The Gambia

On March 23, 2020, the Executive Board of the IMF approved a 39-month Extended Credit Facility (ECF) arrangement for The Gambia in the amount of SDR 35.0 million (equivalent to 56.3 percent of quota). Faced with the COVID-19 pandemic, the authorities’ initial policy response has focused on public health preparedness and containment. Staff has lowered the 2020 real GDP growth projection for The Gambia from 6.3 percent to 2.5 percent, although this assessment is subject to elevated downside risks.

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The Effects of IMF Loan Condition Compliance on GDP Growth

The American Economist ◽

10.1177/0569434519836994 ◽

2019 ◽

Vol 65 (1) ◽

pp. 88-96

Author(s):

Lauren Hackler ◽

Frank Hefner ◽

Mark D. Witte

Keyword(s):

Economic Recovery ◽

Gdp Growth ◽

Monetary System ◽

Real Gdp ◽

Gdp Growth Rate ◽

Loan Program ◽

Using Data ◽

The International Monetary Fund ◽

Jel Classifications ◽

The Imf

Since beginning operations in 1947, the International Monetary Fund (IMF) has evolved from its original purpose of overseeing the world’s monetary system to becoming a loan administrator for member nations facing extreme economic crises. Today, the IMF provides conditional lending programs to catalyze economic recovery and growth in recipient countries. Critics of these programs cite various reasons for conditional loan program failures, naming the borrowing countries, creditor countries, and/or the IMF itself as responsible. Using data from 8,377 loan conditions associated with 93 countries’ IMF loan arrangements from 2000 to 2014, this article studies the effects of complying with individual conditions on the borrowing countries’ real gross domestic product (GDP) growth rate. Our results suggest that real GDP growth rates are directly affected by meeting the compliance standards of select loan conditions. JEL Classifications: 019, F35

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The Gambia: 2010 Article IV Consultation: Staff Report, Statement by the IMF Staff Representative, Public Information Notice on the Executive Board Discussion, and Statement by the Executive Director for The Gambia

IMF Staff Country Reports ◽

10.5089/9781455202539.002 ◽

2010 ◽

Vol 10 (274) ◽

pp. 1

Author(s):

International Monetary Fund

Keyword(s):

Executive Director ◽

Public Information ◽

The Gambia ◽

Executive Board ◽

The Imf

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Ghana

IMF Staff Country Reports ◽

10.5089/9781513540870.002 ◽

2020 ◽

Vol 20 (110) ◽

Cited By ~ 1

Author(s):

Keyword(s):

Public Health ◽

Foreign Exchange ◽

Behavioral Responses ◽

Commodity Prices ◽

Policy Response ◽

Foreign Exchange Reserves ◽

Public Health Preparedness ◽

Financial Conditions ◽

Economic Shock ◽

The Impact

The impact of the COVID-19 pandemic on the Ghanaian economy will be severe. The economic shock initially materialized through trade disruptions with China, the decline in commodity prices, and tightening of financial conditions, even before the first confirmed case on March 12. The authorities’ policy response to the pandemic has been timely and proactive, focusing on public health preparedness measures, partial lockdowns, and a targeted economic relief package. The pandemic and ensuing containment and behavioral responses are dampening domestic growth, affecting revenue mobilization, and putting significant pressures on foreign exchange reserves.

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