IMF approves US$650 million loan for Senegal

The executive board of the International Monetary Fund (IMF) on Monday approved about US$650 million or CFAF 350 billion loan for Senegal.

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The latest loan follows previous Fund emergency support to Senegal in April 2020 in the amount of US$442 million at the time of approval.

IMF said the 18-month standby credit facility for Senegal will help the West African nation create jobs and recover from the coronavirus pandemic.

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It said while medium-term prospects remain promising, Senegal’s macroeconomic outlook for 2021 is facing headwinds due to the protracted impact of the pandemic and higher commodity prices.

“The Executive Board of the International Monetary Fund (IMF) today completed the third review under the Policy Coordination Instrument (PCI) and approved an 18-month Stand-by arrangement (SBA) and an arrangement under the Stand-By Credit Facility (SCF) for Senegal,” IMF said in a statement.”Approval of the SCF/SBA enables an immediate disbursement of SDR 129.4 million or about US$187 million.”

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