The Gambia: 2026 Article IV Consultation, Fifth Review Under the Extended Credit Facility Arrangement, Requests for Program Extension, Augmentation and Rephasing of Access Under the Extended Credit Facility, Requests for Waivers of Non-Observance of Performance Criteria, Modification of Performance Criteria, Financing Assurances Review, Second Review Under the Resilience and Sustainability Facility Arrangement, and Request for Extension and Rephasing of Access Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for The Gambia

This paper highlights The Gambia’s the 2026 Article IV Consultation, Fifth Review under the Extended Credit Facility (ECF) Arrangement, Requests for Program Extension, Augmentation and Rephasing of Access under the ECF, Requests for Waivers of Non-Observance of Performance Criteria (PC), Modification of PC, Financing Assurances Review, Second Review under the Resilience and Sustainability Facility (RSF) Arrangement, and Request for Extension and Rephasing of Access under the RSF. Economic activity remains robust, with GDP growth estimated at 6 percent in 2025, while inflation has picked up in recent months. The impact of the war in the Middle East is weighing on the macroeconomic outlook and heightening domestic risks. Growth is projected to slow to 4.7 percent in 2026 before stabilizing at 5 percent over the medium term. Despite the challenging environment, the authorities are committed to the objectives set out in the ECF and RSF arrangements. In response to end-2025 fiscal slippages, fiscal policy will be tightened, including through stepped-up revenue mobilization, and the central bank remains vigilant to contain inflation and safeguard external stability. Comprehensive capacity development support is strengthening economic reforms, including in revenue administration, public financial management, state-owned enterprises oversight and data reporting, as well as steps to enhance climate resilience and sustainable and inclusive growth.