IMF approves $650M for Senegal’s COVID-19 response and recovery

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The International Monetary Fund Board has approved about $650 million to assist Senegal in the next phase of the country’s COVID-19 recovery effort.

The $650 million will be paid over 18 months, with an immediate disbursement of $187 million, the IMF said

This follows a previous payment of $442 million given to Senegal in April 2020.

“The COVID-19 pandemic hit the Senegalese economy hard and caused hardship for many, particularly those active in the informal sector. Growth in 2020 is estimated at 1.5 percent, supported by a record harvest while the hospitality, tourism and transport sectors suffered severe contractions.” IMF stated.

The Fund expects a modest recovery in 2021 with growth reaching 3.7% and forecast to reach 5.5% in 2022.

 

 

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