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The Gambia: Staff Report for the 2008 Article IV Consultation, Third Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria—Informational Anne

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International Monetary Fund
Published Date:
October 2008
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The Gambia: Relations with the Fund

(As of July 31, 2008)

Membership status. Joined September 21, 1967. The Gambia accepted the obligations under Article VIII, Sections 2(a), 3, and 4, of the Fund’s Articles of Agreements on January 21, 1993. It maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions.

General Resources Account

SDR Million% Quota
Quota31.10100.00
Fund holdings of currency29.6295.23
Reserve position in Fund1.484.77

SDR Department

SDR Million% Allocation
Net cumulative allocation5.12100.00
Holdings0.051.06

Outstanding Purchases and Loans

SDR Million% Quota
Poverty Reduction and Growth Facility (PRGF) arrangements6.0019.29

Latest Financial Arrangements

TypeApproval DateExpiration DateAmount Approved

(SDR Million)
Amount Drawn

(SDR Million)
PRGFFeb. 21, 2007Feb. 20, 201014.006.00
PRGFJul. 18, 2002Jul. 17, 200520.222.89
PRGFJun. 29, 1998Dec. 31, 200120.6120.61
PRGFNov. 23, 1988Nov. 25, 199120.5218.02

Projected Payments to Fund (SDR million; based on current use of resources and present holdings of SDRs)1

Forthcoming
20082009201020112012
Principal00000.20
Charges/interest0.090.190.190.190.19
Total0.090.190.190.190.39

Implementation of HIPC Initiative

Commitment of HIPC assistanceEnhanced Framework
Decision point date2Dec. 11, 2000
Assistance committed (yearend 2000 NPV terms)3
Total assistance (US$ million)66.60
Of which: IMF assistance (US$ million)2.30
SDR equivalent, million1.80
Completion point dateDecember 19, 2007
Disbursement of IMF assistance (SDR million)2.29
Assistance disbursed1.80
Interim assistance0.44
Completion point balance1.36
Additional disbursement of interest income40.49

Implementation of Multilateral Debt Relief Initiative (MDRI)

MDRI-eligible debt (SDR million)59.42
Financed by: MDRI Trust7.44
Remaining HIPC resources1.98
Debt Relief by Facility (SDR million)
Eligible Debt
Delivery DateGRAPRGFTotal
December 2007N/A9.429.42

Safeguards assessments

An update Safeguards Assessment of the Central Bank of The Gambia (CBG) was conducted in November 2006. This update assessment was performed against the backdrop of previous safeguards findings, which identified significant vulnerabilities in the CBG’s safeguards framework. While the CBG has instituted a series of control reforms since that assessment, a key challenge looking forward is to build on existing progress to strengthen remaining vulnerabilities in the CBG’s safeguards framework, including controls over international reserves and procedures for extending credit to the government. The update assessment, completed in February 10, 2007, recommended certain priority actions to be taken, including semi-annual audits of monetary program data, the implementation of segregation of duties in the reserves management function, a phased implementation of International Financial Reporting Standards, and an action plan to ensure that government borrowing from the CBG is brought within the statutory limits. The CBG is progressively implementing these recommendations.

Exchange rate arrangement

Until January 20, 1986, the Gambian currency, the dalasi, was pegged to the pound sterling at a rate of D5 = £1. On January 20, 1986, an interbank market for foreign exchange was introduced, and since then the exchange rate has been determined by market forces. Effective June 30, 2002, the exchange rate arrangement of The Gambia was reclassified from independently floating to managed float with no preannounced path. As of end-June 2008, the midpoint exchange rate in the interbank market was D20.651 per U.S. dollar. The Gambia has accepted the obligations of Article VIII, Sections 2(a), 3, and 4 and maintains an exchange system that is free of restrictions on the making of payments and transfers for current international transactions. The Gambia maintains exchange restrictions for security reasons, based on UN Security Council Resolutions, that have been notified to the Fund for approval under the procedures set forth in Executive Board Decision No. 144-(52/51).

The Gambia has been part of the exchange rate mechanism of the West African Monetary Zone (WAMZ) since April 2002.

Last Article IV consultation

The Executive Board concluded the 2006 Article IV consultation on October 13, 2006.

