Dakar, Dec 17 (APS) – The National Credit Council of Senegal stressed on Thursday the need to pay particular attention in public policies to the lifting of constraints that could hinder the financing capacities of the economic recovery of credit institutions. and financial institutions.

“Given the marked uncertainties regarding the evolution of the Covid-19 pandemic as well as the downside risks weighing on economic activity, the Council recommended that particular attention be paid, in public policies, to the lifting of constraints that could hinder the financing capacities of economic recovery by credit establishments and micro-finance institutions”, reports the structure in a press release.

The document sanctioning the 30th meeting of the CNC of Senegal, a structure under the national management of the Central Bank of West African States (BCEAO) evokes at the same time the importance of accelerating structural reforms, in particular with regard to the resolution of commercial disputes, able to guarantee the consolidation of the business climate in relations between the financial sector and its customers.

The CNC, organized by videoconference, also took note of the recent situation of the banking system and the microfinance sector, marked by good resilience of credit institutions in the face of the impacts induced by the Covid-19 pandemic on economic activity. .

On the other hand, microfinance institutions, despite reassuring credit indicators, are characterized by high sensitivity to the impact of the pandemic, the press release reports.

It indicates that the financing of economic activities has held up relatively well, mainly for the benefit of the public sector, in connection with the support measures taken by the BCEAO and the National Authorities to mitigate the impact of the slowdown in economic growth on customers of the financial sector.

“Compared to the end of December 2019, jobs in credit institutions increased by 8.2% at the end of October 2020 and those of microfinance institutions stagnated at the end of September 2020”, noted the CNC.

He thus hailed ''a controlled impact of the crisis on the compliance, with the set standards, of the banking establishments subject to it and of the large micro-finance institutions''.

The CNC of Senegal held its thirtieth meeting by videoconference, under the chairmanship of Moussa Touré, Director of Money and Credit, member of the Monetary Policy Committee (CPM) of the BCEAO , representing the Minister of Finance and Budget, President statute of the CNC.