IMF hails Senegal, pledges $ 180 million aid fund
(Agence Ecofin) – The International Monetary Fund (IMF) is satisfied with Senegal’s economic performance, despite the pandemic and the low vaccination rate in the country. “Recent indicators suggest that a strong recovery is underway, driven by industrial production, services and retail activity. The number of covid-19 cases remains relatively low, and about 14% of the adult population is vaccinated, ”the IMF said in a statement.
The institution made this declaration after various reviews of ongoing programs with Senegal. The country will receive Special Drawing Rights (SDRs) resources worth $ 180 million. This brings the total resources obtained under the three ongoing programs to $ 360 million.
The Senegalese economy has rebounded, with forecasts for 2021 dropping from 3.5% to 5%. The industrial and service sectors contributed the most to the growth, according to official data. Public debt, although at 73% of GDP, is expected to fall to 60%.
IMF reviews weigh heavily on the international credibility of countries, especially those in sub-Saharan Africa, whose debt is still perceived as speculative by rating agencies. Note that while countries like Senegal are facing multiple challenges, few effective solutions are offered by both their leaders and private donors to get them back on track.