David Dunn is the IMF Mission Chief; Dunn led a mission to The Gambia from June 4th to 17th, 2013 to conduct surveillance discussions for the 2013 Article IV consultations for the IMF. The members of the mission met with the ministers of Finance and Economic Affairs, Energy, Information and Communication ministry, the governor of the Central Bank of The Gambia as well as representatives from civil society organizations, labor unions, the business and banking sectors and development partners.
He spoke on Monday at the Ministry of Finance and Economic Affairs at the Quadrangle in Banjul, which came at the end of the mission’s consultation with authorities in the country. He mentioned that despite the current high exchange rate, The Gambia’s economic outlook is generally positive as long as the authorities implement prudent policies. Commenting on the outcome of their mission, Dun disclosed that real GDP growth is expected to rise to about 89 percent a year during 2013-14, driven by a projected continuation of the recovery in agriculture. He however observed that although inflation has picked up during 2013, it is projected to stabilize at around five percent a year by 2014. The Gambia economy, according to the IMF Gambia Mission chief, is still recovering from the severe drought of 2011, with real growth in Gross Domestic Product (GDP) estimated to have been just over five percent. This, he explained, is driven by a strong performance in tourism and a partial rebound in agriculture in 2012.
He also stated with crop production still well below normal, the balance of payments to The IMF has remained weakened and The Gambian dalasi has continued to face depreciation pressures. In late May, the Central Bank of The Gambia acted to tighten monetary policy, which has helped to stem the rate of depreciation,