On Monday, the International Monetary Fund (IMF) welcomed efforts made by the Senegalese government in implementing reforms planned under its 2015-18 financial and economic programme. This was reported in a statement from the ministry of finance. Backed by the Policy Support Instrument (PSI), the programme which has no financial support from IMF, aims at sustaining a solid growth of Senegal’s economy, through strong economic reforms.

According to the ministry, IMF’s approval attests of the trust of international community and is proof that technical and financial partners support its new strategy for economic and social development, the Emerging Senegal Plan.

IMF appraised Senegal for achieving a growth of more than 6.5% in the past two years, maintaining inflation down, same for its budget deficit (4.2% of GDP in 2016), constructing high-quality infrastructures and improving business environment, amongst others.

In addition, the institution also congratulated the country for controlling operational charges and wage levels as well as for efficiently managing debt. Next, the Bretton Wood lauded the government’s efforts to create favorable conditions to promote the growth of private sector and attract foreign direct investments (FDIs), through special economic zones.

Despite all the progress made, Senegal still have work to do to bring its budget deficit below 3% which is the standard of WAEMU.

This year, the country expects its GDP to grow by 6.7%.

Fiacre E. Kakpo