The IMF struck a deal with Gambian officials to release part of the $100.9 million in funding approved last year. If the IMF board approves, the agreement would free up $16.8 million. A separate agreement might provide $65 million to help the country handle climate change issues.
The economy grew about 6 percent in 2024, thanks to tourism and construction. Visitors almost returned to the numbers seen before the pandemic. Money sent home from Gambians living abroad also increased. Inflation fell to 9.1 percent in March but remains higher than the central bank wants.
The government spent more money than planned in 2024. This happened because of unbudgeted expenses, transfers tied to earmarked funds, and faster spending on donor-funded projects. Current spending exceeded plans since transfers of third-party money were not included in the budget. The government faced pressure from unplanned support to the water company and an international summit. Capital projects funded by donors continued rapidly. The deficit reached 3.8 percent of GDP, higher than expected. About 0.4 percent of GDP in unpaid bills will be carried over to 2025.
Gambian leaders remain dedicated to meeting program targets and reforms, despite some delays. The country has largely met quantity goals under the IMF program.
The economy grew about 6 percent in 2024, thanks to tourism and construction. Visitors almost returned to the numbers seen before the pandemic. Money sent home from Gambians living abroad also increased. Inflation fell to 9.1 percent in March but remains higher than the central bank wants.
The government spent more money than planned in 2024. This happened because of unbudgeted expenses, transfers tied to earmarked funds, and faster spending on donor-funded projects. Current spending exceeded plans since transfers of third-party money were not included in the budget. The government faced pressure from unplanned support to the water company and an international summit. Capital projects funded by donors continued rapidly. The deficit reached 3.8 percent of GDP, higher than expected. About 0.4 percent of GDP in unpaid bills will be carried over to 2025.
Gambian leaders remain dedicated to meeting program targets and reforms, despite some delays. The country has largely met quantity goals under the IMF program.
