IMF Staff Concludes Mission to The Gambia
Though The Gambia remains completely free of Ebola, the crisis has caused a deep decline in tourism related activities, the economy’s principal foreign currency earner. The mission assessed the effects of this shock to the Gambian economy and explored the possibility of agreeing on a Rapid Credit Facility (RCF) arrangement with the IMF. 1 The mission also discussed the Gambian authorities’ plans to address policy slippages over the past two years and the possibility of establishing a program monitored by the IMF (SMP). 2 While the discussions have been fruitful, additional time is needed to reach a final agreement.
See Press Release for Mr. Mukhopadhyay's statement http://www.imf.org/external/np/sec/pr/2015/pr1506.htm
1 The RCF (http://www.imf.org/external/np/exr/facts/rcf.htm ) is a lending arrangement that provides rapid financial support in a single, up-front payout for low-income countries facing urgent financing needs.
2 An SMP is an informal agreement between country authorities and Fund staff, whereby the latter agree to monitor the implementation of the authorities’ economic program. SMPs do not entail financial assistance or endorsement by the IMF Executive Board..