Senegalese President Faye Welcomes IMF Support Following Public Finance Audit

Senegalese President Bassirou Diomaye Faye has expressed appreciation for the International Monetary Fund’s (IMF) collaboration following the provisional results of an audit of public finances covering the period 2012-2024.

This comes after the IMF expressed its support for the audit process, with spokesperson Julie Kozack commending the government’s commitment to enhancing governance and budget transparency.

Kozack confirmed that the Senegalese authorities have shared the audit results with the IMF, and the institution plans to work closely with the government to assess the macroeconomic impact and determine next steps.

The audit revealed a budget deficit of 10.4% of GDP, much higher than the initially projected 5.5%, and a public debt standing at 76.3% of GDP, instead of the previously reported 65.9%. These figures have sparked controversy, with opposition figures and media outlets questioning the accuracy of the government’s data.

Senegal’s Minister of Economy, Planning and Cooperation, Abdourahmane Sarr, highlighted that central government debt at the end of 2023 amounted to 15,664 billion FCFA, or 83.7% of GDP, far exceeding initial estimates.

 

In response, the government has committed to reducing public debt to below 70% of GDP and bringing the budget deficit down to 3%, in line with West African Monetary Union (WAMU) obligations.

Measures, including a review of externally financed projects and a reduction in energy subsidies, are being implemented to improve the country’s financial stability. President Faye emphasized his dedication to positioning Senegal as a “safe and reliable partner” on the international stage.

 

 

 

 

 

 

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