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ADB Director General for South Asia Kenichi Yokoyama explains ADB’s efforts in South Asia in building human capital to empower people, create resilient and sustainable societies, and foster equitable economic growth.
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IMF Staff and Senegal Reach Staff-Level Agreement on Third Review Under Policy Coordination Instrument and on a New 18-Month
End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
The IMF team has reached a staff-level agreement with the Senegalese authorities on economic and financial policies that could support approval of the third review under the Policy Coordination Instrument (PCI) and underpin an 18-month financing arrangement under the Stand-By Credit Facility (SCF) and Stand-By Arrangement (SBA), for a total amount of SDR 453 million (about US$ 650 mil
Since the discovery of major hydrocarbon reserves between 2014 and 2017, Senegal has been a strong advocate for positioning local content and capacity building as the key to unlocking industry growth. While Senegal does have existing local content requirements under its New Petroleum Code (Law No. 01 or 2019), the emerging petroleum player differentiates itself from other producers because it has the lead time to create local capacity in support of its oil and gas sector before it happens, rather than as an afterthought. In this sense, the country has placed a major focus on developing in-country financing capabilities necessary for training, up-skilling and engaging local companies and individuals.