Bank Approves US $2.9 Million Grant to Finance Economic and Financial Reform in The Gambia
The African Development Bank Group approved Wednesday a grant of 1.88 million UA (US $2.9 million) to the Republic of The Gambia to finance the Economic and Financial Governance Operation (EFIGO) – Phase 1. The funding supports the implementation of a multi-year reform program to fund The Gambia’s implementation of its development strategy Program for Accelerated Growth and Employment (PAGE).
This program builds on the success of the first budget support operation and consolidates the gains achieved under the previous operation. The EFIGO’s development objective is to contribute to the promotion of economic growth by enhancing efficiency in the management of Government resources. It thereby aims to help the Government continue its efforts in lowering the fiscal deficit and reducing reliance on public debt. The main expected outcome of the EFIGO is improved fiscal discipline and increased resource mobilization by strengthening transparency and accountability in public financial management (PFM). The latter areas will also indirectly contribute to an improved environment for private sector activities.
The EFIGO is fully aligned with the government’s development strategy, PAGE, which was recently adopted for the 2012-2015 period. The PAGE has as its overall objectives of accelerating pro-poor growth and generating significant employment. It is also aligned with the country’s long-term strategy, Vision 2020, with a goal is to turn The Gambia into a diversified middle-income economy with the private sector as “a serious partner in national development and the engine of growth.” The operation is also closely aligned with the country strategic framework, namely the joint AfDB/World Bank second Joint Assistance Strategy (JAS) 2012-2015. The EFIGO will support the ongoing reform program in The Gambia, consolidate the achievements, and deepen reforms supported by the Bank in its previous operations.
This program shares a joint policy matrix with the Government and budget support donors, namely the World Bank. This policy matrix will be reviewed jointly with donors and government annually.