Public Management

IMF hails Senegal, pledges $180mln aid fund

Tuesday, 11 January 2022 15:04
IMF hails Senegal, pledges $180mln aid fund

(Ecofin Agency) - The International Monetary Fund (IMF) says it is satisfied with the economic performance of Senegal, 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 cases of covid-19 remains relatively low, and about 14% of the adult population is vaccinated," IMF said in a statement.

The institution made this statement after various reviews of ongoing programs with Senegal. The country will receive special drawing rights (SDR) resources worth $180 million. This brings the total resources secured under the three ongoing programs to $360 million.

The Senegalese economy has rebounded, with forecasts for 2021 increasing from 3.5% to 5%. The industrial and service sectors have contributed most to growth, according to official data. Public debt, although at 73% of GDP, is expected to fall to 60%.

The IMF's reviews weigh heavily on the international credibility of countries, particularly those in sub-Saharan Africa, whose debt is still perceived as speculative by rating agencies. Let’s note that while countries like Senegal are faced with multiple challenges, few effective solutions are proposed by both their leaders and private donors to get them back on track.

 

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