Technical assistance

The Fund has been providing The Gambia with extensive technical assistance in macroeconomic, fiscal, and monetary areas, and in improving the compilation of macroeconomic statistics. Specific technical assistance projects are the following:

Fiscal Affairs Department

Jul. 2008Peripatetic regional advisor followed up on the work of the Aug./Sep. 2007 FAD mission.
Aug./Sep. 2007TA mission assessed all areas of public financial management and provided an action plan to secure the actual implementation of reforms initiated in the recent past.
Sep. 2004–May 2006Peripatetic regional advisor assisted the authorities in putting the new organic budget law into effect, strengthening public expenditure management, and improving the reporting of budget execution.
Feb./Mar. 2004Mission worked jointly with the World Bank on the Assessment and Action Plan (AAP).
Apr. 2003TA advisor reviewed reforms in public expenditure management.
Mar. 2003–Oct. 2003Long-term resident budget expert helped the authorities to strengthen budgetary expenditure reporting and control.
Dec. 2002TA advisor advised the authorities on drafting an organic budget bill.
Oct. 2002TA advisor reviewed reforms in public expenditure management.
Mar. 2002–Oct. 2003Long-term resident budget expert helped the authorities to strengthen budgetary expenditure reporting and control, initially for a year beginning from March 2002. The assignment was later extended until October 2003.
Nov. 2001–Oct. 2003Peripatetic advisor assisted the DoSFEA in revenue administration reforms, including customs, implementing a large-taxpayer unit, and establishing a central revenue authority.
Jul. 2001TA mission assessed the authorities’ capacity to track poverty-related spending.
Aug. 2000–Aug. 2001Long-term resident budget expert assisted the authorities in strengthening budgetary expenditure reporting and control.
Sep. 1999TA mission assisted the authorities in expenditure management, budget execution issues, cash and debt management, short-term financial planning, fiscal reporting, and information systems.
Jan./Feb. 1996Joint FAD/United Nations Development Program (UNDP) TA mission helped set up a system for monitoring the financial operations of public enterprises.
Monetary and Capital Markets Department/Monetary and Financial Systems Department/Monetary and Exchange Affairs Department
Sept. 2007Mission advised on improving the monetary policy framework and enhancing the effectiveness of monetary, foreign exchange, and debt management operations for the CBG.
Mar./May 2007Technical expert advised the CBG on banking supervision.
Mar./Apr 2007Technical expert advised the CBG in strengthening its capacity in internal auditing.
Jan./Feb. 2007Technical expert advised the CBG on improving monetary operations.
Jul./Aug. 2006Technical expert advised the CBG on banking supervision.
Jul./Aug. 2006Mission reviewed progress made in strengthening the CBG’s capacity in monetary operations and liquidity forecasting, foreign exchange operations, and foreign reserves management.
Apr./May 2006Technical expert advised the CBG on banking supervision.
Apr./May 2006Technical expert advised the CBG on improving monetary operations.
Nov. 2005Technical expert advised the CBG on improving monetary operations.
Mar. 2005Follow-up to the October 2004 mission.
Oct. 2004Advisory mission made recommendations for improving monetary and foreign exchange operations and for reorganizing the central bank.
Jul. 2002TA diagnostic mission focused on financial supervision and the insurance sector; and helped review the Central Bank Act and draft the Financial Institutions and Insurance Act.
Dec. 2001TA diagnostic mission focused on strengthening CBG ability to, formulate and implement monetary policy and manage its foreign exchange operations and the financial system.
May 2001Short-term expert helped the authorities to design operational, prudential, and policy safeguards (including assessing the adequacy of legislation) for introducing foreign-currency denominated accounts.
Apr. 2001Short-term expert helped the authorities to set up a book-entry system.
May 2000Short-term expert helped the authorities to set up a short-term liquidity forecasting system.
Nov. 1999Short-term expert helped the authorities design operational, prudential, and policy safeguards (including assessing the adequacy of legislation) for introducing foreign-currency denominated accounts in the banking system.
Aug. 1998TA mission helped the CBG draft market-based monetary policy instruments and review its program for strengthening banking supervision.
Dec. 1996Technical expert helped the CBG in foreign exchange operations.
Jan./Feb. 1994TA mission worked on monetary management and bank supervision.

