 2007 | Mar. 31, 2011 | 24.88 | 22.55 |
| Type | Date of Arrangement | Expiration Date | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| ECF | Mar. 23, 2020 | Jun. 22, 2023 | 55.00 | 35.00 |
| ECF | May 25, 2012 | May 20, 2015 | 18.66 | 10.89 |
| ECF | Feb. 21, 2007 | Mar. 31, 2011 | 24.88 | 22.55 |
Outright Loans
| Type | Date of Commitment | Date Drawn | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| RCF | Apr. 15, 2020 | Apr. 17, 2020 | 15.55 | 15.55 |
| RCF | Jun. 26, 2017 | Jul. 05, 2017 | 11.66 | 11.66 |
| RCF | Apr. 02, 2015 | Apr. 13, 2015 | 7.78 | 7.78 |
| Type | Date of Commitment | Date Drawn | Amount Approved (SDR Million) | Amount Drawn (SDR Million) |
|---|---|---|---|---|
| RCF | Apr. 15, 2020 | Apr. 17, 2020 | 15.55 | 15.55 |
| RCF | Jun. 26, 2017 | Jul. 05, 2017 | 11.66 | 11.66 |
| RCF | Apr. 02, 2015 | Apr. 13, 2015 | 7.78 | 7.78 |
Projected Payments to Fund (SDR million; based on current use of resources and present holdings of SDRs)1
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Principal | 1.09 | 2.80 | 4.04 | 3.89 | 5.17 |
| Charges/interest | 0.00 | 0.02 | 0.02 | 0. 02 | 0. 02 |
| Total | 1.09 | 2.81 | 4.06 | 3.90 | 5.18 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | 2024 | 2025 | |
| Principal | 1.09 | 2.80 | 4.04 | 3.89 | 5.17 |
| Charges/interest | 0.00 | 0.02 | 0.02 | 0. 02 | 0. 02 |
| Total | 1.09 | 2.81 | 4.06 | 3.90 | 5.18 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Implementation of HIPC Initiative
| I. Commitment of HIPC assistance | Enhanced Framework | ||
| Decision point date1 | Dec 2000 | ||
| Assistance committed (year-end 2000 NPV terms)2 | |||
| Total assistance (US$ million) | 66.60 | ||
| Of which: IMF assistance (US$ million) | 2.30 | ||
| SDR equivalent, million | 1.80 | ||
| Completion point date | Dec 2007 | ||
| II. Disbursement of IMF assistance (SDR million) | |||
| Assistance disbursed to the member | 1.80 | ||
| Interim assistance | 0.44 | ||
| Completion point balance | 1.36 | ||
| Additional disbursement of interest income3 | 0.49 | ||
| Total disbursement | 2.29 | ||
| I. Commitment of HIPC assistance | Enhanced Framework | ||
| Decision point date1 | Dec 2000 | ||
| Assistance committed (year-end 2000 NPV terms)2 | |||
| Total assistance (US$ million) | 66.60 | ||
| Of which: IMF assistance (US$ million) | 2.30 | ||
| SDR equivalent, million | 1.80 | ||
| Completion point date | Dec 2007 | ||
| II. Disbursement of IMF assistance (SDR million) | |||
| Assistance disbursed to the member | 1.80 | ||
| Interim assistance | 0.44 | ||
| Completion point balance | 1.36 | ||
| Additional disbursement of interest income3 | 0.49 | ||
| Total disbursement | 2.29 | ||
Implementation of Multilateral Debt Relief Initiative (MDRI)
Implementation of Multilateral Debt Relief Initiative (MDRI)
| MDRI-eligible debt (SDR million)4 | 9.42 | ||
| Financed by: MDRI Trust | 7.44 | ||
| Remaining HIPC resources | 1.98 | ||
| Debt Relief by Facility (SDR million) | |||
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| December 2007 | N/A | 9.42 | 9.42 |
Implementation of Multilateral Debt Relief Initiative (MDRI)
| MDRI-eligible debt (SDR million)4 | 9.42 | ||
| Financed by: MDRI Trust | 7.44 | ||
| Remaining HIPC resources | 1.98 | ||
| Debt Relief by Facility (SDR million) | |||
| Eligible Debt | |||
|---|---|---|---|
| Delivery Date | GRA | PRGT | Total |
| December 2007 | N/A | 9.42 | 9.42 |
Implementation of Catastrophe Containment and Relief (CCR)
| Date of Catastrophe | Board Decision Date | Amount Committed (SDR million) | Amount Disbursed (SDR million) |
|---|---|---|---|
| N/A | Apr. 13, 2020 | 2.10 | 2.10 |
| N/A | Oct. 02, 2020 | 2.10 | 2.10 |
| N/A | Apr. 01, 2021 | 1.87 | 1.87 |
| Date of Catastrophe | Board Decision Date | Amount Committed (SDR million) | Amount Disbursed (SDR million) |
|---|---|---|---|
| N/A | Apr. 13, 2020 | 2.10 | 2.10 |
| N/A | Oct. 02, 2020 | 2.10 | 2.10 |
| N/A | Apr. 01, 2021 | 1.87 | 1.87 |
Safeguards Assessments
An updated safeguards assessment of the CBG, completed in July 2020, noted considerable progress in strengthening the legal framework, modernizing the internal audit function, and improving financial reporting. The financial position of the CBG has also strengthened in recent years. However, the CBG faces capacity challenges, and more active oversight by the CBG Board and the Audit Committee is needed to strengthen control and audit processes. Recommendations included: (i) signing a Memorandum of Understanding with the Auditor General to formalize the joint audit arrangement by a local audit firm and an international audit firm with central banking experience; (ii) requesting a formal legal opinion from the Constitutional Review Commission to confirm that a person holding a public service office will not qualify to be appointed as a non-executive Board member of the CBG; (iii) recognizing income for the 30-year government bond in accordance with the effective interest rate method required by international financial reporting standards; (iv) addressing capacity constraints in the Internal Audit Department (IAD) by appointing the Director/Deputy Director and allocating resources for professional certification of selected IAD staff; (v) Clarifying the Audit Committee Charter to explicitly provide for its independence, including prohibition of Deputy Governors attending meetings except when the committee meets with management; and (vi) engaging an independent expert advisor in financial reporting and/or auditing to assist the Audit Committee. The authorities implemented most of these recommendations.
