The IMF announced on Monday that its Executive Board has approved a 3-year Extended Credit Facility (ECF) and Extended Fund Facility (EFF) for Senegal, amounting to nearly $1.51bn. In addition, an arrangement worth $324 million under the Resilience and Sustainability Facility (RSF) was also approved, signalling support for longer-term challenges associated with climate change.
The IMF highlighted that the EFF/ECF programme aims to tackle macroeconomic imbalances in Senegal, while the RSF arrangement will contribute to addressing climate-related issues. These initiatives reflect the IMF’s commitment to assisting countries in managing economic challenges and building resilience in the face of climate change.
With the board’s decision, an immediate disbursement of around $216 million will be made under the EFF/ECF programme, providing vital financial support to Senegal.
‘The approved programmes will help Senegal address macroeconomic imbalances and support the country’s efforts to build resilience against climate change. The immediate disbursement under the EFF/ECF programme will provide much-needed financial assistance to Senegal,’ an IMF spokesperson said.
