Following the first review of the new IMF scheme, Mamadou Barry, the IMF’s resident representative, said that Expatriates send money to Gambia and capital transactions totaled $588 million in 2020, up 78 per cent from 2019. This resulted in a positive balance of payments overall.
According to the International Monetary Fund, Gambia’s record-high remittance inflows have more than covered the country’s decrease in tourism revenue due to coronavirus-related travel bans.
What do I need to Know About Gambia?
The Gambia is a long strip of land on Africa’s west coast that parallels the Gambia River’s course and is bordered on both sides by Senegal. It’s extremely narrow, with a maximum width of fewer than 30 miles! Despite its small size, the country is heavily populated, with 2.28 million inhabitants. According to the World Bank’s new Migration and Development Brief, the Gambia is the second-largest recipient of remittances in Sub-Saharan Africa in terms of GDP in 2018. Money transfer to Gambia was ranked second most remittance recipient in Sub-Saharan Africa. According to another study published by the International Fund for Agricultural Development (IFAD) in June 2017, Gambian migrants contributed 22 per cent of GDP in 2016, making it Africa’s second-largest recipient of remittances (after Liberia).
How Is The Gambia Achieving Success in Economic Stability?
The Gambia has been able to exit debt distress following good success under the 2019 International Monetary Fund (IMF) Staff-Monitored Program, which included a sharp reduction in the fiscal deficit and debt relief from main plurilateral and bilateral creditors. This has paved the way for the IMF Board to approve an Expanded Credit Facility on March 23, 2020. Increased tax receipts and high online money transfers to Gambia from the diaspora have helped minimize the fiscal deficit from 6.2 per cent of GDP in 2018 to 2.6 per cent of GDP in 2019. Despite the fiscal adjustment and technological changes, including in the declining tourism sector, growth has been relatively robust at around 6%.
What Is Gambian Diaspora Chosen Way to Transfer Money to Home?
ACE Money Transfer is one of the most trusted and secure money transfer services for thousands of customers from sub-Saharan African and around the world. When you send money to Gambia online through ACE Money Transfer for cash pick-up or a bank transfer, you get comfort, choice, and peace of mind. If you need additional assistance, we are always available and just a few clicks away. Simply email or speak with one of customer service representatives.