Senegal: Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Ex

Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Senegal

Senegal: Requests for an Extended Arrangement Under the Extended Fund Facility, an Arrangement Under the Extended Credit Facility, and an Arrangement Under the Resilience and Sustainability Facility-Press Release; Staff Report; and Statement by the Executive Director for Senegal
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Volume/Issue: Volume 2023 Issue 250
Publication date: July 2023
ISBN: 9798400247460
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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , Environmental Economics , Public Policy- Environmental Policy , authorities' fiscal policy goal , Senegalese authorities , policy reform , EFF request , RSF arrangement , ECF-supported program , Climate change , Budget planning and preparation , Global , West Africa

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Summary

This paper presents Senegal’s Requests for an Extended Arrangement under the Extended Fund Facility (EFF), an Arrangement under the Extended Credit Facility (ECF), and an Arrangement under the Resilience and Sustainability Facility (RSF). The Senegalese economy has been severely impacted by different shocks including the rising food and energy prices, tightening financial conditions, weaker external demand, and the US dollar appreciation. The EFF/ECF-supported program will help meet Senegal’s protracted balance of payment needs and address macroeconomic imbalances. Policy priorities under the EFF/ECF program include reducing debt vulnerabilities by embarking on a growth-friendly fiscal consolidation, strengthening governance, and delivering a more inclusive and job-rich growth. The RSF aims to tackle longer-term structural challenges related to climate change and the implementation of climate policies. The RSF will support Senegal's climate change mitigation objectives, accelerate the country’s climate change adaptation, and support work to mainstream climate change considerations into the budget process.