Tue. Jul 16th, 2024

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.

By Joy

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