IMF DMD lauded the country's economic transformation

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By Pa Modou Cham
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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 Kairaba Beach Hotel 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 stabilize the economy with support from Gambians living abroad, the private sector, and international partners,” he added.
IMF Deputy Chief further noted that progress has been made in developing infrastructure, which is crucial to ensuring sustained growth.
Mambury Njai, the Minister of Finances and Economic Affairs said IMF team’s visit to Gambia comes at a time when the country is not only emerging from difficulties, but also edging towards recovery.
He said 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 stabilization of economic activity has started paying dividends.
Minister Njai 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.


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