The IMF approved a loan of about two billion dollars for Senegal In order to aid Senegal's economic recovery and safeguard it against ...

 

The IMF approved a loan of about two billion dollars for Senegal

In order to aid Senegal's economic recovery and safeguard it against any future problems, the International Monetary Fund (IMF) has agreed to grant the nation a loan of $1.08 billion.

Following an Executive Committee meeting, the IMF released a statement announcing that the first tranche of funding for the West African nation will start at around 216 million dollars.

The three-year financing will help Senegal in its efforts to combat climate change's effects.

According to the IMF, the conflict between Russia and Ukraine has made it more difficult for the nation to recover from the Corona virus, which has caused a rise in borrowing and a decline in national savings.