{
  "title": "IMF Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with Senegal",
  "publication": "IMF News, September 1, 2026",
  "sourceUrl": "https://www.imf.org/en/news/articles/2026/09/01/pr26282-senegal-imf-reaches-sla-ecf-arrangement",
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  "summary": "IMF staff and the Senegalese authorities have reached a staff-level agreement on the key economic policies that could underpin a new Extended Credit Facility (ECF) arrangement to support the authorities’ comprehensive economic reform program. The agreement is subject to IMF Executive Board approval.",
  "publishDate": "2026-09-01",
  "sections": [
    {
      "heading": "Mission and procedural status",
      "content": "- IMF staff and the Senegalese authorities reached a staff-level agreement on key economic policies that could underpin a new Extended Credit Facility (ECF) arrangement.\n- The agreement is subject to IMF Management and Executive Board approval.\n- The IMF staff team, led by Ms. Mercedes Vera Martin, held discussions in Dakar between August 19 and September 1, 2026.\n- The agreement requires:\n  - Decisive corrective actions to support the authorities’ request for a waiver in the misreporting case prior to Executive Board approval.\n  - Receipt of the necessary financing assurances from Senegal's partners."
    },
    {
      "heading": "Program design and financials",
      "content": "- Proposed arrangement: 36-month arrangement under The Extended Credit Facility (ECF).\n- Financial envelope: about US$2.2 billion (SDR 1,537.1 million, or 475 percent of quota).\n- Program period: 2026–29.\n- The IMF-supported program is expected to help catalyze financing from the World Bank, the African Development Bank, and other development partners."
    },
    {
      "heading": "Macroeconomic performance and outlook (as reported by staff)",
      "content": "- Growth:\n  - Senegal’s overall economy grew by 6.7 percent in 2025 as oil production entered its first full year.\n  - Non-hydrocarbon GDP growth eased to 2.2 percent in 2025.\n  - In the first quarter of 2026, non-hydrocarbon GDP growth rebounded to 4.7 percent year-on-year, supported by strong private consumption.\n- Inflation:\n  - Inflation remained within the target range at 1.4 percent (2025)."
    },
    {
      "heading": "Policy objectives and reforms",
      "content": "- Program aims:\n  - Restore macroeconomic stability and debt sustainability.\n  - Reduce fiscal and external vulnerabilities.\n  - Increase social spending.\n  - Support sustainable, private sector-led growth.\n- Fiscal strategy:\n  - Strengthen domestic resource mobilization.\n  - Streamline expenditure.\n  - Reinforce social safety nets, particularly through targeted cash transfers.\n- Structural and governance reforms:\n  - Adopt a medium-term revenue strategy in 2027 to strengthen domestic revenue mobilization and create space for priority spending.\n  - Enhance fiscal governance, including improved public debt management, stronger monitoring of domestic arrears, and improved oversight of state-owned enterprises (SOEs).\n  - Improve the business environment and promote financial inclusion to support private sector-led growth.\n  - Authorities have announced their intention to seek a debt treatment to restore debt sustainability.\n- Safeguards and accountability:\n  - Staff welcomes the authorities’ engagement and commitment to addressing vulnerabilities revealed by past misreporting.\n  - Further decisive action is needed to resolve misreporting issues and strengthen safeguards to prevent similar occurrences."
    },
    {
      "heading": "Engagement and consultations",
      "content": "- During the visit, the IMF team met with:\n  - His Excellency President of the Republic Mr. Bassirou Diomaye Diakhar Faye\n  - Prime Minister Mr. Ahmadou Al Aminou Lo\n  - First President of the Cour des Comptes Mr. Abdoul Madjib Guèye\n  - Minister of Economy, Finance and Planning Mr. Cheikh Diba\n  - Minister-Delegate to the Minister of Economy, Finance and Plan in charge of the Budget Mr. Bassirou Sarr\n  - Vice-Governor of the Central Bank of West African States (BCEAO) Mr. Mamadou Diop\n  - National Director of the BCEAO Mr. François Sène\n  - Several senior officials, development partners, private sector and civil society representatives, and other stakeholders."
    },
    {
      "heading": "Contact and press information",
      "content": "- Press Release No. 26/282\n- Date: September 1, 2026\n- IMF Communications Department — MEDIA RELATIONS\n- PRESS OFFICER: Tatiana Mossot\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n- @IMFSpokesperson\n\nInternational Monetary Fund — Press Release No. 26/282, September 1, 2026\n\n---\n\n\n References\n\n- Senegal and the IMF\n- Press Releases\n- PRESS CENTER\n- The Extended Credit Facility (ECF)\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2026/09/01/pr26282-senegal-imf-reaches-sla-ecf-arrangement"
    }
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    "Published: September 1, 2026",
    "IMF staff and the Senegalese authorities reached a staff-level agreement on key economic policies that could underpin a new Extended Credit Facility (ECF) arrangement.",
    "The agreement is subject to IMF Management and Executive Board approval.",
    "The IMF staff team, led by Ms. Mercedes Vera Martin, held discussions in Dakar between August 19 and September 1, 2026.",
    "The agreement requires:",
    "Proposed arrangement: 36-month arrangement under The Extended Credit Facility (ECF).",
    "Financial envelope: about US$2.2 billion (SDR 1,537.1 million, or 475 percent of quota).",
    "Program period: 2026–29.",
    "The IMF-supported program is expected to help catalyze financing from the World Bank, the African Development Bank, and other development partners.",
    "Growth:",
    "Inflation:",
    "Program aims:",
    "Fiscal strategy:",
    "Structural and governance reforms:",
    "Safeguards and accountability:",
    "During the visit, the IMF team met with:",
    "Press Release No. 26/282",
    "Date: September 1, 2026",
    "IMF Communications Department — MEDIA RELATIONS",
    "PRESS OFFICER: Tatiana Mossot",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "@IMFSpokesperson",
    "[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/)",
    "[The Extended Credit Facility (ECF)](https://www.imf.org/en/about/factsheets/sheets/2023/extended-credit-facility-ecf)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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