Gambia Emergency DPO

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Development objective

Project Development Objective (Note: will be disclosed in the MOS)The Gambia is in a precarious economic and political situation. The change of political leadership following the swearing-in of President Barrow constitutes an unprecedented opportunity for the people of Gambia, and for its policymakers to embark on a reform process to restore fiscal and external sustainability and lay the groundwork for a robust economic recovery. This first transfer of power through a democratic process since independence is predicted to yield noticeable political and economic dividends especially as diplomatic isolation has been lifted. The new authorities face a number of challenges. In addition to the need to assure rapid reconciliation among political and ethnic groups, the new government must confront severe legacy economic problems a with a fiscal deficit for 2017 predicted to be 10%, 112% of debt to GDP, debt service absorbing half of all revenues, and less than one month of reserves a the economic situation is dire. The ability of the new administration to deliver and show results is critical to ensuring a smooth transition and the World Bank can play a critical role. The WBG engaged with the incoming authorities one week after the results of the elections. President-elect Barrow called for a close collaboration with donors, especially the WBG, and asked for the Bank assistance in shaping the economic recovery program of his administration. During a subsequent mission, the Minister of Finance confirmed the new governmentas request for an emergency DPO that could both provide urgent relief, support critical fiscal consolidation, while protecting the poor and vulnerable and laying the groundwork for a robust economic recovery. The overall objective of the emergency Development Policy Financing is to support a return to macroeconomic stability, boost economic recovery and mitigate social impacts of the crisis. The Bank is working in close collaboration with the IMF and other partners.Board Schedule Comments

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