IMF and Senegal Reach Preliminary Agreement on $275.7 Million Loan

Dakar, Senegal – The International Monetary Fund (IMF) and the government of Senegal have come to a preliminary agreement for the allocation of 169 billion CFA francs, or approximately $275.7 million.

According to a news release by the Africa News Agency, the disbursement is expected to occur before the end of the year but remains subject to approval by the IMF Management and review by the IMF Executive Board.

Senegal is slated to gain access to 161.8 million Special Drawing Rights (SDR), equivalent to $212 million, under the Extended Credit Mechanism (ECM) and the Extended Credit Facility (ECF). An additional 48.54 million SDRs, equivalent to $63.7 million, will be made available under the Fund for Resilience and Sustainability (FRD).