The Executive Board of the International Monetary Fund approved a 3-year Extended Credit Facility and Extended Fund Facility for about $1.51 billion with Senegal, and a $324 million arrangement under the Resilience and Sustainability Facility, the IMF said on Monday.

The EFF/ECF program will help address macroeconomic imbalances while the RSF arrangement will help with longer-term challenges related to climate change, the fund said.

The board's decision allows for an immediate disbursement of about $216 million under the EFF/ECF, the IMF said.

(Reporting by Rodrigo Campos)