Statistics Department

Jun. 2008Fourth visit of the U.K. Department of International Development (DfID)-funded TA mission helped the authorities improve the compilation of national accounts statistics, particularly in rebasing the GDP series and calculation of GDP by expenditure approach, with results from the 2004 Economic Census.
Apr./May 2008Follow-up of the 2006 TA mission to assist the CBG in improving the compilation of monetary and financial statistics and in preparing the standardized report forms for reporting monetary data to the IMF.
Mar. 2008Third visit of the DfID-funded TA mission helped the authorities improve the compilation of national accounts statistics, particularly in rebasing the GDP series and calculation of GDP by expenditure approach, with results from the 2004 Economic Census.
Oct./Nov. 2007Second visit of the DfID-funded TA mission helped the authorities improve the compilation of national accounts statistics, particularly in rebasing the GDP series with results from the 2004 Economic Census.
Sep. 2007The DfID-funded TA mission helped to improve the compilation of balance of payments statistics.
Aug. 2007The DfID-funded TA mission advised in improving the compilation of national accounts statistics, particularly in rebasing the GDP series with results from the 2004 Economic Census.
Apr./May 2006TA mission helped to improve the compilation and analytical soundness of monetary and financial statistics.
Feb. 2006TA mission advised on compilation of balance of payments statistics.
Feb. 2005Report on the Observance of Standards and Codes (ROSC)—Data Module—mission assessed data quality in four main areas of macroeconomic statistics (national accounts, government finance, monetary, and balance of payments) based on the Fund’s Data Quality Assessment Framework (DQAF, July 2003) and The Gambia’s dissemination practices against the recommendations of the General Data Dissemination System (GDDS).
2002–04Peripatetic statistical advisor helped the Central Statistics Department update CPI data and improve the compilation of national accounts statistics.
May 2003Mission advised on building an integrated database to report monetary statistics for all IMF data submissions.
Aug. 2001TA mission advised on compilation of monetary and financial statistics.
Sep. 2000TA mission advised on compilation of balance of payments statistics.
Nov. 1999Mission reviewed collection of statistics to develop GDDS metadata for The Gambia.
Jun./Jul. 1999TA mission advised on compilation of balance of payments statistics.
Nov./Dec. 1998TA mission advised on national accounts statistics.

Others

Mar./Apr. 2007A Poverty and Social Impact Analysis (PSIA) mission analyzed the planned reform of the groundnut sector and discussed with the authorities the implications of these reforms.
Apr. 2002–Apr. 2004A long-term resident macroeconomic advisor was assigned initially for a year beginning from April 2002, and later the assignment was extended by one more year through April 2004.

Resident Representative

Mr. Alex Segura-Ubiergo was appointed the Fund’s first Resident Representative to The Gambia in September 2006. He is also the Resident Representative to Senegal.

The Gambia: Joint Bank-Fund Work Program, August 2008-July 2009
TitleProductsTiming of MissionsExpected Delivery Date
A. Mutual Information on Relevant Work Program
Bank work program in next 12 monthsEconomic Management and Public Service Delivery
1. Capacity Building for Economic Management project (including Integrated Financial Management Information System)1. Oct./Nov. 20081. Project closes end- 2008
2. Development Policy Operation (budget support)2. Oct./Nov. 20082. Target Board date–Dec. 2008/Jan. 2009
3. Poverty Assessment (including impact of food/oil price increases)3. Oct./Nov. 20083. Draft report–Feb. 2009
4. Country Financial Accountability Assessment (CFAA)4. Final report–Nov. 2008
Growth and Competitiveness
1. Investment Climate Assessment1. Final report–Nov. 2008
Fund work program in next 12 monthsPolicy Advice
1. Article IV consultation, 3rd PRGF review1. May 20081. Sep. 8, 2008
2. Fourth PRGF review2. Oct./Nov. 20082. Jan. 2009
3. Fifth PRGF review3. May 20093. Jul. 2009
Technical Assistance
1. Public financial management (regional PFM Adviser)1. Oct. 2008 and Dec. 20081. Oct. 2008 and Dec. 2008
2. Public financial management (expert visits)2. Nov. 2008 and Mar. 20092. Nov. 2008 and Mar. 2009
3. Balance of payments statistics3. Oct. 20083. Oct. 2008
4. National accounts statistics4. Sep./Oct. 20084. Oct. 2008
B. Requests for Work Program Inputs
Fund request to BankPeriodic updates on DPO, poverty assessment, CFAA, and ICA
Bank request to FundPeriodic updates on macroeconomic framework
C. Agreement on Joint Products and Missions
Joint products in next 12 months1. Debt Sustainability Analysis1. Oct./Nov. 20081. Jan. 2009
2. JSAN (First APR on PRSP II)2. Jan. 2009

The Gambia: Relations with the African Development Bank

(As of June 20, 2008)

The African Development Bank (AfDB) Group began lending to The Gambia in 1974. As of March 31, 2008, it had approved 54 operations with total commitments (net of cancellations) of UA205.8 million (US$338.4 million) in the following sectors: transport (25 percent); agriculture (21.7 percent); social (24.6 percent); public utilities (12.1 percent); multisectoral (8.8 percent); environment (5.8 percent); and industry (2.0 percent).16 About 84.8 percent of the Bank Group’s net commitments were made from the resources of the African Development Fund (ADF), 8.6 percent from the AfDB nonconcessional window, and 6.6 percent from the Nigeria Trust Fund (NTF).

