IMF releases nearly $216 million for Senegal

The logo of the International Monetary Fund pictured in Washington, DC. (Photo by OLIVIER DOULIERY / AFP via CFP)
The logo of the International Monetary Fund. /CFP

The International Monetary Fund’s board said Wednesday it has released nearly 216 million U.S. dollars 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 U.S. dollars to Senegal,” the IMF said in a statement.

It also approved an increase in aid to Senegal.

“As a result, total access under the… arrangements approved in June 2021 was increased by about 172.6 million U.S. dollars, from about 650 million U.S. dollars at the time of approval, to about 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.