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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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02-12-2022 21:10:32 (UTC+7)

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 EUR/USD1.047Neutral
 GBP/USD1.2184↑ Sell
 USD/JPY135.51Neutral
 AUD/USD0.6763↑ Sell
 USD/CAD1.3472Neutral
 EUR/JPY141.87↑ Buy
 EUR/CHF0.9855↑ Buy
 Gold1,797.40↑ Sell
 Silver22.640↑ Sell
 Copper3.7672↑ Sell
 Crude Oil WTI80.75↑ Sell
 Brent Oil86.44↑ Sell
 Natural Gas6.504↑ Sell
 US Coffee C162.05↑ Sell
 Euro Stoxx 503,963.05↑ Sell
 S&P 5004,076.57↑ Sell
 DAX14,458.95↑ Sell
 FTSE 1007,526.05↑ Sell
 Hang Seng18,675.35↑ Sell
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 IBEX 358,369.92↑ Sell
 BASF48.12↑ Sell
 Bayer54.78↑ Sell
 Allianz202.38↑ Sell
 Adidas123.41Neutral
 Lufthansa7.688Neutral
 Siemens AG133.45Buy
 Deutsche Bank AG9.969↑ Buy
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