{
  "title": "IMF Staff completes Discussions for a US$221 Million Disbursement to Senegal in response to the COVID-19 Pandemic",
  "publication": "IMF News, April 1, 2020",
  "sourceUrl": "https://www.imf.org/en/news/articles/2020/04/01/pr20129-senegal-imf-completes-discussions-us-221-million-disbursement-in-response-to-covid19",
  "canonical": "https://www.imf.org/en/news/articles/2020/04/01/pr20129-senegal-imf-completes-discussions-us-221-million-disbursement-in-response-to-covid19",
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  "summary": "Press Release No. 20/129",
  "publishDate": "2020-04-01",
  "sections": [
    {
      "heading": "Key decision and timeline",
      "content": "- Press Release No. 20/129\n- Date: April 1, 2020\n- IMF staff completed discussions for emergency access to the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) to help Senegal address the economic challenges posed by the pandemic.\n- IMF Executive Board consideration of the Senegalese authorities’ request is expected by mid-April.\n- Contact: PRESS OFFICER: Lucie Mboto Fouda; Phone: +1 202 623-7100; Email: MEDIA@IMF.org"
    },
    {
      "heading": "Financial package and composition",
      "content": "- Total available on approval: US$221 million.\n- Equivalent in SDRs: SDR 161.8 million (about US$221 million).\n- Breakdown:\n  - Two thirds or US$ 147.3 million under the Rapid Financing Instrument (RFI).\n  - One third or US$ 73.6 million under the Rapid Credit Facility (RCF).\n- Purpose: to meet urgent budgetary and balance of payments needs stemming from the COVID-19 pandemic and deterioration of global economic conditions."
    },
    {
      "heading": "Macroeconomic impact and needs",
      "content": "- The COVID-19 pandemic has weakened the macroeconomic outlook for Senegal’s economy.\n- Factors driving the weakening:\n  - Containment measures to avoid the propagation of the virus.\n  - Lower external demand.\n  - Reduced remittances.\n  - Sudden stop of travel and tourism.\n- Result: significant impact on growth and generation of an urgent balance-of-payments (BOP) need."
    },
    {
      "heading": "Policy response and use of IMF support",
      "content": "- IMF support aims to:\n  - Preserve fiscal space for essential COVID-19-related health expenditures.\n  - Catalyze additional donor support.\n- Senegalese authorities’ measures to mitigate health and economic impact:\n  - Declared a state of emergency.\n  - Closed schools.\n  - Suspended flights.\n  - Banned public gatherings.\n  - Put a curfew in place.\n  - Implemented a comprehensive plan to upgrade the health system and contain the economic impact.\n  - Set up a national solidarity fund.\n  - Provided targeted support to vulnerable households and firms.\n\nSource: IMF press release, April 1, 2020.\n\n---\n\n\n References\n\n- Senegal and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2020/04/01/pr20129-senegal-imf-completes-discussions-us-221-million-disbursement-in-response-to-covid19"
    }
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    "Published: April 1, 2020",
    "Press Release No. 20/129",
    "Date: April 1, 2020",
    "IMF staff completed discussions for emergency access to the Rapid Credit Facility (RCF) and the Rapid Financing Instrument (RFI) to help Senegal address the economic challenges posed by the pandemic.",
    "IMF Executive Board consideration of the Senegalese authorities’ request is expected by mid-April.",
    "Contact: PRESS OFFICER: Lucie Mboto Fouda; Phone: +1 202 623-7100; Email: MEDIA@IMF.org",
    "Total available on approval: US$221 million.",
    "Equivalent in SDRs: SDR 161.8 million (about US$221 million).",
    "Breakdown:",
    "Purpose: to meet urgent budgetary and balance of payments needs stemming from the COVID-19 pandemic and deterioration of global economic conditions.",
    "The COVID-19 pandemic has weakened the macroeconomic outlook for Senegal’s economy.",
    "Factors driving the weakening:",
    "Result: significant impact on growth and generation of an urgent balance-of-payments (BOP) need.",
    "IMF support aims to:",
    "Senegalese authorities’ measures to mitigate health and economic impact:",
    "[Senegal and the IMF](http://www.imf.org/external/country/SEN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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