Press Release
The Executive Board of the International Monetary Fund (IMF) completed today the fifth review of The Gambia’s economic performance under the three-year Poverty Reduction and Growth Facility (PRGF) arrangement.
The completion of the review enables The Gambia to draw immediately an amount of SDR 5.11 million from the IMF (about US$8 million) bringing total disbursements to SDR 18.22 million (about US$28.6 million).
The Executive Board also granted a waiver for the nonobservance of an end-March 2009 structural performance criterion to make the credit reference bureau operational.
The PRGF arrangement became effective February 21, 2007, for a total amount of SDR 14million (about US$22 million).
The fourth review was completed on February 18, 2009. The Executive Board’s decision on the fifth review was taken on a lapse of time basis.
The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
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