Contents -- EXECUTIVE SUMMARY -- I. BACKGROUND -- II. RECENT ECONOMIC DEVELOPMENTS -- III. REPORT ON POLICY DISCUSSIONS -- IV. CAPACITY BUILDING AND DATA ISSUES -- V. STAFF APPRAISAL -- APPENDIX I -- APPENDIX II -- APPENDIX III -- APPENDIX IV -- APPENDIX V -- Statement by the IMF Staff Representative on The Gambia July 18, 2005 -- IMF Executive Board Concludes 2005 Article IV Consultation with The Gambia -- Statement by Peter Gakunu, Alternate Executive Director, and John Steytler, Advisor to the Executive Director, on The Gambia July 18, 2005.