By Binta Jaiteh
International Monetary Fund (IMF) has disbursed $6.6 Million to the Ministry of Finance and Economic Affairs after its successful completion of the Extended Credit Facility (ECF) program.
Speaking at a joint press conference held on Friday at the Central Bank of the Gambia in Banjul, Hon Seedy Keita Minister of Finance and Economic Affairs said the press conference was meant to share with the public the decision of the board of IMF about the conclusion of a successful ECF program which led to the disbursement of 6.6 million dollars.
He dilated on the significance of the completion saying the Gambia has over the years had 15 engagements with the fund starting way back in May 1977 and was predominantly stand-by arrangements.
He said the board applauded the authorities’ effort to manage the economy in a very trying time of crisis such as fuel, fertilizer, food prices, Covid-19 disruption, supply chain, and as a result the turmoil of the global economic environment.
“We are pleased that they are encouraging the authorities to deepen the reforms that formed the backdrop of the program and ensure macroeconomic stability and the push towards fighting inflation which the Central Bank is doing by consistently increasing the interest rate at a rate of 16%,” He explained.
Minister Keita noted that the program is anchored to other reforms such as the public procurement GPPA revise Act which will now introduce the electronic procurement opportunity for government transactions to be done online as well as the reform of State Owned Enterprises which is the SOEs bill.
Buwa Saidy, Governor of the Central Bank also said, the ECF disbursement to the Gambia is a loan not a grant under the ECF program. Noting that, the only grant that they have from IMF was a debt relief of US$11 million.