The International Monetary Fund (IMF) announced on Tuesday, that it has achieved a preliminary agreement with Senegal. Under this agreement, Senegal is slated to receive a disbursement of 126 billion CFA francs (equivalent to $203 million), pending approval from the executive board, as disclosed by the IMF’s mission chief.
Furthermore, Senegal stands to receive an extra 40 billion CFA francs, amounting to $65 million, from a climate facility, pending approval by the IMF board. Edward Gemayel made this announcement during a press conference held in Dakar.
Earlier this year, the West African nation successfully reached an agreement with the IMF for financing facilities amounting to $1.9 billion, with a significant portion originating from a 36-month extended credit facility.
During the announcement on Tuesday, Gemayel reassured that Senegal’s debt outlook continues to remain sustainable. However, there has been a revision in the economic growth forecast for 2024, with a decrease from 10.6% to 8.3%, primarily attributed to delays in oil and gas production.