## Senegal: First Review Under the Policy Coordination Instrument and Request for Modification of Quantitative Targets-Press Release; Staff Report; and Statement by the Executive Director for Senegal

_IMF Staff Country Reports, July 24, 2020_

## Source details

**Canonical URL:** [Senegal: First Review Under the Policy Coordination Instrument and Request for Modification of Quantitative Targets-Press Release; Staff Report; and Statement by the Executive Director for Senegal](https://www.imf.org/en/publications/cr/issues/2020/07/24/senegal-first-review-under-the-policy-coordination-instrument-and-request-for-modification-49608)

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## Bibliographic details
- Published: July 24, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513551234.002

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### Summary
- The Covid-19 pandemic has ended a period of buoyant growth averaging about 6 ½ percent over the last 6 years.
- Containment measures, lower external demand, reduced remittances, and the sudden stop of travel and tourism are taking a significant toll on the economy.
- Without forceful policy measures, the current crisis could unravel development gains over the last decade.
- The authorities have taken strong actions to contain the pandemic and mitigate its economic fallout, supported by significant additional external financing from Senegal’s development partners.
- The IMF disbursed US$442 million (100 percent of quota) under the RFI/RCF in April.

### Key findings and economic impacts
- Growth prior to the pandemic: averaging about 6 ½ percent over the last 6 years.
- Main channels of economic toll:
  - Containment measures.
  - Lower external demand.
  - Reduced remittances.
  - Sudden stop of travel and tourism.
- Risk highlighted: Without forceful policy measures, development gains over the last decade could be unravelled.

### Policy actions and support
- Authorities’ response: strong actions to contain the pandemic and mitigate economic fallout.
- External support: significant additional external financing from development partners.
- IMF support: disbursement of US$442 million (100 percent of quota) under the RFI/RCF in April.

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_Source: https://www.imf.org/en/publications/cr/issues/2020/07/24/senegal-first-review-under-the-policy-coordination-instrument-and-request-for-modification-49608_