As of June 20, 2008, 41 operations had been completed, 2 were cancelled at the government’s request, and 11 others continue, including 3 multinational projects, all in agriculture. Implementation of the portfolio is generally satisfactory; it achieved a rating score of 2.01 (on a scale from 0 to 3) during the Bank Group’s 2006 portfolio review. The portfolio has a relatively low project-at-risk (PAR) rate of 33.3 percent, which compares well with the Bank-wide average of 43 percent as indicated in the AfDB’s 2004 Annual Portfolio Performance Review (APPR). Total disbursement rates for the portfolio are also satisfactory. By June 20, 2008, they were 89.1 percent (overall), 100 percent (AfDB-financed projects), 89.3 percent (ADF), and 72 percent (NTF). The disbursement rate for the ongoing portfolio was 53 percent as of June 20, 2008. The satisfactory performance of the portfolio is attributed to more frequent supervision missions conducted by the AfDB, especially since 2003.

The AfDB is also a major participant in The Gambia’s enhanced Heavily Indebted Poor Countries (HIPC) Initiative program, under which it is due to grant debt relief of US$15.8 million in net present value (NPV) terms (23.6 percent of total debt relief under the program). Of this, $6.3 million in end-1999 NPV has been paid as interim relief. Additionally, MDRI relief from the AfDB will yield annual debt service savings (net of HIPC assistance) averaging US$1.6 million over the next 5 years and US$3.9 million over the following 39 years.

The AfDB has recently prepared a Joint Assistance Strategy (JAS) with the World Bank to cover 2008–11. The JAS is based on two main pillars—(1) strengthening the institutional framework for economic management and public service delivery, and (2) enhancing growth and competitiveness and the productive capacity of the poor. The JAS will help support the Government’s national priorities through the main channels of budget and project support in the context of growth poles and enhanced service delivery. The strategy was approved at the World Bank in February 2008 and at the AfDB in March 2008. The JAS is anchored to the Gambia’s Poverty Reduction Strategy Paper PRSP II (2007–2011) and will be supported by new lending and by the ongoing portfolio, which is summarized in Table 2. Table 1 below describes some of the recent projects in the portfolio:

Table 1.Some Recent Projects in the Portfolio
ObjectiveInstrument and AmountFocus
Meet the MDGsBasic Education Project, UA10.0 millionIncrease access to quality education and skills development, particularly for girls and pupils in the poorest areas of the country.
Reduce povertyEntrepreneurship development and livelihood promotion UA8.0 millionEnhance entrepreneurial skills and improve capacity and income generation ability by providing microfinance. Focus is poverty reduction.
Implement multisector capacity building (planned for early 2008; articulated in the 2006 CSP update)Institutional Support Project for Economic Management and Governance, grant of UA1.4 millionStrengthen capacity of departments and institutions involved in preparing and implementing the PRSP/SPA-II. Extend support to institutions dealing in economic governance, including the new Directorate of Central Project Management and Aid Coordination in the Department of State for Finance and Economic Affairs (DOSFEA), National Audit Office (NAO), and SPACO.
Table 2.Ongoing Portfolio as of June 20, 2008
Sector/ProjectApproval DateCompletion DateRemarksFinancing SourceAmount Approved

(UA million)
Disbursements

(UA million)
%
Agriculture

1. Participatory. Integrated Watershed Management.
09/06/0431/12/11NTF Loan4.952.5050.5
2. Artisanal Fisheries Development17/05/0030/06/09NTF Loan2.901.6858
3. NERICA Rice Dissemination- Gambia (multinational)26/09/0331/12/10ADF Loan1.560.3120
4. Farmer Managed Rice Irrigation Project26/04/0530/04/11ADF Loan ADF Grant5.00

0.50
1.1

0.132
21.8

26.4
5. Invasive Aquatic Weeds-Gambia (multinational)22/09/0431/12/11ADF Loan0.310.09229.6
Total Agriculture15.225.8138.2
Social Sector

