The legislative elections went well, thus confirming the political maturity of the Senegalese people.. The country has always shown its resilience. For some time now, there has also been reassuring news on the economic front.
MARKET CONFIDENCE
The price of Senegal’s sovereign debt increased this Monday, November 18, according to Tradeweb data, while the bonds of most other African countries lost ground. The yield on its 2033 dollar bond was down about 10 basis points at 1145 GMT at 9.28%. Which reflects a gradual return of market confidence.
This beautiful improvement crowns the significant clues that I announced to you last week relating to the following facts:
1 an increase in collections of more than 200 billion in September compared to August,
2 a reduction in State operating costs of around 134 billion representing 10.1%;
3 an effective revival of exports and a reduction in the rate of imports;
4 a satisfactory start to oil production which reached 100,000 barrels per day which brings in more than 150 billion FCFA per year to the State;
5 a recovery of the fishing potential hitherto sold off to the European Union;
6 without forgetting the responsibility shown by the authorities by forgoing a disbursement from the IMF while waiting in particular to renegotiate the conditions relating to the current program designed by the outgoing government.
The Prime Minister had, during a press conference, staunchly maintained that the initiative for the suspension of disbursements came from Senegal and had called the IMF as witness, which has not denied it to this day. So for me, the debate consisting of wanting to falsely show that the Fund stopped disbursement of its own accord is biased.
Removal from the FATF gray list
2025 should be the year we begin to realize our economic ambitions with 3 major orientations :
1 viable economic projects built around the policy of import substitution and the revival of exports,
2 a general mobilization of the Senegalese around the endogenous financing of their economy;
3 a saving return of the strategic State and military genius in our development actions;
We usefully recall some other avenues :
1 broaden the tax base,
2 renegotiate shaky contracts,
3 ensure intelligent accountability,
4 reduce the state’s lifestyle;
5 strengthen the quality of public spending and choose the best funded projects;
6 adopt effective strategies for governance and the fight against impunity;
7 renegotiate the debt at the WAEMU level.
Magaye Gaye, economist, international
former official at BOAD
