Gambia: IMF Approves U.S.$10.8 Million Credit Facility for Gambia

The Executive Board of the International Monetary Fund (IMF) on Thursday 2 April 2015 approved emergency financial assistance under the Rapid Credit Facility (RCF) 1 in the amount equivalent to SDR7.775 million (about US$10.8 million) for The Gambia to enable the authorities to meet their urgent balance of payment and fiscal needs.

The Executive Board noted the authorities' cancellation of the Extended Credit Facility (ECF) arrangement for The Gambia that was approved on May 25, 2012 to support the government's economic program (see Press Release No. 12/191). In addition, the Board was informed about the IMF Managing Director's approval of a one-year staff-monitored program (SMP)2 to guide policy implementation.

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