An SMP is not a loan, nor is it a mark of success. It is a remedial mechanism used when a country has lost the confidence of its partners and investors. It is designed to help nations that cannot, on their own, execute fundamental economic management tasks — such as balancing budgets, controlling debt, or mobilising revenue. Simply put, it is an external support system for governments that have demonstrated a serious deficit in policy credibility and institutional capacity.
The Gambia’s SMP aimed to achieve debt sustainability, expand domestic revenue, and rein in public spending. The fact that we are still grappling with these same challenges years later speaks volumes. That is why, in 2024, we moved into an Extended Credit Facility (ECF) — a concessional loan arrangement that again focuses on debt reduction, growth, and governance reforms. Yet, the IMF’s insistence on the passage of an anti-corruption bill tells its own story: the fundamentals of accountability and transparency remain unaddressed.
Mr President, it is worth noting that SMPs are not common. They are reserved for countries facing profound structural and governance challenges — nations like Haiti, South Sudan, Somalia, Chad, and Zimbabwe. To be listed among them is not a matter for celebration. It is a stark signal that our economy has been mismanaged and that we are struggling to govern effectively.
Mr President, we must not confuse IMF supervision with economic success. Far from being a victory, it is an indictment — a mirror held up to our leadership, revealing the weaknesses we have long ignored. It tells us that fiscal discipline has been lacking, public financial management remains weak, and corruption continues to sap our development potential.
Mr President, this is not a time for spin. It is a time for introspection and decisive action. If we are serious about charting an independent path toward sustainable growth, we must build institutions capable of managing our economy without external ‘hand-holding’. That means passing and enforcing anti-corruption laws, empowering oversight bodies, strengthening domestic revenue systems, and instilling fiscal discipline across government.
The path to sovereignty is not paved with IMF reviews and monitoring missions. It is built on strong institutions, political will, and a leadership unafraid to confront entrenched inefficiencies and vested interests. The real success story will be the day The Gambia no longer needs an SMP or an ECF to stay on course — because our own systems, capacity, and governance will have become strong enough to stand on their own.
Finally, Mr President, the mirror is before us. What we do with the reflection is now in our hands.
Good day!