IMF Disburses 14.4 Mln USD To Gambia For Post-pandemic Recovery

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IMF disburses 14.4 mln USD to Gambia for post-pandemic recovery

The International Monetary Fund (IMF) announced on Friday that it will disburse 14.4 million U.S. dollars to help the Gambia government in its post-economic recovery

BANJUL, (APP - UrduPoint / Pakistan Point News - 29th May, 2021 ) :The International Monetary Fund (IMF) announced on Friday that it will disburse 14.4 million U.S. Dollars to help the Gambia government in its post-economic recovery.

According to the Executive board of the IMF, the disbursement followed the completion of the second review under the Extended Credit Facility (ECF) arrangement with The Gambia.

"The completion of the review enables an immediate disbursement of SDR 10 million (special drawing rights), about US$ 14.4 million, to help meet the country's balance-of-payments and fiscal financing needs as well as support the post-pandemic recovery," said the IMF in a press release.

"This brings total disbursements under the ECF arrangement to SDR 35 million, about US$ 50.5 million. The Executive Board's decision was taken on a lapse-of-time basis," it stated.

The Gambia is also receiving debt service relief from the IMF under the Catastrophe Containment and Relief Trust, which is expected to reach SDR 7.9 million, of which SDR 6.1 million has already been approved.

The outbreak of coronavirus has affected the socio-economic activities in the Gambia as tourism and agriculture, the two biggest employing sectors, were hit hard by the pandemic.