Senegal to receive over $200m as IMF approves agreement
The International Monetary Fund (IMF) has reached a preliminary agreement with Senegal, which includes a disbursement of 126 billion CFA francs (around $203 million), subject to approval by the IMF's executive board, according to the Fund's mission chief.
Additionally, Senegal may receive an additional 40 billion CFA francs, equivalent to $65 million, from a climate facility, contingent on approval by the IMF board. Earlier this year, Senegal secured an agreement with the IMF for financing facilities totaling $1.9 billion, with a significant portion coming from a 36-month extended credit facility.
During the recent announcement, it was emphasized that Senegal's debt outlook remains sustainable. However, there has been a revision in the economic growth forecast for 2024, with a reduction from 10.6% to 8.3%, primarily due to delays in oil and gas production.
Points clés à retenir
Senegal has experienced a robust post-pandemic recovery, although it has faced challenges from external shocks that led to downward revisions in growth forecasts, increased inflation, and wider fiscal and current account deficits. Public debt has also risen to over 76% of GDP but the country holds strong prospects, especially with the upcoming production of oil and gas, which is expected to provide a significant economic boost in the coming years. Growth is anticipated to accelerate, with a projection of 10.6% in 2024 and 7.4% in 2025. Non-hydrocarbon growth is expected to reach approximately 6 percent, contingent on the implementation of prudent macroeconomic policies and consistent structural reforms supported by IMF programs. To ensure sustainability in public spending and facilitate a transition to renewable energy, the additional revenues generated from oil and gas exports will be reserved, aligning with a newly adopted fiscal rule. This strategy positions Senegal for long-term economic stability and a move toward cleaner energy sources.
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