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Gambia.

Author: International Monetary Fund African Dept
Publisher: Washington, D.C., UNITED STATES : International Monetary Fund, 2017.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The Gambia is at a historical turning point, with the transition to a democratically elected government committed to the rule of law, freedom of speech and socio-economic development ending the 22-year reign of the autocratic regime of former President Jammeh. However, the new government has inherited a dire economic situation and the country is faced with an urgent balance of payments need and a precariously low  Read more...
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Details

Genre/Form: Electronic books
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund African Dept
ISBN: 1484306031 9781484306031
OCLC Number: 994510305
Description: 1 online resource (84)
Contents: Cover; CONTENTS; BACKGROUND; RECENT DEVELOPMENTS AND ECONOMIC OUTLOOK; POLICY DISCUSSIONS; FISCAL POLICIES; STATE-OWNED ENTERPRISE REFORMS; MONETARY AND EXCHANGE RATE POLICIES AND FINANCIAL SECTOR STABILITY; DEBT SUSTAINABILITY; REQUEST FOR FUND SUPPORT; STAFF APPRAISAL; BOXES; 1. Corruption Economic Growth and Macro Fiscal Implications; 2. Strategy for Addressing Fragility; FIGURE; 1. Recent Economic Developments, 2010-17; TABLES; 1. Selected Economic Indicators; 2. Statement of Central Government Operations (Millions of local currency). 3. Statement of Central Government Operations (Percent of GDP)4. Monetary Accounts (Millions of local currency); 5. Monetary Accounts (Percent change); 6. Balance of Payments (Millions of U.S. dollars); 7. Balance of Payments (Percent of GDP); 8. Indicators of Capacity to Repay the Fund, 2017-27; APPENDIX; I. Letter of Intent; Attachment I: Memorandum of Economic and Financial Policies; Attachment II: Technical Memorandum of Understanding; CONTENTS; RELATIONS WITH THE FUND; JOINT BANK-FUND WORK PROGRAM; STATISTICAL ISSUES.

Abstract:

The Gambia is at a historical turning point, with the transition to a democratically elected government committed to the rule of law, freedom of speech and socio-economic development ending the 22-year reign of the autocratic regime of former President Jammeh. However, the new government has inherited a dire economic situation and the country is faced with an urgent balance of payments need and a precariously low level of usable international reserves. The Gambia has been hit by a bad agricultural season, the political turmoil following the elections in December 2016 is expected to reduce tourism receipts in the first quarter of 2017 by about one third, and higher fuel and commodity prices put further strain on the balance of payments (BOP). The total BOP-impact of these shocks in 2017 is estimated at $31 million (3 percent of GDP). Finally, the new government is uncovering massive theft and embezzlement of funds by the previous regime mainly from state-owned enterprises (SOEs). International development partners have been quick to reengage and have indicated that substantive support is forthcoming.

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