WASHINGTON (Pakistan Point News / Sputnik - 14th April, 2020) Senegal won access to emergency financial assistance worth nearly half-a-billion Dollars to attempt to recover its deteriorating economy due to the novel coronavirus (COVID-19) pandemic, the International Monetary Fund (IMF) Executive board announced in a press release.
"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 release said on Monday.
The IMF Executive Board approved $294.7 million from the Rapid Financing Instrument in addition to a $147.4 million disbursement from its Rapid Credit Facility, the release said.
The COVID-19 pandemic is having a severe impact on Senegal, creating an urgent balance-of-payments and fiscal financing need amid increased health spending and other measures such as food aid, suspension of utility bill payments and targeted tax relief, according to the release.