Exchange Rate Arrangement
The Gambia has accepted the obligations of Article VIII, Sections 2(a), 3 and 4 and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions and multiple currency practices, except for restrictions maintained solely for the preservation of national or international security, which have been notified to the Fund in accordance with the procedures set forth in Executive Board decision 144-(52/51). The de jure exchange rate arrangement is free floating and the de facto exchange rate regime is stabilized. The exchange rate is determined in the foreign exchange market. The Gambia participates in the W-ERM II of the WAMZ, which requires that the spot exchange rate between the dalasi and the US dollar be maintained within ±15% of the central rate; however, the authorities have not yet implemented these measures. Since November 2019, the exchange rate stabilized within a 2% band against the U.S. dollar with one realignment in May 2020.
Last Article IV Consultation
The Executive Board concluded the 2017 Article IV Consultation and First Review under and Extension of the Staff Monitored Program (SM/18/99) on March 22, 2018. The long gap between the current AIV Consultation and the last is explained by the fact that The Gambia, being under program with the Fund, moved to a two-year cycle, and the COVID-19 pandemic led to further postponement of the Consultation.
Technical Assistance
The Fund has been providing The Gambia with extensive technical assistance in macroeconomic, fiscal, and monetary areas, and in improving the compilation of macroeconomic statistics. Specific technical assistance projects since 2018 are the following:
| Oct 2021 | Implementing IPSAS Cash and preparing roadmap for migration to accrual system (AFW2) |
| Aug 2021 | Follow up support in Implementing TSA (AFW2) |
| Jun 2021 | TA mission on gender-based budget preparation |
| May 2021 | TA mission on Cash Forecasting (EUD project) |
| May 2021 | TA mission on Better Budget Preparation |
| Apr 2021 | Training ministry officials on monitoring and managing SOE and PPP related fiscal risks (AFW2) |
| Mar 2021 | Support for implementation of customs post clearance controls (AFW2) |
| Dec 2020 | |
| Dec 2020 | Support for implementation of customs post clearance controls & exemptions |
| Oct 2020 | TA mission to support GRA to build and maintain integrity of taxpayer ledger and tax account |
| Oct 2020 | Support GRA to strengthen tax arrears management and enforcement |
| Sep 2020 | TA mission on addressing issues in the fiscal and financial reporting (AFW2) |
| Aug 2020 | Support for the development of customs import procedures (AFW2) |
| Support for implementation of the risk management strategy & action plan (AFW2) | |
| Jun 2020 | TA mission to strengthen GRA capacity to manage compliance in the hospitality sector (AFW2) |
| Jun 2020 | TA mission on developing and drafting a tax exemptions policy |
| Jun 2020 | FARI fiscal regime training |
| May 2020 | Training on appraisal and selection of investment projects (PIMA follow-up) |
| Apr 2020 | TA mission on tax administration (follow-up) |
| Mar 2020 | TA mission on development of stakeholder engagement (AFW2) |
| Feb 2020 | TA mission on stabilizing the GAMTAX Net System (follow-up) |
| Jan 2020 | TA mission on wages and pensions |
| Jan 2020 | TA mission on cash management |
| Jan 2020 | TA mission on PIMA-follow up |
| Jan 2020 | TA mission on TSA implementation (AFW2) |
| Dec 2019 | Regional workshop to strengthen fiscal and financial reporting (AFW2) |
| Nov 2019 | Professional attachment to improve integrity of the taxpayer register |
| Nov 2019 | TA mission on the development of stakeholder engagement (AFW2) |
| Oct 2019 | Training to DPPP and SOE officials to introduce IFRS (AFW2) |
| Oct 2019 | TA mission on the development of an integrity framework (AFW2) |
| Sept 2019 | Needs assessment of IFRS curriculum development (AFW2) |
| Aug 2019 | TA mission on strengthening the audit of the telecom sector |
| Aug 2019 | TA mission on integrity of the taxpayer register (follow-up) |
| Aug 2019 | TA mission on the development of a new GRA strategic plan (AFW2) |
| Aug 2019 | Training on customs valuation and classification (AFW2) |
| Jul 2019 | TA mission on the development of a risk management strategy (AFW2) |
| Jul 2019 | TA mission on performance contracts for SOEs (AFW2) |
| Jul 2019 | TA mission on the development of an integrity framework (AFW2) |
| Jun 2019 | TA mission on medium-term budget framework |
| May 2019 | TA mission on TSA |
| May 2019 | TA mission on GFSM 2014-based chart of accounts (AFW2 |
| Apr 2019 | Training on customs induction syllabus (AFW2 |
| Apr 2019 | TA mission to improve integrity of taxpayer ledger |
| Apr 2019 | TA on public investment management (PIMA) |
| Apr 2019 | TA mission on risk based-internal audit (AFW2) |
| Apr 2019 | TA mission on cash management |
| Jan 2019 | TA mission on cash management |
| Jan 2019 | TA mission to support the SOE oversight database (AFW2) |
| Jan 2019 | TA mission on GFSM 2014-based chart of accounts (AFW2) |
