Back and Next - Back and NextIMF thumbs up Gambia
Tuesday, September 16, 2008
The Gambia government has received strong commendation from the International Monetary Fund (IMF) executive board “for maintaining macro economic stability in the context of robust growth and moderate inflation”.
This revelation was captured in a dispatch issued by the Department of State for Finance & Economic Affairs, which disclosed that after completing its third review of The Gambia’s performance, the IMF approved a US$3.1 million disbursement for the country, saluting the strong and successful efforts of the authorities to improve on revenues and tax administration.
The completion of the review, the release states, allows for the disbursement of SDR 2 million (about US$12.4 million). The Executive Board also approved the Gambian authorities’ request for waivers of non-observance of four structural performance criteria concerning the submission of two special audit reports, the making operational of a credit reference bureau, and the establishment of a central register of fiscal expenditure commitments.
According to the release, following the Executive Board’s discussion, Mr. Takatoshi Kato, Deputy Managing Director and Acting Chair, said: “The Gambian authorities are to be commended for maintaining macro economic stability in the context of robust growth and moderate inflation.”
“The PRGF-supported economic program,” he went on, “ has been implemented satisfactorily, despite the recent increases in world food and fuel prices.”
The PRGF is the IMF’s confessional facility for low-income countries. PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a 5 1/2 year grace period on principal payments.
This revelation was captured in a dispatch issued by the Department of State for Finance & Economic Affairs, which disclosed that after completing its third review of The Gambia’s performance, the IMF approved a US$3.1 million disbursement for the country, saluting the strong and successful efforts of the authorities to improve on revenues and tax administration.
The completion of the review, the release states, allows for the disbursement of SDR 2 million (about US$12.4 million). The Executive Board also approved the Gambian authorities’ request for waivers of non-observance of four structural performance criteria concerning the submission of two special audit reports, the making operational of a credit reference bureau, and the establishment of a central register of fiscal expenditure commitments.
According to the release, following the Executive Board’s discussion, Mr. Takatoshi Kato, Deputy Managing Director and Acting Chair, said: “The Gambian authorities are to be commended for maintaining macro economic stability in the context of robust growth and moderate inflation.”
“The PRGF-supported economic program,” he went on, “ has been implemented satisfactorily, despite the recent increases in world food and fuel prices.”
The PRGF is the IMF’s confessional facility for low-income countries. PRGF loans carry an annual interest rate of 0.5 percent and are repayable over 10 years with a 5 1/2 year grace period on principal payments.
Author: DO
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