冈比亚：扩大信贷安排下的第四次审查、豁免不遵守绩效标准的请求、修改绩效标准和指示性目标以及融资保证审查；根据弹性和可持续性设施安排进行的首次审查，以及重新发布Access新闻稿的请求；员工报告；冈比亚执行主任的发言

IMF Country Report No.25/344 THE GAMBIA FOURTH REVIEW UNDER THE EXTENDED CREDITFACILITY ARRANGEMENT, REQUESTS FOR A WAIVEROF NONOBSERVANCE OF A PERFORMANCECRITERION, MODIFICATIONS OF PERFORMANCECRITERIA AND INDICATIVE TARGETS, AND FINANCINGASSURANCES REVIEW; FIRST REVIEW UNDER THERESILIENCE AND SUSTAINABILITY FACILITYARRANGEMENT, AND REQUEST FOR REPHASING OFACCESS—PRESS RELEASE;STAFF REPORT;STAFFSUPPLEMENT;AND STATEMENT BY THE EXECUTIVEDIRECTOR FORTHE GAMBIA December2025 In the context ofThe Gambia—Fourth Review Under the Extended Credit FacilityArrangement, Requests for a Waiver of Nonobservance of a Performance Criterion,Modifications of Performance Criteria and Indicative Targets, and Financing AssurancesReview; First Review Under the Resilience and Sustainability Facility Arrangement, andRequest for Rephasing of Access, the following documents have been released and areincluded in this package: •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onDecember 12,2025, following discussions that ended onOctober 8,2025,with the officials ofThe Gambiaon economic developments and policiesunderpinning the IMF arrangementsunder theExtended Credit Facilityand theResilience and Sustainability Facility. Based on information available at the time ofthese discussions, the staff report was completed onNovember24, 2025. •ADebt Sustainability Analysisprepared by the staff of the IMF. •AStaff Supplementupdating information on recent developments. •AStatement by the Executive DirectorforThe Gambia. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public fromInternational Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.orgPrice: $18.00per printed copyInternational Monetary FundWashington, D.C. The Gambia: IMF Executive Board Completes the Fourth ReviewUnder the Extended Credit Facility and the First Review Underthe Resilience and Sustainability Facility Arrangements FOR IMMEDIATE RELEASE •The IMF Executive Board completed today the Fourth Review Under the Extended CreditFacility Arrangement and the First Review Under the Resilience and Sustainability FacilityArrangement, enabling an immediate overall disbursement of about US$38.15 million. •The Gambia’s economic recovery continues, with growth estimated to reach 6 percent in 2025and inflation returned to single digits. •The Gambia has made good progress in implementing their economic reform program despitefiscal policy challenges. Key priorities include increasing domestic revenue and advancing withfiscal consolidation to safeguard debt sustainability while strengthening social and infrastructurespending. Washington, DC–December 12, 2025:The Executive Board completed today the fourthreview of The Gambia’s Extended Credit Facility (ECF) arrangement,approved on January 12,2024, supporting reforms to address long-standing structural impediments to inclusive growth.The completion of the review allows for the immediate disbursement of SDR12.44 million(about US$17.00 million), bringing total disbursements under this arrangement to SDR49.75million (about US$68.00 million). The Executive Board also completed the first review under theResilience and Sustainability Facility (RSF),approved on June 18, 2025, to help the authoritiesimprove macroeconomic resilience and build policy buffers against climate shocks, allowing foran immediate disbursement of SDR15.54 million (about US$21.24 million). The Gambia’s economic outlook remains positive, with real GDP estimated to expand by 6percent in 2025, supported by the agriculture, construction and tourism sectors. Headlineinflation has further decelerated, reaching 7 percent by end-October 2025. The outlook remainssubject to significant downside risks stemming from global geopolitical developments. The authorities are committed to the objectives set out in the ECF and RSF arrangements.Combined reforms will result in stronger tax revenue collection, including through strongadministrative measures and the introduction of a carbon-based excise duty on fuel products inthe 2026 budget. Going forward, policies geared towards reducing fiscal risks and preservingdebt sustainability will be critical. The Executive Board approved the authorities’ request for a waiver of nonobservance of theperformance criterion on the end-June 2025 floor on the net international reserves target basedon corrective actions taken. Following the Executive Board’s discussion, Deputy Managing Director Bo Li issued thefollowing statement: “The Gambia’s economy continues to experience robust growth and declining inflation.Implementation of the Extended Credit Facility (ECF) program has been satisfactory, and reforms unde