Senegal participated in the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank which took place in the period from October 21 to 26, 2024. During these Annual Meetings, Senegal maintained responsible communication with – vis-à-vis partners, investors and institutions to provide accurate information on the transparency process initiated by the Government in order to preserve the trust that our country enjoys within the community of partners. These Annual Meetings were intense moments
in-depth exchanges and constructive dialogue on Senegal’s commitment to transparency and the redefinition of its commitments in terms of good governance.
Washington, October 26, 2024
1. A delegation led by the Minister of Finance and Budget, Mr. Cheikh DIBA, and including the Minister of Economy, Planning and Cooperation, the Minister of Trade and Industry, the Minister of Energy, Oil and Mines, the Minister, Secretary General of the Government and the National Director of the BCEAO for Senegal
with the presence of the Minister-Counsellor at the Embassy of Senegal in Washington, represented Senegal at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, which took place in the period from October 21 to 26 2024.
2. These annual meetings which bring together all world decision-makers served as a framework for the Senegalese government to meet development partners, investors and rating agencies, in order to strengthen relations with the investment community and consolidate existing partnerships. . In the current context, they also made it possible to reaffirm Senegal’s commitment to establishing governance based on transparency in the management of public resources.
3. Brief reminder of the context: The context of these assemblies is firstly the publication of the provisional results of the public finance audit. This audit was welcomed by the community of partners who nevertheless questioned Senegal’s capacity to restore the situation. It was an opportunity for the Senegalese delegation to reassure about the credible and realistic corrective measures envisaged. This message and the relevance of the budgetary consolidation trajectory reassured partners and preserved confidence, especially in relation to the stated desire for transformation, while reaffirming the solid foundations of the country. The objective of this transparency: starting from a situation of
reliable reference for establishing sound management of public finances, in accordance with the promises of good governance made to citizens and driving a dynamic of sustainable development.
4. The Annual Meetings provided a valuable forum to explain this bold approach to partners and investors, clarifying the legal and regulatory reasons that led to this audit and transparency decision. Senegal, with its robust foundations, will continue to honor its commitments.
5. The context of the Annual Meetings is also marked by the adoption of a new public policy framework which sets out a “Vision 2050” for a sovereign, just and prosperous Senegal. This vision, which has ten-year and five-year variations, relies on various growth drivers and the development of sectors at the level of the territorial centers to be put in place. This vision is based on four (04) pillars with, as an overall objective: the promotion of endogenous and sustainable development driven by empowered territories.
6. The partners unanimously welcomed the adoption of a new framework, recognized its relevance and expressed their availability to support its implementation.
7. Overall, clear messages focused on recent developments were formulated in particular: i) the commitment of the new authorities to greater transparency through the publication of the results of the provisional report on the situation of public finances in application of legal provisions and regulatory and ii) the
presentation of the new public policy framework “Vision Senegal 2050”, coherent, viable and competitive, and laying the foundations of economic sovereignty.
8. Important and strategic meetings were held, in particular with American authorities such as the American Department of the Treasury, the Department of State and the US-DFC; the French Treasury, the World Bank, the IMF, the subsidiaries of the IDB Group AFreximbank and other technical and financial partners, investors
international organizations and rating agencies, notably Moody’s.
9. Discussions with the World Bank made it possible to address Senegal’s development priorities, with a focus on economic reforms, digitalization and improving economic competitiveness. Senegal also took part in the African Caucus meeting, where African priorities such as access to energy and
financing of intra-African trade, were discussed.
10. Discussions with the IMF focused on the audit of public finances, a voluntary transparency exercise carried out by Senegal to lay the foundations for sound governance. The discussions also focused on updating the macroeconomic framework and the guidelines for the corrective measures envisaged.
11. Meetings with the international investor community, notably the Development Finance Corporation (DFC) and other partners, to explore investment opportunities in the priority sectors of the new economic policy framework, notably technology, agriculture, industrialization and oil and gas. These meetings made it possible to request a strengthening of partnerships to support Senegalese SMEs and banks and to attract financing for the priority projects of Vision Senegal 2050.
12. At the end of these assemblies, the Senegalese government reaffirms its commitment to work closely with its partners to implement Vision Senegal 2050, through key projects and private sector development. These Annual Meetings therefore marked a decisive step in the consolidation of the international relations of the
Senegal.
13. In a context of reviving economic activity, Senegal is aware of the need for profound reforms and a lasting improvement in its governance. The discussions allowed the Senegalese delegation to reassure the international community of Senegal’s commitment to implementing the necessary reforms. This effort at transparency, recognized and hailed as an act of courage, has strengthened the support of partners who are now encouraging Senegal to identify and implement concrete and credible reforms. These actions will ensure that Senegal continues to benefit from the trust and support of partners.
14. The American authorities welcomed Senegal’s transparency approach, offering their support to accompany this economic transition in collaboration with the World Bank and the IMF, with a focus on the infrastructure sectors, food security, tourism and digitalization. . They also recommended improvements to the business environment to attract foreign investment and strengthen the role of the private sector in the country’s economic development. On the financial market side, financial institutions expressed their support for Senegal for its transparency efforts in the management of public finances and renewed their interest in mobilizing resources in 2024-2025.
Ministry of Finance and Budget
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