IMF approves immediate release of $216 million to Senegal

DAKAR (Reuters) – The Worldwide Financial Fund has accomplished a programme evaluate enabling the rapid launch of about $216 million to Senegal, it stated in a press release on Wednesday.

The IMF board additionally elevated complete entry below Senegal’s 18-month credit score facility to about $777 million from $650 million initially accepted in June 2021, it stated.

Senegalese authorities are taking momentary and focused measures to help essentially the most susceptible and to stabilize meals costs, whereas preserving debt sustainability, the IMF stated.

“Efficiency below this system has been broadly passable regardless of a difficult setting,” stated Kenji Okamura, IMF Deputy Managing Director and Appearing Chair.

“The Senegalese financial system entered 2022 with sturdy development momentum however the spillovers from the conflict in Ukraine are hampering this rebound.”

Public debt is anticipated to achieve 75% of GDP in 2022, the assertion stated.

(Reporting by Nellie Peyton; Modifying by Leslie Adler and Rosalba O’Brien)

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