The COVID-19 pandemic has weakened the macroeconomic outlook for Senegals economy. Containment measures to avoid the propagation of the virus, lower external demand, reduced remittances, and the sudden stop of travel and tourism are having a significant impact on growth and generating an urgent balance-of-payments (BOP) need. The IMF will help preserve fiscal space for essential COVID-19-related health expenditures, while catalyzing additional donor support.
IMF executive board approves for Senegal a USD 442 million disbursement under the rapid credit facility and purchase under the rapid financing instrument
- The IMF Executive Board approves the tenth request for emergency financial assistance to help its member countries address the challenges posed by COVID-19.
- The approval of the request from Senegal will make available US$442 million to be drawn under the Rapid Credit Facility and the Rapid Financing Instrument and will provide much-needed liquidity to support the authorities response to the crisis.
- The economic impact of the COVID-19 pandemic is rapidly unfolding, with the near-term outlook deteriorating quickly.
- The authorities have acted fast by putting in place strong measures to help contain the spread of the disease and mitigate the pandemics impact on the economy.
World Bank approves $20 million for Senegal to fight COVID-19
The World Bank Board of Executive Directors approved today a $20 million credit from the International Development Association (IDA) to support Senegal in its response to the threat of the global COVID-19 pandemic.
- The Senegal COVID-19 Response project will strengthen the countrys prevention, preparedness and response to the outbreak. It complements the additional support provided under the existing Regional Disease Surveillance Systems Enhancement (REDISSE) project to strengthen health systems and disease surveillance as part of the national COVID-19 response plan.
- Senegal has built its response to COVID-19 on successful experiences in containing disease outbreaks in recent years through timely identification and response.
- The Bank is confident that the project will be implemented efficiently and in close coordination with all relevant partners and stakeholders
The World Bank Group is rolling out a $14 billion fast-track package to strengthen the COVID-19 response in developing countries and shorten the time to recovery.
- The immediate response includes financing, policy advice and technical assistance to help countries cope with the health and economic impacts of the pandemic.
- The IFC is providing $8 billion in financing to help private companies affected by the pandemic and preserve jobs. IBRD and IDA are making an initial $6 billion available for the health-response.
- As countries need broader support, the World Bank Group will deploy up to $160 billion over 15 months to protect the poor and vulnerable, support businesses, and bolster economic recovery.