The International Monetary Fund (IMF) boosted financial support for Senegal under the Exogenous Shocks Facility (ESF) by $186 million today and extended the ESF arrangement by six months, to 18 months to help finance the balance-of-payments impact of the global economic crisis. Senegal can draw $50 million immediately.
"Exogenous shocks" are the food prices and other impacts of the high oil prices that buffetted Senegal in the last year. Some questionable government budgeting resulted including failure to pay private contractors for infrastructure. The IMF says those practices have been reformed, but wants to make sure they stay that way.
The IMF says the financial and budget reforms will help gain investment for Senegal while it weathers the international economic slowdown that has started to hit the country.
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