Senegal could receive 230 billion FCFA from the IMF in mid-July

Senegal could receive 230 billion FCFA from the IMF in mid-July
Senegal could receive 230 billion FCFA from the IMF in mid-July

Edouard Gemayel, head of the IMF mission in Senegal, announced Wednesday that Senegal could receive nearly 230 billion FCFA around mid-July as part of the 2023-2026 program.

“At the end of the examination by the Board of Directors of the International Monetary Fund (IMF), Senegal will have access to 230 billion FCFA,” declared Mr. Gemayel during a press conference held for the second review of the economic and financial program supported by the Extended Credit Facility (ECF), the Extended Credit Facility (ECF) and the Resilience and Sustainability Facility (RSF).

This review will first be subject to staff-level agreement, followed by IMF management approval, before being considered by the IMF Executive Board, tentatively scheduled for mid-July.

Senegal has concluded a 2023-2026 program with the IMF for a total amount of 1,150 billion FCFA. For the first successful review of this program, the country has already received 169 billion FCFA from the IMF.

Furthermore, the IMF observed “overfinancing” during the latest Eurobond issue by the Senegalese government. “The government has more liquidity than it needs,” Mr. Gemayel said, adding that the IMF is currently discussing with the government to use this overfinancing for liability management operations, in order to reduce the debt.

“In addition to the debt on the regional market, we are discussing with the government to put in place liability management operations linked to this overfinancing,” he indicated. According to him, this will make it possible to reduce the level of debt and manage this overfinancing more effectively.

A mission from the International Monetary Fund (IMF) is staying in Senegal from June 6 to 19, 2024 for the second review of the economic and financial program supported by the Extended Credit Facility (ECM), the Extended Credit Facility (ECF) and the Credit Facility. Resilience and Sustainability (FRD).

#Senegal

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