| Jan 2019 | TA mission on improving the integrity of the taxpayer register |
| Jan 2019 | TA mission to strengthen telecom sector audit |
| Jan 2019 | TA follow-up mission on audit and data matching |
| Jan 2019 | TA mission on control of customs exemptions (AFW2) |
| Dec 2018 | TA mission on stabilizing the GAMTAXNET system |
| Dec 2018 | TA follow-up mission to strengthen audit capacity |
| Nov 2018 | TA mission to build capacity to audit telecom sector |
| Nov 2018 | TA mission on petroleum fiscal regime |
| Nov 2018 | TA mission on medium-term fiscal framework and cash management |
| Sep 2018 | TA mission on strengthening core tax administration functions |
| Sep 2018 | TA mission on customs intelligence and investigation functions (AFW2) |
| Jul 2018 | Training on customs induction syllabus (AFW2) |
| Jul 2018 | TA mission on medium-term fiscal framework (AFW2) |
| Jul 2018 | TA mission on implementation of the TSA action plan (AFW2) |
| Jun 2018 | TA mission on Tax Administration Diagnostic |
| May 2018 | TA mission on customs transit inspection procedures |
| April 2018 | TA mission on SOEs oversight database and IFRS (AFW2) |
| Feb 2018 | TA mission on TSA (AFW2) |
| Jan 2018 | TA mission on cargo inspection procedures and mentoring support to the Post Clearance Audit (PCA) Unit (AFW2) |
| Jul 2021 | TA mission on Banking Cybersecurity Resilience |
| Apr 2021 | TA mission on FOREX Reserves Management |
| Dec 2020 | TA mission on Risk-based Supervision |
| Nov 2020 | Improving Monetary Policy and Liquidity Forecasting Management (AFW2) |
| May 2020 | Improving Monetary Policy Analysis and Liquidity Forecasting and Management (AFW2) |
| Developing RBS Criteria and Manual (AFW2) | |
| Dec 2019 | Financial Sector Stability Review: Main Mission |
| Oct-Nov 2019 | Developing RBS Framework/Manual (AFW2) |
| Aug 2019 | Improving Monetary Policy Analysis and Liquidity Management (AFW2) |
| Jun 2019 | Financial Sector Stability Review: Scoping Mission |
| May 2019 | AFRITAC West II Scoping Mission on Bank Supervision (AFW2) |
| Apr 2019 | Reviewing Progress of RBS Implementation (AFW2) |
| Mar 2019 | Payment System Oversight and FX Operations (AFW2) |
| Jan 2019 | Progressing Basel II/III (AFW2) |
| Nov 2018 | Improving Monetary Policy Analysis (AFW2) |
| Aug 2018 | Enhancing Risk-Based Onsite Supervision 2 (AFW2) |
| Apr 2018 | TA mission on development of the payment systems and monetary |
| Feb 2018 | policy analysis (AFW2) |
| Jun 2021 | Strengthen compilation and dissemination of financial institutions’ statistics |
| Apr 2021 | TA mission on Government Finance Statistics, funded by Data for Decisions (D4D) fund |
| Mar 2021 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Oct 2020 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jul 2020 | TA mission on External Sector Statistics (FSSF) |
| Jan 2020 | DfiD funded TA mission on the Consumer Price Index |
| Jan 2020 | TA mission on Government Finance Statistics, funded by Data for Decisions (D4D) fund |
| Oct 2019 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jun 2019 | TA mission on the Consumer Price Index with AFRITAC West 2 |
| Jun 2019 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Apr 2019 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Feb 2019 | TA mission on External Sector Statistics and Balance of Payments, funded by Data for Decisions (D4D) fund |
| Jan 2019 | DfID-funded TA mission on National Accounts |
| Dec 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jul 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jun 2018 | DfiD funded TA mission on the Consumer Price Index and the Producer Price Index |
| Apr 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Feb 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| May 2020 | FIN safeguards assessment mission |
| Oct 2021 | Implementing IPSAS Cash and preparing roadmap for migration to accrual system (AFW2) |
| Aug 2021 | Follow up support in Implementing TSA (AFW2) |
| Jun 2021 | TA mission on gender-based budget preparation |
| May 2021 | TA mission on Cash Forecasting (EUD project) |
| May 2021 | TA mission on Better Budget Preparation |
| Apr 2021 | Training ministry officials on monitoring and managing SOE and PPP related fiscal risks (AFW2) |
| Mar 2021 | Support for implementation of customs post clearance controls (AFW2) |
| Dec 2020 | |
| Dec 2020 | Support for implementation of customs post clearance controls & exemptions |
| Oct 2020 | TA mission to support GRA to build and maintain integrity of taxpayer ledger and tax account |
| Oct 2020 | Support GRA to strengthen tax arrears management and enforcement |
| Sep 2020 | TA mission on addressing issues in the fiscal and financial reporting (AFW2) |
| Aug 2020 | Support for the development of customs import procedures (AFW2) |
| Support for implementation of the risk management strategy & action plan (AFW2) | |
| Jun 2020 | TA mission to strengthen GRA capacity to manage compliance in the hospitality sector (AFW2) |
| Jun 2020 | TA mission on developing and drafting a tax exemptions policy |
| Jun 2020 | FARI fiscal regime training |
