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FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. /REUTERS

IMF reaches staff-level agreement for over 200 mln U.S. dollars to Senegal

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The International Monetary Fund (IMF) has reached a staff-level agreement with Senegal for the country to receive a disbursement of 126 billion CFA francs (203 million U.S. dollars) subject to executive board approval, the IMF mission chief said on Tuesday.

Senegal will also get an additional 40 billion CFA francs (65 million U.S. dollars) from a climate facility if approved by the IMF board, Edward Gemayel told a press conference in Dakar.

The West African country reached an agreement with the IMF earlier this year on financing facilities totalling 1.9 million U.S. dollars, mostly from a 36-month extended credit facility.

Gemayel said on Tuesday that Senegal’s debt outlook remained sustainable. The forecast for 2024 economic growth has been revised down to 8.3 percent from 10.6 percent due to delays in oil and gas production, he said.

($1 = 619.3500 CFA francs)

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