During the official opening, the minister of Finance and Economic Affairs Mambury Njie, said the move further clarifies IMF’s commitment to more collaboration in the country. He added that The Gambia and IMF have a long successful relationship that would continue to grow from strength to strength.
Njie stated that the IMF support will go a long way in enabling them to navigate the shocks and cope with the trending crisis in the health sector, stating that the country remains committed and grateful for the support and hopes for its continuation.
The governor of the Central Bank of The Gambia, Mr. Buah Saidy expressed gratitude to IMF for its commitment to promoting economic growth and financial stability in the country. He noted that there has been a long-standing cordial relationship between The Gambia and the IMF.
“They have been an important development partner in the economic management of this country and provide critical finance and technical support including policy advice and capacity development. I have been a witness to much of this since joining the Central Bank in December in 1982 and now in my current position as governor.”
He said there is a need to strengthen the collaboration as economists all over the world are adopting new ways of doing business due to the covid-19 pandemic and rising uncertainty in the global economic and geopolitical landscape.
Since 2020, he added, The Gambia has benefitted substantially from IMF financial support to fight the pandemic and mitigate its impact on the lives and livelihoods of the people.
The IMF mission chief in The Gambia, Ivohasina Fizara Razafimahefa said The Gambia has made impressive progress in the last few years on economic, social, and political fronts.
He continued that The Gambia registered economic growth of 5.6% despite the covid-19, which is much higher than some sub-Saharan Africa countries during the pandemic.
“We saw the resilience of the economy of the country. We also saw large remittances from Gambians overseas and that shows confidence in the economy.”
For the last few years, he stated that the country benefitted from the Public debt fund to give space for the economy to finance the government and social spending.
IMF resident representative to The Gambia, Mamadou Barry extended gratitude to President Barrow, Minister of Finance and Economic Affairs, and Central Bank Governor for their continued support and strong engagement with the IMF through the implementation of the economic policies.
He said the IMF remains committed to supporting The Gambia to overcome the micro-economic and development challenges during the Covid-19 Pandemic.
“The opening of the office in the middle of the pandemic is among the IMF testimony of strong commitment to creating an enabling condition to better serve the Gambian people. To provide policy advice and financial support to address the country’s balance of payment need and build the capacity for the green-sustainable recovery and long term development for The Gambia.”
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