International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Oct 25, 2023

International Monetary Fund (IMF) Staff Reaches Staff-level Agreement with Senegal on First Reviews of the Extended Fund Facility and Extended Credit Facility, and the Resilience and Sustainability Facility

Completion of the reviews by the IMF Executive Board would lead to the disbursement of about US$ 276 million or CFAF 169 billion

The Senegalese authorities and IMF staff have reached a staff-level agreement on policies needed to complete the first reviews of the Senegal’s Extended Fund Facility (EFF) and Extended Credit Facility (ECF), combined with the Resilience and Sustainability Facility (RSF). Growth in 2023 is expected to remain below its pre-pandemic levels.…

Source: International Monetary Fund (IMF) | Sep 08, 2023

International Monetary Fund (IMF) Staff Concludes Visit to Senegal

The tense socio-political situation took a toll on activity in the commerce and services sectors in the first half of this year, leading to a downward revision of GDP growth projection to 4.1 percent

A team from the International Monetary Fund (IMF), led by Mr. Edward Gemayel, conducted a mission from August 31 to September 7, 2023, to take stock of recent economic developments and update growth and budget forecasts, and discuss the draft 2024 budget. At the conclusion of the mission, Mr. Gemayel…

Source: International Monetary Fund (IMF) | May 11, 2023

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Senegal on an Extended Fund Facility (EFF) and Extended Credit Facility (ECF), combined with the Resilience and Sustainability Facility (RSF)

The EFF/ECF arrangement will support the authorities’ efforts to safeguard debt sustainability and rebuild depleted buffers

IMF staff and the Senegalese authorities have reached a staff-level agreement on economic and financial policies to be supported by a new 36-month financing arrangement under the Extended Fund Facility (EFF) and Extended Credit Facility (ECF) of about US$ 1.526 billion, combined with the Resilience and Sustainability Facility (RSF) of…

Source: International Monetary Fund (IMF) | Mar 14, 2023

International Monetary Fund (IMF) Staff Concludes Visit to Senegal

The Senegalese economy in 2022 experienced a sharper-than-anticipated slowdown, with real GDP growth now estimated at about 4 percent against 4.7 percent expected

A team from the International Monetary Fund (IMF), led by Mr. Edward Gemayel, conducted a mission during March 8-14, 2023, to take stock of recent economic developments, update macroeconomic projections, and discuss potential options for a new IMF-supported program. The team met with his excellency Prime Minister Amadou Ba; Mr.…

Source: International Monetary Fund (IMF) | Nov 17, 2022

International Monetary Fund (IMF) Staff Concludes Mission to Senegal

The mission made significant progress in the discussions on policies and reforms

An International Monetary Fund (IMF) mission, led by Mr. Edward Gemayel, visited Senegal during November 4-15, 2022, to conduct the sixth and final review under the Policy Coordination Instrument (PCI) and the third and final reviews under the Stand-By Credit Facility (SCF) and Stand-By-Arrangement (SBA). The IMF mission met with…

Source: International Monetary Fund (IMF) | Mar 18, 2022

IMF Staff Concludes Visit to Senegal

Maintaining fiscal discipline in the face of rising energy and food prices as well as rising social demands, will be critical for preserving debt sustainability

Growth surprised on the upside in 2021. However, the outlook is clouded by the impact of the war in Ukraine, which is likely to put the economy under strain; Maintaining fiscal discipline in the face of rising energy and food prices as well as rising social demands, will be critical…

Source: International Monetary Fund (IMF) | Jan 11, 2022

IMF Executive Board Completes the Fourth Review Under the Policy Coordination Instrument and the First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Concludes the 2021 Article IV Consultation for Senegal

Senegal’s three-year PCI was approved on January 10, 2020

Recent indicators suggest that a strong recovery is underway, driven by industrial production, services, and retail activity. COVID-19 case numbers remain comparatively low and about 14 percent of the adult population is vaccinated. Performance under the program remains satisfactory. Concurrently with the PCI, the SCF/SBA arrangements are helping support the…

Source: International Monetary Fund (IMF) | Jul 18, 2020

Coronavirus - Senegal: International Monetary Fund (IMF) Executive Board Completes First Review Under the Policy Coordination Instrument for Senegal

The COVID-19 pandemic is taking a heavy toll on Senegal’s economy

The COVID-19 pandemic is taking a heavy toll on the economy with growth projected at 1.1 percent in 2020 compared to 5.3 percent in 2019; The authorities have taken significant actions to contain the pandemic and mitigate its economic fallout, supported by additional financing from Senegal's development partners and participation…

Source: International Monetary Fund (IMF) | Jun 15, 2020

Coronavirus - Senegal: International Monetary Fund (IMF) Staff completes Review Mission to Senegal

The COVID-19 pandemic has had a significant impact on economic activity, exacerbated by border closures, a curfew, and social distancing

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this…

Source: International Monetary Fund (IMF) | Jan 24, 2019

International Monetary Fund (IMF) Staff Concludes 2019 Discussions with the West African Economic and Monetary Union on Common Policies for Member Countries

Fiscal consolidation efforts are estimated to have led to a reduction of the aggregate fiscal deficit to 3.9 percent of GDP in 2018 from 4.3 percent of GDP in 2017

Inflation has remained low reflecting the peg to the Euro, but also continued solid agricultural production and the limited passthrough of higher world oil prices; fiscal consolidation efforts are estimated to have led to a reduction of the aggregate fiscal deficit to 3.9 percent of GDP in 2018 from 4.3…

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