| May 2020 | Training on appraisal and selection of investment projects (PIMA follow-up) |
| Apr 2020 | TA mission on tax administration (follow-up) |
| Mar 2020 | TA mission on development of stakeholder engagement (AFW2) |
| Feb 2020 | TA mission on stabilizing the GAMTAX Net System (follow-up) |
| Jan 2020 | TA mission on wages and pensions |
| Jan 2020 | TA mission on cash management |
| Jan 2020 | TA mission on PIMA-follow up |
| Jan 2020 | TA mission on TSA implementation (AFW2) |
| Dec 2019 | Regional workshop to strengthen fiscal and financial reporting (AFW2) |
| Nov 2019 | Professional attachment to improve integrity of the taxpayer register |
| Nov 2019 | TA mission on the development of stakeholder engagement (AFW2) |
| Oct 2019 | Training to DPPP and SOE officials to introduce IFRS (AFW2) |
| Oct 2019 | TA mission on the development of an integrity framework (AFW2) |
| Sept 2019 | Needs assessment of IFRS curriculum development (AFW2) |
| Aug 2019 | TA mission on strengthening the audit of the telecom sector |
| Aug 2019 | TA mission on integrity of the taxpayer register (follow-up) |
| Aug 2019 | TA mission on the development of a new GRA strategic plan (AFW2) |
| Aug 2019 | Training on customs valuation and classification (AFW2) |
| Jul 2019 | TA mission on the development of a risk management strategy (AFW2) |
| Jul 2019 | TA mission on performance contracts for SOEs (AFW2) |
| Jul 2019 | TA mission on the development of an integrity framework (AFW2) |
| Jun 2019 | TA mission on medium-term budget framework |
| May 2019 | TA mission on TSA |
| May 2019 | TA mission on GFSM 2014-based chart of accounts (AFW2 |
| Apr 2019 | Training on customs induction syllabus (AFW2 |
| Apr 2019 | TA mission to improve integrity of taxpayer ledger |
| Apr 2019 | TA on public investment management (PIMA) |
| Apr 2019 | TA mission on risk based-internal audit (AFW2) |
| Apr 2019 | TA mission on cash management |
| Jan 2019 | TA mission on cash management |
| Jan 2019 | TA mission to support the SOE oversight database (AFW2) |
| Jan 2019 | TA mission on GFSM 2014-based chart of accounts (AFW2) |
| Jan 2019 | TA mission on improving the integrity of the taxpayer register |
| Jan 2019 | TA mission to strengthen telecom sector audit |
| Jan 2019 | TA follow-up mission on audit and data matching |
| Jan 2019 | TA mission on control of customs exemptions (AFW2) |
| Dec 2018 | TA mission on stabilizing the GAMTAXNET system |
| Dec 2018 | TA follow-up mission to strengthen audit capacity |
| Nov 2018 | TA mission to build capacity to audit telecom sector |
| Nov 2018 | TA mission on petroleum fiscal regime |
| Nov 2018 | TA mission on medium-term fiscal framework and cash management |
| Sep 2018 | TA mission on strengthening core tax administration functions |
| Sep 2018 | TA mission on customs intelligence and investigation functions (AFW2) |
| Jul 2018 | Training on customs induction syllabus (AFW2) |
| Jul 2018 | TA mission on medium-term fiscal framework (AFW2) |
| Jul 2018 | TA mission on implementation of the TSA action plan (AFW2) |
| Jun 2018 | TA mission on Tax Administration Diagnostic |
| May 2018 | TA mission on customs transit inspection procedures |
| April 2018 | TA mission on SOEs oversight database and IFRS (AFW2) |
| Feb 2018 | TA mission on TSA (AFW2) |
| Jan 2018 | TA mission on cargo inspection procedures and mentoring support to the Post Clearance Audit (PCA) Unit (AFW2) |
| Jul 2021 | TA mission on Banking Cybersecurity Resilience |
| Apr 2021 | TA mission on FOREX Reserves Management |
| Dec 2020 | TA mission on Risk-based Supervision |
| Nov 2020 | Improving Monetary Policy and Liquidity Forecasting Management (AFW2) |
| May 2020 | Improving Monetary Policy Analysis and Liquidity Forecasting and Management (AFW2) |
| Developing RBS Criteria and Manual (AFW2) | |
| Dec 2019 | Financial Sector Stability Review: Main Mission |
| Oct-Nov 2019 | Developing RBS Framework/Manual (AFW2) |
| Aug 2019 | Improving Monetary Policy Analysis and Liquidity Management (AFW2) |
| Jun 2019 | Financial Sector Stability Review: Scoping Mission |
| May 2019 | AFRITAC West II Scoping Mission on Bank Supervision (AFW2) |
| Apr 2019 | Reviewing Progress of RBS Implementation (AFW2) |
| Mar 2019 | Payment System Oversight and FX Operations (AFW2) |
| Jan 2019 | Progressing Basel II/III (AFW2) |
| Nov 2018 | Improving Monetary Policy Analysis (AFW2) |
| Aug 2018 | Enhancing Risk-Based Onsite Supervision 2 (AFW2) |
| Apr 2018 | TA mission on development of the payment systems and monetary |
| Feb 2018 | policy analysis (AFW2) |
| Jun 2021 | Strengthen compilation and dissemination of financial institutions’ statistics |
| Apr 2021 | TA mission on Government Finance Statistics, funded by Data for Decisions (D4D) fund |
| Mar 2021 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Oct 2020 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jul 2020 | TA mission on External Sector Statistics (FSSF) |
| Jan 2020 | DfiD funded TA mission on the Consumer Price Index |
| Jan 2020 | TA mission on Government Finance Statistics, funded by Data for Decisions (D4D) fund |
