The Gambia secures IMF staff-level agreement for new ECF and RSF disbursement

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Gambia IMF agreement update

Highlights

The Gambia secures IMF staff-level agreement for sixth ECF and third RSF review, unlocking potential disbursement of SDR 20.73 million (about $28 million) pending Board approval.
Total IMF financing under ECF and RSF could reach SDR 105.75 million (about $142 million) if reviews are completed, supporting ongoing fiscal, governance and resilience reforms.
IMF projects The Gambia's real GDP growth at 5.1% in 2026 and 2027, with inflation at 6.1% in September 2026 but risks remain from commodity volatility and energy sector vulnerabilities.

Review outcome and financing terms

As reported by International Monetary Fund, IMF staff and the Gambian authorities have reached a staff-level agreement on the sixth review under the Extended Credit Facility and the third review under the Resilience and Sustainability Facility, subject to Executive Board approval and agreed prior actions.

If the reviews are completed, The Gambia would receive additional financing of SDR 20.73 million, equivalent to about U.S.$28 million. Total disbursements under the ECF and RSF arrangements would then rise to SDR 105.75 million, or about U.S.$142 million.

The IMF team, led by Eva Jenkner, visited Banjul from October 19 to 30, 2026, for discussions on the country’s economic reform program and measures aimed at strengthening resilience to climate change. The talks come as the authorities continue to implement fiscal, structural and governance reforms under the Fund-backed programs.

Growth outlook and policy risks

The IMF says the Gambian economy remains resilient despite external uncertainty and disruptions to domestic energy supply. Real GDP growth is projected at 5.1% in both 2026 and 2027, supported by construction, tourism and remittances.

Inflation declines to 6.1% in September 2026 from 7% in April, although it remains above the Central Bank of The Gambia’s 5% target. The outlook stays favorable, but the Fund points to downside risks including global commodity price volatility, geopolitical uncertainty, climate shocks and persistent vulnerabilities in the energy sector.

The IMF says sustained fiscal discipline, stronger public financial management, better financial sustainability in the energy sector and faster governance reforms remain important for preserving macroeconomic stability. Those measures are also seen as key to supporting inclusive growth, private sector activity and job creation.

In our earlier article on the IMF’s updated outlook for sub-Saharan Africa in 2026, we explained that growth has been revised slightly higher, but the inflation trajectory has worsened, pushing the region toward a firmer policy stance. We also highlighted how rising debt-service burdens, tighter global financing conditions, and climate risks such as El Niño could strain fiscal buffers and complicate access to financing across IMF-supported programs.

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