The Gambia

Full Title: The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia
Author/Editor(s): International Monetary Fund
ISBN: 1475549512, 9781475549515
Publisher: International Monetary Fund
Published Place: Washington, D.C.
Published/Copyright Year: 2015
Language: English
Series: IMF Staff Country Reports ( Volume Country Report No. 15/104 )
IMF ELibrary
Number of pages: 1 online resource (82 pages)
Categories:
Balance Of Payments Need
Debt Sustainability Analysis
Economic Indicators
Extended Arrangement Cancellations
Extended Credit Facility
External Shocks
Fiscal Policy
Letters Of Intent
Monetary Policy
Press Releases
Rapid Credit Facility
Staff Reports
Staff-monitored Programs
Gambia, The


Content:
KEY ISSUES Background. The Gambian economy is facing urgent balance of payments needs triggered mostly by the impact of the regional Ebola outbreak on tourism. Although the country remains Ebola free, the regional outbreak is expected to cut by more than half tourism receipts for the 2014/15 season. During 201415, the impact of the shocks on the balance of payments, offset in part by lower global fuel prices, is estimated to be
0 million (over 5 percent of 2015 GDP). Policy slippages and persistent financial difficulties in public enterprises have exacerbated the problems and pushed The Gambia’s ECF arrangement off track. In their Letter of Intent the authorities have notified the Fund of their decision to cancel the arrangement. Request. The authorities are requesting support under the RCF-in an amount of SDR 7.775 million or equivalent to 25 percent of quota-to cope with the urgent balance of payments needs and a one-year staff-monitored program (SMP) to guide policy implementation before returning to a successor ECF arrangement, provided policies remain on track. Main policy commitments. The authorities have taken a number of upfront policy actions. The approved 2015 budget envisages lowering net domestic borrowing (NDB) to 1 percent of GDP in 2015 from 12¼ percent in 2014, anchored by a set of revenue and expenditure measures, and complemented by some
2 million in external budget support. The authorities have taken steps to resolve the financial problems of key public enterprises and intend to take measures to secure their medium-term fiscal consolidation and poverty reduction objectives. Staff’s view. Staff supports the authorities’ request. Staff views the package of measures articulated in the attached letter of intent as representing a considerable effort. The RCF disbursement would augment the authorities’ own strong adjustment efforts, help catalyze additional donor financing, and give the authorities the time needed to develop their medium-term adjustment plans. The SMP will provide the Gambian authorities an opportunity to establish a track record before moving to a successor ECF to which they aspire. A period of monitoring will also allow the time needed to assess the impact of the shocks fully and hence better tailor the objectives of a successor ECF arrangement.

Electronic Resources:
http://hdl.library.upenn.edu/1017.12/1522245

ISBNPlus ID: UPE.BD102.21977-11-2209017
Form: Nonfiction
Released Date: 20151203

Download BiBTeX of this book (.bib)
@book{isbnplus9781475549515,
 title={The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia},
 author={International Monetary Fund},
 isbn={9781475549515},
 series={IMF Staff Country Reports},
 url={http://isbnplus.org/9781475549515},
 year={2015},
 publisher={International Monetary Fund},
 address={Washington, D.C.}
}
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%0 Book
%T The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia
%A International Monetary Fund
%@ 9781475549515
%U http://isbnplus.org/9781475549515
%D 2015
%I International Monetary Fund
%C Washington, D.C.
Download 9781475549515.enw
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TY  - BOOK
T1  - The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia
A1  - International Monetary Fund
SN  - 9781475549515
T3  - IMF Staff Country Reports
UR  - http://isbnplus.org/9781475549515
Y1  - 2015
PB  - International Monetary Fund
CY  - Washington, D.C.
ER  - 
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APA Style:
International Monetary Fund (2015). The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia. Washington, D.C.: International Monetary Fund.

MLA Style:
International Monetary Fund. The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia. Washington, D.C.: International Monetary Fund, 2015. Print.

Chicago Style:
International Monetary Fund. The Gambia: Request For Disbursement Under The Rapid Credit Facility, Cancellation Of The Extended Credit Facility And Proposal For A Staff-Monitored Program-Staff Report; Press Release; And Statement By The Executive Director For The Gambia. Washington, D.C.: International Monetary Fund, 2015.