| Oct 2019 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jun 2019 | TA mission on the Consumer Price Index with AFRITAC West 2 |
| Jun 2019 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Apr 2019 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Feb 2019 | TA mission on External Sector Statistics and Balance of Payments, funded by Data for Decisions (D4D) fund |
| Jan 2019 | DfID-funded TA mission on National Accounts |
| Dec 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jul 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Jun 2018 | DfiD funded TA mission on the Consumer Price Index and the Producer Price Index |
| Apr 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| Feb 2018 | Ongoing TA mission on the National Accounts with AFRITAC West 2 |
| May 2020 | FIN safeguards assessment mission |
Resident Representative
Mr. Mamadou Barry Dioulde has been the Fund’s Resident Representative in The Gambia since August 17, 2019.
Joint Bank-Fund Work Program
The Gambia: Joint Bank-Fund Work Program, November 2021– November 2022
The Gambia: Joint Bank-Fund Work Program, November 2021– November 2022
| Title | Products | Timing of Missions | Target Board Date |
|---|---|---|---|
| Bank work program in next 12 months | Budget support | ||
| 1. Gambia DPF2 | None, awaiting completion prior action | February 24, 2022 (tentative) | |
| 2. Gambia new DPF series | March 2022, June-November 2022 | DPF1: February 2023; DPF1: February 2024 (tentative) | |
| Projects | |||
| 3. FMD Project (DRM, Procurement, SOE sector, Telecom) | October 19–23, 2021 | ||
| 4. Gambia Public Administration Modernization for Citizen Centric Service Delivery Project | TBD | October 19, 2022 (tentative) | |
| Technical assistance /Analytical services/ Policy advice | |||
| 5. Gambia Programmatic TA on Fiscal Management | January 2022 | ||
| 6. Gambia iSOEF Assessment | November 2021, January 2022 | ||
| 7. Gambia Economic Update | February 2022, March 2022 | ||
| 8. Gambia Poverty and Gender Assessment | March 2022, May 2022 | ||
| Fund work program in next 12 months | Policy Advice | ||
| 1. Article IV consultation and 3rd ECF review mission | Q3 2021 | November 2021 | |
| 2. 4th ECF review mission | Q2 2022 (tentative) | June 2022 | |
| 3. 5th ECF review mission | Q3 2022 (tentative) | December 2022 | |
| Fund request to Bank | Periodic updates on: CPIA, tax administration (IT system) work, debt management TA, public procurement, civil service and SOE reforms. | Ongoing | |
| Bank request to Fund | Periodic updates on macroeconomic framework. | Ongoing | |
| Joint products in next 12 months | Joint DSA | Ongoing | |
The Gambia: Joint Bank-Fund Work Program, November 2021– November 2022
| Title | Products | Timing of Missions | Target Board Date |
|---|---|---|---|
| Bank work program in next 12 months | Budget support | ||
| 1. Gambia DPF2 | None, awaiting completion prior action | February 24, 2022 (tentative) | |
| 2. Gambia new DPF series | March 2022, June-November 2022 | DPF1: February 2023; DPF1: February 2024 (tentative) | |
| Projects | |||
| 3. FMD Project (DRM, Procurement, SOE sector, Telecom) | October 19–23, 2021 | ||
| 4. Gambia Public Administration Modernization for Citizen Centric Service Delivery Project | TBD | October 19, 2022 (tentative) | |
| Technical assistance /Analytical services/ Policy advice | |||
| 5. Gambia Programmatic TA on Fiscal Management | January 2022 | ||
| 6. Gambia iSOEF Assessment | November 2021, January 2022 | ||
| 7. Gambia Economic Update | February 2022, March 2022 | ||
| 8. Gambia Poverty and Gender Assessment | March 2022, May 2022 | ||
| Fund work program in next 12 months | Policy Advice | ||
| 1. Article IV consultation and 3rd ECF review mission | Q3 2021 | November 2021 | |
| 2. 4th ECF review mission | Q2 2022 (tentative) | June 2022 | |
| 3. 5th ECF review mission | Q3 2022 (tentative) | December 2022 | |
| Fund request to Bank | Periodic updates on: CPIA, tax administration (IT system) work, debt management TA, public procurement, civil service and SOE reforms. | Ongoing | |
| Bank request to Fund | Periodic updates on macroeconomic framework. | Ongoing | |
| Joint products in next 12 months | Joint DSA | Ongoing | |
Statistical Issues
As of November 2, 2021
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is broadly adequate for surveillance, despite some shortcomings. However, the authorities are making strong efforts to improve statistics. The most affected areas are monetary and financial data, balance of payments, and external debt statistics. | |
