IMF Releases $216M to Senegal

The International Monetary Fund has released nearly $216 million U.S. dollars for Senegal after a review of its aid programs for the West African country.

The IMF said in a statement that “The completion of the reviews enables the immediate release of about 215.78 million U.S. dollars to Senegal and approved an increase in aid to Senegal.

“As a result, total access under the arrangements approved in June 2021 was increased by about 172.6 million U.S. dollars, from about 650 million U.S. dollars at the time of approval, to about 776.67 million,” the statement says.

It adds that “Soaring global fuel and food prices, compounded by the war in Ukraine, and, to a lesser extent, the freeze on trade with Mali… are disrupting the post-pandemic recovery.”

It revised its economic growth forecast for Senegal this year downward to 5 percent while inflation is expected to hit 5.5 percent as food and energy prices rise.

AFP/CO