IMF donates D245, 000 to SOS Children’s Village

Thursday, December 06, 2018

International Monetary Fund (IMF) last week made a monetary donation of D245, 000 to SOS Childrens’ Village in Bakoteh in memory of the late Ulrich Jacoby (Uli).

Uli was a German who joined the IMF in May 1999 as an economist in the strategy policy and review department. He had a distinguished career working in a number of fund departments including the African department, where he served as assistant to the director and then deputy division chief in West Africa 1 Division; the strategy policy and review department and the institute for capacity development.

While at the African department, Uli served as a senior economist for The Gambia from October 2002 to February 2005, and then as a mission chief to The Gambia from end 2016 to 2018.

Before joining the IMF, Uli served as head of treasury research, product development and investment banking at Deutsche Genossenschafts bank in Frankfurt, Germany. He also served as financial and international economist at the U.S treasury department office at the U.S Embassy in Bonn, Germany.

Uli’s untimely demise touched the heart of Gambian people and authorities because of his support to the country.

The IMF resident representative in The Gambia, Dr. Ruby Randell said Uli had a deep affection for The Gambia and her people, having covered the country from IMF headquarters in different capacities in a period spanning well over a decade.

Most recently, Uli led the team that successfully negotiated a staff monitored program (SMP) with the IMF, which paved the way for the disbursement of over $16 million from the IMF rapid credit facility to help meet Gambia’s balance of payments needs, as the country emerged from a 22-year autocratic rule.

This in turn helped to catalyse just under $100 million budget support from other key development partners (EU, World Bank and African Development Bank) to help finance priority social and development spending needs.

Dr. Randell said with the country still reeling from the impact of the political impasse that culminated in the ouster of for president Yahya Jammeh, Uli and his team worked tirelessly with Gambian authorities to design an ambitious but achievable program that strived not only to restore macroeconomic stability, but to also build strong institutions that would help the country to achieve its national development goals and untimely exit fragility.

She said such program goals included strengthening public accountability, transparency, governance, the rule of law and recovering stolen assets to help replenish the state’s coffers and supporting private sector in investment to help reinvigorate economic growth.

Permanent secretary of Ministry of finance and economic affairs Lamin Camara thanked Uli’s family and friends on behalf of the whole country. He said Uli was not only a friend but like a family and has supported the Gambia in every way. 

Author: Fatou O Barrow