## 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_

## Source details

**Canonical URL:** [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](https://www.imf.org/en/publications/cr/issues/2020/04/16/senegal-request-for-disbursement-under-the-rapid-credit-facility-and-purchase-under-the-49335)

## Other formats

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## Bibliographic details
- Published: April 16, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513540795.002

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### 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

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_Source: https://www.imf.org/en/publications/cr/issues/2020/04/16/senegal-request-for-disbursement-under-the-rapid-credit-facility-and-purchase-under-the-49335_