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IMF grants Senegal credit extension until January 2023 for reviews

Friday, November 18, 2022
IMF grants Senegal credit extension until January 2023 for reviews © Reuters. FILE PHOTO: The International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016. REUTERS/Yuri Gripas/File Photo

DAKAR (Reuters) -The International Monetary Fund's board has approved Senegal's request for a credit extension to Jan. 10, 2023, to allow time to complete credit and policy reviews, the Fund said in a statement on Thursday.

The request, approved on Nov. 15, concerns an 18-month Stand-By Arrangement and Arrangement Under the Standby Credit Facility (SBA/SCF). The SBA/SCF was approved in June 2021 with special drawing rights (SDR) access of 453 million.

This was followed by an additional access of SDR 129.44 million approved in June 2022.

"Completion of the reviews will enable the Senegalese authorities to have access to funds available under the SBA/SCF," the Fund said.

The extension was granted one day before an IMF staff mission to Senegal concluded that the West African country had made "significant progress" in implementing structural reforms despite these being slower than anticipated.

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09-12-2023 15:44:18 (UTC+7)

EUR/USD

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EUR/USD

1.0764

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 EUR/USD1.0764↑ Buy
 GBP/USD1.2550↑ Buy
 USD/JPY144.95↑ Sell
 AUD/USD0.6577Neutral
 USD/CAD1.3582↑ Sell
 EUR/JPY155.99↑ Sell
 EUR/CHF0.9471Buy
 Gold2,020.80↑ Buy
 Silver23.290↑ Sell
 Copper3.8340Neutral
 Crude Oil WTI71.26Sell
 Brent Oil75.65Sell
 Natural Gas2.552↑ Sell
 US Coffee C177.70↑ Buy
 Euro Stoxx 504,522.25Neutral
 S&P 5004,604.37↑ Sell
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 Siemens AG162.42↑ Buy
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