IMF releases nearly $216 mln for Senegal

AFP , Thursday 23 Jun 2022

The International Monetary Fund's board said Wednesday it has released nearly $216 million for Senegal after a review of its aid programs for the West African country.

IMF Emblem
The seal of the International Monetary Fund (IMF) is seen outside of the headquarters building in Washington, DC, April 8, 2019. AFP

 

"The completion of the reviews enables the immediate release of about $215.78 million to Senegal," the IMF said in a statement.

It also approved an increase in aid to Senegal.

"As a result, total access under the... arrangements approved in June 2021 was increased by about US$172.6 million, from about US$650 million at the time of approval, to about US$776.67 million," the statement says.

"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," the IMF said.

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.

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