Senegal: Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility - Press Release; Staff Report; and Statement by the Executive Director for Senegal

IMF Staff Country Reports, July 7, 2023

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Senegal: Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility - Press Release; Staff Report; and Statement by the Executive Director for Senegal

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Bibliographic details

• Published: July 7, 2023
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400247460.002

Executive summary and context

• Publication date: July 7, 2023
• This paper presents Senegal’s Requests for:
  • an Extended Arrangement under the Extended Fund Facility (EFF),
  • an Arrangement under the Extended Credit Facility (ECF),
  • and an Arrangement under the Resilience and Sustainability Facility (RSF).
• The Senegalese economy has been severely impacted by shocks including:
  • rising food and energy prices,
  • tightening financial conditions,
  • weaker external demand,
  • and the US dollar appreciation.
• The EFF/ECF-supported program is intended to:
  • help meet Senegal’s protracted balance of payment needs,
  • and address macroeconomic imbalances.

Major findings and policy priorities

• Policy priorities under the EFF/ECF program include:
  • reducing debt vulnerabilities by embarking on a growth-friendly fiscal consolidation,
  • strengthening governance,
  • delivering a more inclusive and job-rich growth.
• The RSF aims to tackle longer-term structural challenges related to climate change and the implementation of climate policies.
  • The RSF will support Senegal's climate change mitigation objectives,
  • accelerate the country’s climate change adaptation,
  • and support work to mainstream climate change considerations into the budget process.

Thematic coverage and subject tags

• Subjects covered:
  • Budget planning and preparation,
  • Climate change,
  • Environment,
  • External debt,
  • International organization,
  • Monetary policy,
  • Public debt,
  • Public financial management (PFM),
  • Revenue administration.
• Keywords:
  • authorities' fiscal policy goal,
  • Budget planning and preparation,
  • Climate change,
  • ECF-supported program,
  • EFF request,
  • Global,
  • policy reform,
  • RSF arrangement,
  • Senegalese authorities,
  • West Africa.

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• Executive Summary
  • Executive Summary (Markdown version)
  • Executive Summary (PDF)