| National Accounts (NA): The Gambia Bureau of Statistics (GBoS) has improved the annual national accounts estimates and implemented the System of National Accounts 2008 through the rebasing GDP exercise of base year 2013. The GBoS disseminated in April 2019 the annual GDP estimates by production approach and in February 2020 published for the first time the annual GDP estimates by expenditure approaches—for 2004–18. GDP figures, methodological notes and policy of revisions has been made available to users. Collaboration with stakeholders has improved and line ministries continue to contribute to the development of sectoral statistics, particularly in agriculture, health, education, transport, and construction. In addition, GBoS is building capacities and working on the development of quarterly GDP estimates. Although there are some improvements in the timeliness and accessibility of GDP figures, the GBoS continues to face capacity and financial constraints to process data in a timely manner and develop quarterly estimates of GDP. The GBoS will require additional resources to conduct the necessary census and surveys for the next GDP rebasing and further improving the compilation of national accounts. | |
| Price Statistics: With STA technical assistance, the GBoS published a new CPI in February 2020. The index (January 2020=100) uses expenditure weights derived from the 2015/16 Integrated Household Survey (IHS) making the index more representative of current expenditure patterns. The previous index (August 2004=100) was based on 2003/4 expenditures. With this update, the authorities also introduced important improvements in the methodologies used to calculate the index, in particular the introduction of the geometric mean for averaging prices and the imputation of missing prices. These are in line with international best practices. At the request of GBoS, AFRITAC West 2 will provide technical assistance to improve producer price index (PPI) compilation methods. | |
| Government Finance Statistics: With STA technical assistance, the authorities are in the process of fully implementing an upgraded IFMIS to apply the framework of the Government Finance Statistics Manual 2014 (GFSM 2014) through budgeting, accounting, and reporting processes to compile fiscal statistics for budgetary central government using GFSM 2014 classification. Ensuring consistency of fiscal statistics throughout budget documents, accounting system, and fiscal reports as well as expanding the coverage of fiscal statistics would require sustained capacity development effort. The compilation of project grant disbursements and project grant use remains a challenge. Monthly data on domestic government financing are available with a delay of about four weeks. | |
| Monetary and Financial Statistics: The Central Bank of The Gambia (CBG) reports monetary data, using Standardized Report Forms for the central bank and other depository corporations (ODCs), which are published in the International Financial Statistics. However, the CBG faces some data shortcomings. The CBG reports monetary data to STA with a lag of 3 to 6 months and with a large gap in the historical data between May 2015 and December 2016. For some financial assets and liabilities including loans and deposits of ODCs, economic sector and currency breakdowns consistent with the IMF’s Monetary and Financial Statistics Manual are not available. The coverage of ODCs excludes credit institutions, and deposit-taking microfinance companies, which issue short-term liabilities. The CBG is currently developing data for other financial corporations comprising insurance corporations and the National Provident Fund. The CBG reports data on several indicators of the Financial Access Survey (FAS) including mobile money and two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). The CBG reports 12 core FSIs and 8 additional FSIs for publication on the IMF’s website. |
|
| Financial sector surveillance: Data quality has improved significantly following the introduction of an automated platform for regulatory returns. This paved the way for the recent implementation of comprehensive stress tests for the first time. However, cross border exposure data for financial corporations are not available. The CBG reported Financial Soundness Indicators (FSIs) to STA in October 2016 for publication on the IMF’s FSI webpage, including 11 of the 12 core indicators and 8 encouraged indicators for deposit takers. However, the CBG does not regularly update FSIs. | |
| External sector statistics: The CBG produces quarterly balance of payments statistics following the sixth edition of the Balance of Payments Manual (BPM6). The production of international investment position (IIP) statistics is at a preliminary stage). Despite some improvements—as remittances and travel estimations—The Gambia’s balance of payments statistics continues to be affected by significant shortcomings, especially on the (i) estimation of direct investment, (ii) accurate identification of current and capital grants, and (iii) timely and accurate recording of external debt (inflows and outflows). The foreign assets and liabilities survey (FALS) was discontinued in 2015. Financial account transactions of central bank and commercial banks are estimated as differences of positions—without exchange rate changes adjustments; therefore, revaluations are incorrectly recorded as transactions. There is room to improve coordination within the CBG and with other agencies to make full use of available administrative data for compilation purposes, including the use of financial statements of nonfinancial corporations and the validation of financial account transactions of the general government with external debt data, sourced by the Ministry of Finance and Economic Affairs. | |
