News Africa
IMF approves $1.8bn loan for Senegal
The International Monetary Fund (IMF) has approved a $1.8bn (£1.4bn) loan for Senegal to support the nation’s economic recovery while protecting it against future shocks.
The West African nation will receive an initial disbursement of about $216m, the IMF said in a statement on Monday following an executive board meeting.
The three-year loan facility will also support Senegal’s efforts to cope with the effects of climate change.
The international lender says the Russia-Ukraine war hindered the post-Covid-19 recovery, strained public finances, increased borrowing and depleted national reserves.
It however projects an 8.3% growth rate in 2023 as oil and gas production begins in the country.
Source: www.bbc.com