6. Basic Education III
11/09/0230/06/08ADF Loan10.008.4184.1
7. Health Services Development Project10/12/9731/12/08ADF Loan7.006.3791.1
8. Community Skills Development Project16/02/0031/12/08ADF Loan ADF Grant4.44

1.45
3.05

0.86
68.8

59.2
9. Entrepreneurship Promotion and Microfinance Development Project15/11/0631/12/12ADF Grant8.00.678.4
Total Social Sector30.8919.3662.7
Multi-sector

10. Institutional Support Project for Economic and Financial Governance
21/11/0731/12/10ADF Grant1.40.00.0
Total Multi-sector1.40.00.0
Total Ongoing Portfolio47.5125.1753
SectorNet Amount

Approved (UA Million)
Percentage Share

(%)
Agriculture15.2232.0
Social Sector30.8965.0
Multi-sector1.403.0
Total47.51100%

Under ADF–10 and ADF–11, The Gambia is a grants-only recipient. Additional resources can be made available if there is improvement in both performance under the Country Policy Institutional Assessment (CPIA) and portfolio performance.

The AfDB’s strategy is implemented through both lending and nonlending activities. Lending activities will comprise project finance and budget support. Nonlending intervention is designed to strengthen policy dialogue between the government and stakeholders and focuses mainly on studies, funded through grants, to improve governance, mainstream gender, enhance efficiency of infrastructure, and improve the energy supply. The AfDB prepared a Governance Profile for The Gambia in 2007 and has recently collaborated with the World Bank and the U.K. Department for International Development (DfID) in the preparation of a study on Civil Service Reform.

The Gambia: Statistical Issues

Data provision has some shortcomings, but is broadly adequate for surveillance. While the authorities have made some progress in improving the compilation of economic and financial statistics, substantial shortcomings remain in national accounts, balance of payments, and external debt statistics. Data reporting to the Fund is somewhat irregular. The country participates in the General Data Dissemination System (GDDS), with its metadata last updated in the second half of 2003.

The National Assembly passed a new Statistics Act in December 2005 and work began in June 2006 to implement the plan for transforming the Central Statistics Department (CSD) into The Gambia Bureau of Statistics (GBoS). A Statistics Council and a Statistician General have already been appointed and efforts are ongoing to fully staff the GBoS. A mission visited Banjul in February 2005 to prepare a data ROSC, which was published by the Fund in November 2005.

Real sector

The main constraints to improving national accounts include inadequate source data due to low response rates of surveys (manufacturing, trade, and business services industries), as well as poor quality of external data and inattention to other important sources (such as the household budget survey, livestock census, and census of industrial production). The GBoS continues to face human and financial constraints to undertake such surveys and process the data.

STA missions on national accounts in 2007 and March 2008 assisted the GBoS to implement the 1993 System of National Accounts methodology and rebase the national accounts to properly reflect the country’s output levels, economic structure and relative prices. In this context, STA missions have helped the authorities: (1) process the data collected for the 2004 Economic Census; (2) rebase the GDP series using the results of the 2004 Economic Census; and (3) improve the GDP estimates by the production approach and begin compiling GDP series by the expenditure approach. The authorities now have a preliminary revised nominal GDP series compiled by the production approach for the period 2000-07 (with a base year of 2004). GDP series by the expenditure approach are still under review. In May 2007, the country began participating in the second phase of the GDDG Project for Anglophone Africa on national accounts, which is funded by the U.K. Department for International Development (DfID).

The World Bank has been providing technical assistance to the GBoS to update the consumer price index (CPI) using the 2003 household expenditure survey to better reflect current consumption patterns. The GBoS began to publish in early 2007 a new national CPI with representative expenditure basket as of August 2004.

Government finance

The authorities release data on central government transactions with a lag of about four weeks for both revenue and expenditure. The central government accounts for 1991–99 were not audited until 2005. Inadequacies persist in compiling data on an economic basis and in tracking foreign-financed expenditure. Monthly data on domestic government financing are available with a delay of six to eight weeks. At a meeting with STA in October 2007, the authorities expressed interest in technical assistance to facilitate the migration to GFSM2001. No data are being reported for publication in the Government Finance Statistics Yearbook or in the IFS.

