Senegal secures more IMF funds

WASHINGTON, March 8 (UPI) -- The International Monetary Fund Tuesday approved lending Senegal $5.3 million to tackle poverty.

The IMF had approved a loan worth $37 million to Senegal in April 2003. With the latest funds, the country has so far borrowed $15.9 million of the total available funds. The remaining sum will be available until April 2006 if Senegal continues to adhere to the IMF's stringent loan program of fiscal discipline.

"The Senegalese authorities managed the economy well in 2003 and 2004 ... the macroeconomic outlook for 2005 appears favorable," said the IMF's deputy managing director Agustin Carstens. "The authorities should strive to maintain low budget deficits, collect revenue efficiently, and tighten control on current expenditure to allow for measured increases in capital and pro-poor spending."