IMF staff, Senegal reach agreement on $1.9 billion funding package

(Reuters) – International Monetary Fund staff have reached agreement with Senegal on financing facilities totalling about $1.9 billion, the Fund said in a statement.

The deal is subject to approval by the IMF executive board, which is tentatively scheduled to consider it in mid-June.

Most of the money is a new 36-month financing arrangement under an Extended Fund Facility and Extended Credit Facility of over $1.5 billion.

Policy priorities under that arrangement will include reducing debt vulnerabilities through fiscal consolidation, strengthening frameworks combating money laundering and terrorism financing, and delivering job-rich economic growth.

Financing under a Resilience and Sustainability Facility of about $327 million will support Senegal’s climate change mitigation and adaptation objectives.

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