(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.