Senegal: First Reviews Under the Extended Fund Facility, the Extended Credit Facility, and the Resilience and Sustainability Facility Arrangements, Requests for Modification of the Quantitative Performance Criteria and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Senegal

This paper presents Senegal’s First Reviews under the Extended Fund Facility, The Extended Credit Facility, and the Resilience and Sustainability Facility (RSF) Arrangements, Requests for Modification of the Quantitative Performance Criteria Rephasing of Access. The Senegalese economy continues to face headwinds as it recovers from the coronavirus disease 2019 pandemic. The Senegalese economy continues to face headwinds. Some of the downside risks identified at the time of the program request are materializing, leading to a downward revision of growth and higher inflation projected for 2023/24. Near-term risks remain titled to the downside, but medium-term prospects remain favorable with appropriate policies and the start of hydrocarbon production. Significant progress has been achieved in implementing structural reforms. The authorities are implementing the structural reforms agreed under the program, including steps to strengthen revenue administration and public financial management, enhance governance and improve the anti-corruption frameworks. Reforms agreed under the RSF are being implemented steadily.