An
IMF mission to Banjul under its Staff Monitored Programme (SMP) on Friday,
February 7th 2020 paid a courtesy call on His Excellency, President Adama
Barrow at State House. The Mission Chief, Jaroslaw Wreczoreck, described 2019
“as a really good year for The Gambia” with an economic growth of 6 per cent to
the GDP.
“Overall
growth was about 6% of GDP, inflation is low, the Dalasi is stable and the
government has increased resources. This is a good situation to be for The
Gambia. 2019 was a really good year for The Gambia in terms of revenue
collection, growth and foreign exchange flows,” Mr Wreczoreck told the press
after an audience with President Barrow.
During
discussions with the President, the mission gave their views on the country’s
economic outlook and thanked the President for his support to the institutions
that were critical to the good performance of 2019.
They
are currently in Banjul to assess the 2019 SMP and discuss The Gambia’s request
for a fresh programme with financing that could be supported by the extended
credit facility (ECF).
President
Barrow was very appreciative of these contacts with the IMF, expressing
gratitude for the partnership that his government has been nurturing with the
Fund over the past three years. The session that touched on the economic
situation of the country.
For
2020, the budget is going to be the base for the next IMF programme of public
finance.
“We
still continue to see increased revenue collection, so tax payment is very good
component of civic duties of all citizens and companies. GRA is a very
important institution that needs to do its job and provide the resources to the
government,” Mr. Wreczoreck maintained.
The
increased revenue capacity of government is creating a situation which The
Gambia can count on for more resources to support development and social
spending.
“Outside
the government, The Gambia will see a continuous growth in tourism sector.
Capacity is growing very fast… New hotels are coming onboard and others
renovated. So it is extremely pleasant to see how dynamic and how proactive the
private sector is in The Gambia,” he said.
The
IMF official also noted the important investments in road infrastructure and
the energy sectors, noting their contributions to the continuous growth of the
economy.
A
major economic challenges in 2019 was the collapse of Thomas Cook airline which
put The Gambia in “a very difficult situation.” Notwithstanding, the IMF
mission chief said he is happy to see the tourism industry in great resilience.
He
observed that the economy responded to this situation and even posted another
record year for tourism, while agriculture remains “a continuous concern” for
the Gambian economy.
The
delegation, comprising the IMF Resident Representative, Mr Momodou Barry,
Advisor at the Office of the IMF Executive Director, Mr Bernard Jappah,
officials from the Central Bank of The Gambia and the Ministry of Finance. They
were accompanied to the State House by Minister of Finance and Economic Affairs,
Mamboury Njie.
