IMF reaches staff-level agreement for over $200 million to Senegal

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IMF reaches staff-level agreement for over $200 million to Senegal
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SaltWire's Atlantic regional weather forecast for October 24, 2023 | SaltWireDAKAR - The International Monetary Fund has reached a staff-level agreement with Senegal for the country to receive a disbursement of 126 billion CFA francs subject to executive board approval, the IMF mission chief said on Tuesday.

Senegal will also get an additional 40 billion CFA francs from a climate facility if approved by the IMF board, Edward Gemayel told a press conference in Dakar. The West African country reached agreement with the IMF earlier this year on financing facilities totaling $1.9 billion, mostly from a 36-month extended credit facility.

Gemayel said on Tuesday that Senegal's debt outlook remained sustainable. The forecast for 2024 economic growth has been revised down to 8.3% from 10.6% due to delays in oil and gas production, he said.

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