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Economic and financial program: the IMF grants 1,150 billion FCFA to Senegal

16/05/2023
Source : ORISHAS FINANCE
Categories: Economy/Forex

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The International Monetary Fund ( Old Style”, "Serif"">IMF ) provide the Senegalese government with funding from 1.150 billion FCFA. This funding will allow the implementation of a three-year economic and financial program (June 2023 and June 2026). The information comes from a press release from the Ministry of Economy and Finance.

The first phase of the IMF-financed project will consist in strengthening the mobilization of tax revenues to achieve at least “a tax pressure rate of 20% by 2025.” It aims to reach a Community budget deficit target of 3% by this deadline. To achieve this, debt control actions will be strengthened with the aim of accelerating the fall in the current stock of 68.2% of GDP (i.e. below the Community ceiling of 70%). According to the Senegalese State, the debt of public and parapublic companies, estimated at 7.8% of GDP, will also be “subject to particular monitoring

”.
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