Ratings agency Standard & Poor’s (S&P) confirmed on December 16, the long and short term sovereign debt rating, both in the local and foreign currencies, of Senegal at B+/B with stable outlook.

S&P said in a statement that Senegal’s economic growth should remain strong due to public and private investments as well as reforms planned in the framework of the Plan Senegal Emergent (PSE). This growth should be around 6.6% for the 2015-2019 period, against 3.5% average between 2011 and 2014.

However, associated risks are many. These include an extended drought or a slump in prices of the country’s main export commodities.

The agency added that Senegal’s ratings are impaired by the low level of revenues per habitant ($1,000 in 2016) and a limited monetary flexibility. It also said the global public deficit decreased to 4.2% of GDP in 2016, against 4.8% in 2015 and 5.8% average in 2011-2014. The government’s goal is to achieve WAEMU’s standard, knowingly 3%, a year before 2019 which is the deadline.

S&P indicated that Senegal’s stable outlook reflects its forecasts for a strong and sustainable growth, progressive budget consolidation, next year.