On December 10, 2024, the World Bank Group approved a $30 million budget support package from the International Development Association (IDA) aimed at enhancing productivity and improving economic governance in The Gambia. This funding is intended to bolster procurement systems, enhance the economic governance of state-owned enterprises (SOEs), improve domestic revenue mobilization, and increase climate resilience [f706e742].
The Gambian economy has shown signs of recovery, with an estimated growth of 4.8% in 2023, largely driven by sectors such as agriculture, telecommunications, services, and construction. However, the economy remains vulnerable due to its heavy reliance on rain-fed agriculture and the seasonal nature of tourism, which can be adversely affected by climate variability [f706e742].
This financial support aligns with The Gambia's Recovery-Focused National Development Plan (2023–2027), which emphasizes green, resilient, and inclusive development strategies. The World Bank's initiative is part of a broader effort to strengthen the country's economic framework and ensure sustainable growth in the face of ongoing challenges [f706e742].
In a related context, the International Monetary Fund (IMF) recently approved a $360 million disbursement to Ghana, reflecting a growing trend of international financial support aimed at stabilizing economies in West Africa. Ghana's disbursement is part of a $3 billion Extended Credit Facility program, which aims to address fiscal challenges and promote economic recovery through structural reforms [3fb996b2]. This highlights the importance of international partnerships in supporting economic resilience across the region [39d6cbcf].