The Gambia - Economic and Financial Governance Operation (EFIGO) – Phase I

Management submits the following report and recommendation on a proposed grant to the Government of The Gambia for UA 1.88 million to finance the Economic and Financial Governance Operation phase I (EFIGO-I). The latter will be the Bank’s second general budget support operation and is designed a multi-year operation. It is supporting the implementation of a multi-year reform programme with one tranche, to fund The Gambia’s national budget of 2012. A subsequent operation will be presented to the Board in 2013, to continue supporting the reform program and fund the national budget of 2013. The operation is in response to a request from the Government, dated 31 January 2012, to support the economic reform program, consolidating the gains from the previous budget support operation, and to mitigate the impact of the country’s unanticipated drought-related 2012 fiscal crisis.