The Gambia

                         Emergency Development Policy Financing Operation

                                             June 30, 2017

                                           Chair Summary*


        The Executive Directors approved an Emergency Development Policy Financing Operation
(IDA/R2017-0252) for The Gambia, in the amount of SDR 40.6 million (US$56 million equivalent),
including (i) an IDA credit of SDR 22.3 million (US$30.8 million equivalent) and an IDA grant of
SDR18.3 million (US$25.2 million equivalent) on the terms and conditions set out in the President’s
Memorandum.

        Directors noted that the country is facing tremendous challenges, in part due to exogenous
shocks, and underscored the need to sustain the momentum of reforms in order to realize the gains
needed.

        Directors expressed broad support for the World Bank’s emergency response to support the
Government’s Accelerated National Response Plan and looked forward to the medium-term Second
Program for Accelerated Growth and Employment 2017-2020 under preparation. They welcomed the
three pillars of the operation. Directors took note of the high macroeconomic risks stemming from the
high stock of public debt and costly debt service, and stressed the need for commitment on the part of the
Gambian authorities to prepare an effective debt management strategy. Given the fiduciary, political and
governance risks associated with the implementation of the reforms, Directors stressed the importance of
providing sustained technical and financial support.

         Appreciating the Bank’s rapid response, Directors noted the World Bank’s agility in preparing
this stand-alone operation at this critical time in The Gambia’s history. They recognized the foundation
being laid to enable financial recovery, including debt management, public sector reform and
strengthening of public financial management systems. Directors encouraged the World Bank to continue
its support to The Gambia in the medium-term. Directors urged close monitoring of macro-fiscal
developments and underlined the importance of effective coordination with the International Monetary
Fund and other development partners.

        The minutes will reflect that Ms. Mathiasen wished to be recorded as abstaining.




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*This summary is not an approved record.