## IMF Staff completes Discussions for a US$221 Million Disbursement to Senegal in response to the COVID-19 Pandemic

_IMF News, April 1, 2020_

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**Canonical URL:** [IMF Staff completes Discussions for a US$221 Million Disbursement to Senegal in response to the COVID-19 Pandemic](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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## Bibliographic details
- Published: April 1, 2020

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### Key decision and timeline
- 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

### Financial package and composition
- Total available on approval: US$221 million.
- Equivalent in SDRs: SDR 161.8 million (about US$221 million).
- Breakdown:
  - Two thirds or US$ 147.3 million under the Rapid Financing Instrument (RFI).
  - One third or US$ 73.6 million under the Rapid Credit Facility (RCF).
- Purpose: to meet urgent budgetary and balance of payments needs stemming from the COVID-19 pandemic and deterioration of global economic conditions.

### Macroeconomic impact and needs
- The COVID-19 pandemic has weakened the macroeconomic outlook for Senegal’s economy.
- Factors driving the weakening:
  - Containment measures to avoid the propagation of the virus.
  - Lower external demand.
  - Reduced remittances.
  - Sudden stop of travel and tourism.
- Result: significant impact on growth and generation of an urgent balance-of-payments (BOP) need.

### Policy response and use of IMF support
- IMF support aims to:
  - Preserve fiscal space for essential COVID-19-related health expenditures.
  - Catalyze additional donor support.
- Senegalese authorities’ measures to mitigate health and economic impact:
  - Declared a state of emergency.
  - Closed schools.
  - Suspended flights.
  - Banned public gatherings.
  - Put a curfew in place.
  - Implemented a comprehensive plan to upgrade the health system and contain the economic impact.
  - Set up a national solidarity fund.
  - Provided targeted support to vulnerable households and firms.

*Source: IMF press release, April 1, 2020.*

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## References

- [Senegal and the IMF](http://www.imf.org/external/country/SEN/index.htm)
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- [PRESS CENTER](http://presscenter.imf.org/)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/news/articles/2020/04/01/pr20129-senegal-imf-completes-discussions-us-221-million-disbursement-in-response-to-covid19_