IMF releases $216m to Senegal

The International Monetary Fund has released nearly $216 million U.S. dollars for Senegal after a review of its aid programs for the West African country.

The Executive Board of the International Monetary Fund (IMF) announced Wednesday ( June 22)

"The completion of the audits allows the immediate release of about 215.78 million dollars," the institution said in a statement.

In addition, the board approved an increase in aid to the country.

"As a result, total access under the 18-month agreements approved in June 2021 has been increased by about $172.6 million, from about $650 million, at the time of approval, to about $776.67 million," the fund said.

"Soaring global fuel and food prices, compounded by the war in Ukraine and, to a lesser extent, the freeze on trade with Mali are disrupting the post-pandemic recovery," the institution commented.

The IMF has revised down its 2022 growth forecast for the country to around 5% while inflation is expected to reach 5.5%, driven by rising food and energy prices.