IMF Approves $1.51 Billion Loan for Senegal

IMF approves $1.51 billion loan for Senegal to address macroeconomic imbalances.

Senegal: The International Monetary Fund (IMF) has approved a $1.51 billion loan for Senegal to help the country address macroeconomic imbalances and reduce debt vulnerabilities, writes Winston Mwale.

The loan, which is part of the IMF's Extended Credit Facility (ECF) and Extended Fund Facility (EFF), will also help Senegal strengthen governance and promote inclusive growth.

In a statement, IMF Deputy Managing Director and Acting Chair Kenji Okamura said that the loan will help Senegal "weather the current economic challenges and lay the foundation for more inclusive and sustainable growth."

Okamura said that the Senegalese authorities are committed to a growth-friendly fiscal consolidation strategy that will help reduce debt vulnerabilities.

He also said that the authorities are committed to strengthening governance and promoting inclusive growth.

The loan will be disbursed in three tranches, with the first tranche of $216 million being disbursed immediately.

The remaining tranches will be disbursed subject to the implementation of the authorities' economic programme.

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