The International Monetary Fund (IMF) has approved a 1.8 billion-dollar loan for Senegal to support economic recovery and protect it against future shocks.
The initial disbursement is about 216 million dollars. The IMF announced this in a statement after an Executive Board Meeting.
The three-year loan facility will also support Senegal’s efforts to cope with the effects of climate change. The Russia-Ukraine war hindered post-Covid-19 recovery, strained public finances, increased borrowing, and depleted the country’s national reserves.
It, however, projects an eight-point three percent growth rate in 2023 as oil and gas production begins in the country.
