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Gambia - Economic and Financial Governance Operation - Phase I - Appraisal Report
Real GDP growth has averaged 6.5% during 2008-2010,but large fiscal deficits have led to increases in domestic public debt, calculated at 30% of GDP in 2011 with external debt of the same magnitude. The Gambia is now considered to be at a high risk of debt distress.TheGovernment is addressing the lack of fiscal sustainability through a combination of domestic resource mobilization (including through the introduction of the VAT) and enhanced fiscal discipline by implementing PFM reforms, especially in the areas of procurement, internal and external audit. Moreover, the Government is in the process of counteracting the weak capacity for undertaking reforms with stepped-up actions on medium-term budget planning and internal and external audit functions.