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
IMF Staff Country Reports, April 16, 2020
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- 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
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Bibliographic details
- Published: April 16, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513540795.002
Overview and Purpose
- Presents Senegal’s Request for Disbursement Under the Rapid Credit Facility (RCF) and Purchase Under the Rapid Financing Instrument (RFI).
- Objective: provide emergency financing to support the authorities’ response to the COVID-19 crisis and to catalyze further international assistance, preferably in the form of grants.
Economic Impact and Short-Term Outlook
- The sharp global economic downturn and domestic containment measures have led to a substantial reduction in economic activity.
- Sectors particularly hard-hit: tourism, transport, construction, and retail.
- The pandemic in Europe is translating into lower remittances.
- The short-term economic outlook has deteriorated significantly, with large uncertainties surrounding the duration and spread of the pandemic.
Financing Needs and Gaps
- IMF emergency financing under the RCF and the RFI is expected to provide much-needed liquidity.
- Additional concessional donor support is identified as critical to:
- close the remaining financing gap,
- ease the adjustment burden, and
- preserve Senegal’s impressive economic achievements.
Policy Priorities and Implementation
- Ensuring that disbursed funds are used in a well-targeted, cost-effective and transparent manner remains imperative.
Subject Areas and Keywords
- 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
Content in this bundle
- 1senea2020002