The International Monetary Fund (IMF) and Senegalese authorities have reached a staff-level agreement on economic and financial policies, paving the way for a new financing arrangement. The agreement includes a 36-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) with access to approximately US$1.526 billion. Additionally, Senegal will receive support from the Resilience and Sustainability Facility (RSF) amounting to around US$327.1 million. The agreement is subject to approval by IMF Management and consideration by the Executive Board, scheduled for mid-June 2023.
Posts published in “Economy”
As fighting in Sudan continues, neighboring South Sudan faces an economic crisis due to the potential threat the conflict poses to its main source of revenue – oil exports. With oil accounting for over 90 percent of the government budget and 70 percent of the GDP, any disruption to oil exports would be catastrophic for the already struggling economy, which is suffering from high inflation and a high risk of debt distress.
The outlook for the world economy this year has dimmed in the face of chronically high inflation, rising interest rates, and uncertainties resulting from the collapse of two big American banks.