Restoring public finances on the basis of budgetary sincerity, without forgetting to bring to justice those who falsified the figures in order to present a rosy economic and financial image of the country for the period 2019-2023, is essential for the head of government, Ousmane Sonko. Facing the national and international press, the Minister of Economy, Planning and Cooperation, Abdourahmane Sarr, accompanied by the Ministers of Justice, Ousmane Diagne, of Higher Education, Abdourahmane Diouf, and the Secretary General of the Prime Minister, Ahmadou Al Aminou Lo, took stock of the situation of public finances, inherited from the outgoing regime of President Macky Sall. On the orders of the President of the Republic, Bassirou Diomaye Diakhar Faye, the report of the General Inspectorate of Finance, established in application of “law 20212-22 of December 27, 2012”, which transposed the directive of the UEMOA relating to the code of transparency in public finance management, reveals that Senegal’s public debt as well as the budget deficit are much higher than the figures published by the outgoing authorities and communicated to our partners during the period 2019-2023 . While waiting for the said report to be certified by the Court of Auditors in the coming weeks, the shortcomings observed appear to be extremely serious. Certainly, it is true that the political will for accountability and transparency displayed by the new authorities exposes the country to various risks, including the questioning of its signature, an increase in the yield of Senegal’s sovereign bonds, and threats to national security. However, complying with the principle of budgetary sincerity constitutes a safeguard against any deterioration in the economic outlook and guarantees the financial stability of the country.
Straightening public finances: a political credibility issue for Senegal
If the report of the Court of Auditors were to corroborate that of the General Inspectorate of Finance, it would be imperative for Senegal to restore its public finances in order to respect the budgetary principles of coherence, completeness and accuracy of the information provided . Furthermore, this would make it possible to start again on new bases, to reassure technical and financial partners, and to obtain a global vision of public accounting, essential for defining the strategic orientations and establishing the government’s priorities. Failure to comply would inevitably lead the country to bankruptcy, like Greece in the recent past, or other nations such as Somalia, Afghanistan, Haiti, Guinea-Bissau and the Democratic Republic of Congo, unable to guarantee the security of their citizens, with structurally dysfunctional institutions, public infrastructure in ruins, an almost non-existent national budget and a predominantly informal economy. In any case, the new authorities seem to be part of a dynamic of transparency, good governance of public resources and strengthening the confidence of their technical and financial partners. This orientation of the regime in place seems all the more promising in view of the country’s natural resource potential, notably gas, oil, mines, as well as the political stability and the vitality of its youth.
Moreover, Senegal remains a strategic partner for the Bretton Woods institutions, such as the World Bank and the International Monetary Fund, which are specifically looking for countries with characteristics similar to ours.
JEAN PIERRE MALOU
