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IMF approves immediate release of $216 million to Senegal

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

DAKAR (Reuters) - The International Monetary Fund has completed a programme review enabling the immediate release of about $216 million to Senegal, it said in a statement on Wednesday.

The IMF board also increased total access under Senegal’s 18-month credit facility to about $777 million from $650 million initially approved in June 2021, it said.

Senegalese authorities are taking temporary and targeted measures to support the most vulnerable and to stabilize food prices, while preserving debt sustainability, the IMF said.

“Performance under the program has been broadly satisfactory despite a challenging environment,” said Kenji Okamura, IMF Deputy Managing Director and Acting Chair.

“The Senegalese economy entered 2022 with strong growth momentum but the spillovers from the war in Ukraine are hampering this rebound.”

Public debt is expected to reach 75% of GDP in 2022, the statement said.

Reporting by Nellie Peyton; Editing by Leslie Adler and Rosalba O’Brien

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