BUSINESS IMF releases nearly $216 mn for Senegal


IMF releases nearly $216 mn for Senegal


11:20, June 23, 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.

"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.

File photo: Xinhua

"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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