IMF: Senegal cannot yet access the $2.2 billion, reasons revealed

The $2.2 billion program agreed at staff level between Senegal and the IMF cannot yet be submitted to the institution’s Executive Board. Zeine Zeidane, head of the IMF’s Africa Department, says official creditors must first provide financing assurances regarding the treatment of Senegal’s debt. Those assurances could be considered sufficient if members of the G20 official creditors committee approve Senegal’s proposal; final restructuring agreements are not required at this stage. Senegal will then need to negotiate individual agreements with creditors, a process existing tools could help speed up.