IMF approves $6.4 mln loan to Gambia

Reuters | Banjul | Updated: 05-10-2022 00:45 IST | Created: 05-10-2022 00:40 IST
IMF approves $6.4 mln loan to Gambia
Representative Image Image Credit: ANI
  • Country:
  • Gambia

The International Monetary Fund (IMF) has reached a staff level agreement for a $6.4 million loan program for Gambia to help the West African country tackle inflation and foreign exchange market pressures, it said in a statement on Tuesday.

Gambia's inflation rate rose to two-digit figures in April and reached 12.9 percent in August, mainly due to the global rise in food and energy prices linked to the war in Ukraine, according to the Fund.

The government is taking measures to contain price hikes as well as restore equilibrium between supply and demand on the foreign exchange market. The IMF's financial support for the Gambia awaits board approval at a meeting due in December.

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