Public Management

Senegal anticipates 20% surge in budget revenue for 2024

Tuesday, 28 November 2023 16:17
Senegal anticipates 20% surge in budget revenue for 2024

(Ecofin Agency) - The Senegal government forecasts its budget revenue for 2024 to be 20% higher than that in 2023. According to a statement from the Ministry of Finance, revenue forecasts for next year stand at CFA4,915.2 billion ($8.2 billion), compared to CFA4,096.4 billion in 2023.

Total expenditures, on the other hand, are projected at CFA5,755.4 billion in 2024, representing "an increase of CFA613.5 billion in absolute value and 11.9% in relative value," according to the statement. The 2024 Finance Act was adopted on November 18, for a total of of $11.67 billion. The government says it wants to "continue the country's progress and keep it on the path to emergence."

To achieve this, the Senegalese government intends to focus on the structural transformation of the national economy, ecological transition, strengthening human capital, social protection, quality public services, and youth employment.

In September, the International Monetary Fund revised its economic growth forecast for the country to 4.1%, down from a previous estimate of 5.3% for this year. According to the institution, the tense socio-political situation weighed on activity in the trade and services sectors in the first half of this year. However, for 2024, the country's real GDP growth is expected to reach 8.8%, driven by the start of oil and gas production, IMF said.

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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