The Gambian government and the International Monetary Fund have begun discussions on recalibrating the country’s economic reform programme following deviations from key fiscal and revenue targets, officials said Tuesday.
The talks took place during an IMF mission to Banjul as part of the Fifth Review under the Extended Credit Facility programme, the Second Review under the Resilience and Sustainability Facility, and the Article IV Consultation running from April 22 to May 6.
The engagement brought together officials from the Ministry of Finance and Economic Affairs, the Central Bank of The Gambia and other government institutions.
Speaking during the discussions, IMF mission chief Eva Jenkner said the programme would need adjustments to reflect emerging economic realities, including weaker-than-expected revenue performance and mounting expenditure pressures.
She also pointed to the need to resolve statistical discrepancies and suggested the possibility of extending the programme timeline to accommodate revised objectives.
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“The programme needs to be recalibrated due to deviations from initial targets,” Jenkner said, according to a government statement.
Despite the challenges, Gambian authorities said the economy continued to show resilience.
Central Bank Governor Buah Saidy said economic growth was estimated at 6.4 percent, supported by expansion in financial services and broader economic activity.
Inflation, he said, remained relatively contained despite external pressures affecting many economies across Africa.
“The financial sector continues to expand, supported by growth in banking assets and mobile money services,” Saidy said.
The governor added that the banking sector remained stable, while digital financial services were helping improve financial inclusion and economic activity.
Finance Minister Seedy K.M. Keita acknowledged that the government continued to face significant pressures linked to infrastructure deficits and rising public expenditure demands.
However, he reaffirmed the administration’s commitment to reforms aimed at strengthening public financial management and improving governance in state-owned enterprises.
Keita also cited progress in agriculture, energy and education as signs that broader economic reforms were beginning to yield results.
The discussions come as The Gambia seeks to maintain macroeconomic stability while addressing development challenges and vulnerability to external shocks.
The country, one of West Africa’s smallest economies, has relied heavily on international financial support and reform programmes to stabilise public finances and support growth since emerging from years of political and economic instability.
The IMF-backed reform agenda has focused on fiscal discipline, debt sustainability, governance reforms and strengthening resilience against climate-related and external economic shocks.
Analysts say recalibrating the programme could help authorities adapt policy targets to current economic conditions while preserving investor confidence and donor support.
The government said the latest engagement reflected a shared commitment between Gambian authorities and the IMF to ensure economic policies translate into tangible improvements for citizens.
The IMF mission is expected to conclude with recommendations on the next phase of reforms and assessments of The Gambia’s macroeconomic outlook.
