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IMF reaches staff-level agreement for over $200 million to Senegal

Published 10/24/2023, 08:10 AM
Updated 10/24/2023, 08:16 AM
© Reuters. FILE PHOTO: A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

DAKAR (Reuters) - The International Monetary Fund (IMF) has reached a staff-level agreement with Senegal for the country to receive a disbursement of 126 billion CFA francs ($203 million) subject to executive board approval, the IMF mission chief said on Tuesday.

Senegal will also get an additional 40 billion CFA francs ($65 million) from a climate facility if approved by the IMF board, Edward Gemayel told a press conference in Dakar.

The West African country reached agreement with the IMF earlier this year on financing facilities totaling $1.9 billion, mostly from a 36-month extended credit facility.

© Reuters. FILE PHOTO: A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

Gemayel said on Tuesday that Senegal's debt outlook remained sustainable. The forecast for 2024 economic growth has been revised down to 8.3% from 10.6% due to delays in oil and gas production, he said.

($1 = 619.3500 CFA francs)

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