| II. Data Standards and Quality | |
| In May 2018, The Gambia implemented the enhanced General Data Dissemination System (e-GDDS) by publishing data (as opposed to metadata as in the past) and by launching a one-shop stop for data dissemination called the National Summary Data Page (official website). | A data ROSC was published on December 1, 2005. |
| I. Assessment of Data Adequacy for Surveillance | |
| General: Data provision is broadly adequate for surveillance, despite some shortcomings. However, the authorities are making strong efforts to improve statistics. The most affected areas are monetary and financial data, balance of payments, and external debt statistics. | |
| National Accounts (NA): The Gambia Bureau of Statistics (GBoS) has improved the annual national accounts estimates and implemented the System of National Accounts 2008 through the rebasing GDP exercise of base year 2013. The GBoS disseminated in April 2019 the annual GDP estimates by production approach and in February 2020 published for the first time the annual GDP estimates by expenditure approaches—for 2004–18. GDP figures, methodological notes and policy of revisions has been made available to users. Collaboration with stakeholders has improved and line ministries continue to contribute to the development of sectoral statistics, particularly in agriculture, health, education, transport, and construction. In addition, GBoS is building capacities and working on the development of quarterly GDP estimates. Although there are some improvements in the timeliness and accessibility of GDP figures, the GBoS continues to face capacity and financial constraints to process data in a timely manner and develop quarterly estimates of GDP. The GBoS will require additional resources to conduct the necessary census and surveys for the next GDP rebasing and further improving the compilation of national accounts. | |
| Price Statistics: With STA technical assistance, the GBoS published a new CPI in February 2020. The index (January 2020=100) uses expenditure weights derived from the 2015/16 Integrated Household Survey (IHS) making the index more representative of current expenditure patterns. The previous index (August 2004=100) was based on 2003/4 expenditures. With this update, the authorities also introduced important improvements in the methodologies used to calculate the index, in particular the introduction of the geometric mean for averaging prices and the imputation of missing prices. These are in line with international best practices. At the request of GBoS, AFRITAC West 2 will provide technical assistance to improve producer price index (PPI) compilation methods. | |
| Government Finance Statistics: With STA technical assistance, the authorities are in the process of fully implementing an upgraded IFMIS to apply the framework of the Government Finance Statistics Manual 2014 (GFSM 2014) through budgeting, accounting, and reporting processes to compile fiscal statistics for budgetary central government using GFSM 2014 classification. Ensuring consistency of fiscal statistics throughout budget documents, accounting system, and fiscal reports as well as expanding the coverage of fiscal statistics would require sustained capacity development effort. The compilation of project grant disbursements and project grant use remains a challenge. Monthly data on domestic government financing are available with a delay of about four weeks. | |
| Monetary and Financial Statistics: The Central Bank of The Gambia (CBG) reports monetary data, using Standardized Report Forms for the central bank and other depository corporations (ODCs), which are published in the International Financial Statistics. However, the CBG faces some data shortcomings. The CBG reports monetary data to STA with a lag of 3 to 6 months and with a large gap in the historical data between May 2015 and December 2016. For some financial assets and liabilities including loans and deposits of ODCs, economic sector and currency breakdowns consistent with the IMF’s Monetary and Financial Statistics Manual are not available. The coverage of ODCs excludes credit institutions, and deposit-taking microfinance companies, which issue short-term liabilities. The CBG is currently developing data for other financial corporations comprising insurance corporations and the National Provident Fund. The CBG reports data on several indicators of the Financial Access Survey (FAS) including mobile money and two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). The CBG reports 12 core FSIs and 8 additional FSIs for publication on the IMF’s website. |
|