Monetary data

The Central Bank of The Gambia (CBG) has improved data reporting to the Fund, but sometimes the reports are delayed. An April–May 2006 STA mission recommended: expanding the coverage of depository corporations to include credit unions; including accrued interest in the value of financial instruments; and compiling a financial survey given the significant influence of the Social Security and Housing Finance Corporation in monetary developments. To improve the accuracy and classification of government accounts, the mission designed a supplementary form for reporting government positions at the CBG, to be reported to the IMF monthly. It also assisted the CBG in the introduction of standardized report forms (SRFs). A follow-up mission in April/May 2008 made further progress on the SRFs for reporting data on the central bank and other depository corporations to STA and establishing an integrated monetary database, which would generate alternative outputs for use by the CBG, STA, and AFR. The authorities have now prepared a preliminary set of SRFs.

External sector statistics

Despite recent improvements, balance of payments statistics continue to be affected by shortcomings. These include long delays in the collection of trade, customs, and tourist arrival data; crude methods of estimating re-export trade; poor data on capital flows; lack of a register of firms and establishments engaged in external transactions; poor classification of balance of payments data; and lack of consistent methodology. Institutional weaknesses have also been a major impediment to improving statistics. Official grant and loan disbursements and repayments are generally well recorded, but there are some gaps in project disbursements.

The CBG produces balance of payments statistics according to the Balance of Payments Manual, 5th edition (BPM5). These statistics are published in International Financial Statistics (IFS) and in the 2007 IMF Balance of Payments Statistics Yearbook (BOPSY 2007). The CBG has been compiling quarterly balance of payments statistics through a Fund administered technical assistance project funded by DfID. The most recent data available are for the first quarter of 2008.

With DfID assistance the CBG conducted an enterprise survey in March 2006 to collect data for the international investment position. In April 2006, the CBG also initiated a survey funded by the World Bank to collect data on selected components of the current account.

The Gambia: Table of Common Indicators Required for Surveillance(As of July 21, 2008)
Date of Latest ObservationDate ReceivedFrequency of Data6Frequency of Reporting6Frequency of PublicationMemo Items:
Data Quality Methodological Soundness7Data Quality Accuracy and Reliability8
Exchange rates6/30/0807/16/08MMM
International reserve assets and reserve liabilities of the monetary authorities106/30/0807/16/08MMA
Reserve/base money06/30/0807/16/08MMMLO, LO, LO, LOLNO, LO, O, LO, LNO
Broad moneyMay 200807/16/08MMM
Central Bank balance sheetJun. 200807/16/08MMM
Consolidated balance sheet of the banking systemMay 200807/16/08MMM
Interest rates 206/30/0807/01/08WWW
Consumer Price IndexJun. 200807/16/08MMM
Revenue, expenditure, balance, and composition of financing 3 – general fovernment4LO, LO, O, OLNO, LO, LO, LNO, NO
Revenue, expenditure, balance, and composition of financing 3 – central governmentJun. 200807/21/08MMA
Central government and central government-guaranteed debt 5
External current account balanceDec. 200705/11/08AAALNO, LNO, LNO, LOLNO, LNO, LNO, LO, NO
Exports and imports of goods and servicesDec. 200705/11/08AAA
GDP/GNP200705/11/08AAALNO, LNO, O, LOLNO, O, LNO, LO, NO
Gross external debtDec. 200705/18/08MQA

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A); irregular (I); not available (NA).

Reflects the assessment provided in the data ROSC published on November 8, 2005, and based on the findings of the mission in February 2005. For the dataset corresponding to the variable in each row, the assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

Both market-based and officially determined, including discount rates, money market rates, and rates on treasury bills, notes, and bonds.

Foreign, domestic bank, and domestic nonbank financing.

The general government consists of the central government (budgetary funds, extrabudgetary funds, and social security funds) and state and local governments.

Including currency and maturity composition.

Daily (D), weekly (W), monthly (M), quarterly (Q), annually (A); irregular (I); not available (NA).

Reflects the assessment provided in the data ROSC published on November 8, 2005, and based on the findings of the mission in February 2005. For the dataset corresponding to the variable in each row, the assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), or not observed (NO).

Same as footnote 7, except referring to international standards concerning (respectively) source data, assessment and validation of source data, statistical techniques, assessment and validation of intermediate data and statistical outputs, and revision studies.

1

When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.

2

The Fund approved the decision on 12/15/2000 as Decision 12365-(00/126). The World Bank Board decision was taken on 12/14/2000.

3

Assistance committed under the enhanced HIPC Initiative is expressed in net present value (NPV) terms at the decision point.

4

Under the enhanced HIPC Initiative, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.

5

The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.

6

UA stands for unit of account = 1 SDR (equivalent to about $1.6445 as of March 31, 2008).

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