The International Monetary Fund (IMF) has given its approval for a $1.8 billion loan to Senegal, aimed at aiding the country’s economic recovery and safeguarding it against potential future challenges.
During a recent executive board meeting, the IMF announced that Senegal would initially receive approximately $216 million as part of the loan agreement.
The three-year loan facility will not only assist Senegal in addressing the aftermath of the COVID-19 pandemic but also help the nation tackle the impacts of climate change.
According to the IMF, the conflict between Russia and Ukraine has hindered Senegal’s post-pandemic recovery, leading to strained public finances, increased borrowing, and a decline in national reserves.
Nonetheless, the IMF forecasts an optimistic growth rate of 8.3% for Senegal in 2023, as the country gears up for oil and gas production. This development is expected to contribute significantly to the nation’s economic expansion.