| Financial sector surveillance: Data quality has improved significantly following the introduction of an automated platform for regulatory returns. This paved the way for the recent implementation of comprehensive stress tests for the first time. However, cross border exposure data for financial corporations are not available. The CBG reported Financial Soundness Indicators (FSIs) to STA in October 2016 for publication on the IMF’s FSI webpage, including 11 of the 12 core indicators and 8 encouraged indicators for deposit takers. However, the CBG does not regularly update FSIs. | |
| External sector statistics: The CBG produces quarterly balance of payments statistics following the sixth edition of the Balance of Payments Manual (BPM6). The production of international investment position (IIP) statistics is at a preliminary stage). Despite some improvements—as remittances and travel estimations—The Gambia’s balance of payments statistics continues to be affected by significant shortcomings, especially on the (i) estimation of direct investment, (ii) accurate identification of current and capital grants, and (iii) timely and accurate recording of external debt (inflows and outflows). The foreign assets and liabilities survey (FALS) was discontinued in 2015. Financial account transactions of central bank and commercial banks are estimated as differences of positions—without exchange rate changes adjustments; therefore, revaluations are incorrectly recorded as transactions. There is room to improve coordination within the CBG and with other agencies to make full use of available administrative data for compilation purposes, including the use of financial statements of nonfinancial corporations and the validation of financial account transactions of the general government with external debt data, sourced by the Ministry of Finance and Economic Affairs. | |
| II. Data Standards and Quality | |
| In May 2018, The Gambia implemented the enhanced General Data Dissemination System (e-GDDS) by publishing data (as opposed to metadata as in the past) and by launching a one-shop stop for data dissemination called the National Summary Data Page (official website). | A data ROSC was published on December 1, 2005. |
The Gambia: Common Indicators Required for Surveillance
(As of November 2, 2021)
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
The Gambia: Common Indicators Required for Surveillance
(As of November 2, 2021)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | W | M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Current | Current | W | W | M |
| Reserve/Base Money | 9/2021 | 10/2021 | D | W | M |
| Broad Money | 9/2021 | 10/2021 | M | M | M |
| Central Bank Balance Sheet | 8/2021 | 9/2021 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 8/2021 | 9/2021 | M | M | M |
| Interest Rates2 | Current | Current | W | W | M |
| Consumer Price Index | 9/2021 | 10/2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 9/2021 | 10/2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– General Government | N/A | N/A | |||
| Stocks of Central Government and Central Government-Guaranteed Debt4 | 12/2020 | 9/2021 | M | M | M |
| External Current Account Balance | Q2/2021 | 9/2021 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q2/2021 | 9/2021 | Q | Q | Q |
| GDP/GNP | 2020 | 9/2021 | A | A | A |
| Gross External Debt | 12/2020 | 9/2021 | Q | I | A |
| International Investment Position5 | N/A | N/A |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
The Gambia: Common Indicators Required for Surveillance
(As of November 2, 2021)
| Date of latest observation | Date received | Frequency of Data6 | Frequency of Reporting6 | Frequency of Publication6 | |
|---|---|---|---|---|---|
| Exchange Rates | Current | Current | D | W | M |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | Current | Current | W | W | M |
| Reserve/Base Money | 9/2021 | 10/2021 | D | W | M |
| Broad Money | 9/2021 | 10/2021 | M | M | M |
| Central Bank Balance Sheet | 8/2021 | 9/2021 | M | M | M |
| Consolidated Balance Sheet of the Banking System | 8/2021 | 9/2021 | M | M | M |
| Interest Rates2 | Current | Current | W | W | M |
| Consumer Price Index | 9/2021 | 10/2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 9/2021 | 10/2021 | M | M | M |
| Revenue, Expenditure, Balance and Composition of Financing3– General Government | N/A | N/A | |||
| Stocks of Central Government and Central Government-Guaranteed Debt4 | 12/2020 | 9/2021 | M | M | M |
| External Current Account Balance | Q2/2021 | 9/2021 | Q | Q | Q |
| Exports and Imports of Goods and Services | Q2/2021 | 9/2021 | Q | Q | Q |
| GDP/GNP | 2020 | 9/2021 | A | A | A |
| Gross External Debt | 12/2020 | 9/2021 | Q | I | A |
| International Investment Position5 | N/A | N/A |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
1
The Fund approved the decision on 12/15/2000 as Decision 12365-(00/126). The World Bank Board decision was taken on 12/14/2000.
2
Assistance committed under the enhanced HIPC Initiative is expressed in net present value (NPV) terms at the decision point.
3
Under the enhanced HIPC Initiative, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
4
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end–2004 that remains outstanding at the time the member qualifies for such debt relief.