(3 minutes read)
Senegal has reached a series of loan agreements with the International Monetary Fund worth more than US$1.8 billion dollars. The West African country agreed to a range of fiscal and governance reforms under a 36-month deal. That includes measures aimed at reducing the deficit to three percent of economic output by 2025.
Senegal has reached a series of loan agreements with the International Monetary Fund worth more than US$1.8 billion dollars. The West African country agreed to a range of fiscal and governance reforms under a 36-month deal. That includes measures aimed at reducing the deficit to three percent of economic output by 2025.
The Senegalese economy experienced a sharper-than-anticipated slowdown last year. Inflation soared to a multi-decade high on the back of food inflation.
Read Also:
https://trendsnafrica.com/senegal-upfront-with-record-high-inflation/
https://trendsnafrica.com/support-against-senegal-president-seeking-another-term-is-gaining-ground/
https://trendsnafrica.com/saint-louis-in-senegal-faces-fallout-of-gas-plant-to-go-in-stream-shortly/
An arrangement worth roughly US$1.5 billion will support the authorities’ efforts to safeguard debt sustainability and rebuild depleted buffers. The goal will also require further revenue mobilization, including streamlining tax exemptions and phasing out regressive and elevated energy subsidies. Other policies would seek to strengthen anti-money laundering and terrorism financing and deliver more inclusive and job-rich growth.
