Senegal: Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal

April 16, 2020

Preview Citation

Format: Chicago

Senegal: Request for Disbursement Under the Rapid Credit Facility and Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Senegal, (USA: International Monetary Fund, 2020) accessed November 25, 2024

Also available in: français

Summary

This paper presents Senegal’s Request for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI). The sharp global economic downturn and domestic containment measures have led to a substantial reduction in economic activity, with sectors such as tourism, transport, construction, and retail particularly hard-hit, and the pandemic in Europe is also translating into lower remittances. As a result, the short-term economic outlook has deteriorated significantly, with large uncertainties surrounding the duration and spread of the pandemic. The IMF’s emergency financing under the RCF and the RFI is expected to provide much-needed liquidity to support the authorities’ response to the crisis and could catalyze further assistance from the international community, preferably in the form of grants. Additional concessional donor support will be critical to close the remaining financing gap, ease the adjustment burden, and preserve Senegal’s impressive economic achievements. Ensuring that disbursed funds are used in a well-targeted, cost-effective and transparent manner remains imperative.

Subject: COVID-19, Credit, Debt sustainability analysis, External debt, Financial institutions, Health, Loans, Money, Public debt

Keywords: COVID-19, CR, Credit, Debt sustainability analysis, Disbursement under the Rapid Credit Facility, Europe, Financing, Financing gap, Financing need, Global, Gross domestic product, Health response plan, IMF's emergency financing, ISCR, Loans, West Africa

Publication Details

Pages:

42
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/108
Stock No:

1SENEA2020002
ISBN:

9781513540795
ISSN:

1934-7685

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