IMF thumbs up Gambia’s Economic Transformation.
The deputy managing director of the International Monetary Fund (IMF), Tao Zhang, has lauded the economic transformation that The Gambia is experiencing with a significant growth registered in 2018.
He was speaking at a public lecture on Tuesday held at a local hotel in Kololi.
“We are very pleased to see that the Gambian economy has rebounded strongly. Growth in 2018 reached 6.6 percent and prospects for sustained growth are positive over the medium term,” said Tao Zhang.
Tao Zhang indicated that the country was able to lower its inflation to just above 6 percent, and noted that gross official reserves have increased to about 3 months of imports.
“This remarkable progress has been achieved through your government’s efforts to stabilise the economy with support from Gambians living abroad, the private sector, and international partners,” he added.
The IMF deputy chief further noted that progress has been made in developing infrastructure, which is crucial to ensuring sustained growth.
Mambury Njie, the minister of Finance and Economic Affairs, also noted that IMF team’s visit to The Gambia came at a time when the country is not only emerging from difficulties, but also edging towards recovery.
He declared that Gambia decided in 2016 to break with the past and embrace the path to prosperity.
“The turnaround in macroeconomic performance since January 2017 has been remarkable,” he revealed while indicating that the stabilisation of economic activity has started paying dividends.
Minister Njie went on to say that the establishment of fiscal prudence has helped to put a halt on domestic borrowing with a view to enabling the recovery of the private sector.