The International Monetary Fund said on Friday its Executive Board approved Gambia’s request for a $100 million, 36-month Extended Credit Facility loan that aims to strengthen the West African country’s economic recovery and help it address inflation and foreign exchange pressures.

The IMF said in a statement the approval also marks completion of its annual economic consultation with Gambia, and makes available an immediate disbursement of about $14.6 million. The new program replaces a recently completed, $47 million IMF loan program granted to Gambia in March 2020.