https://en.sputniknews.africa/20241215/senegals-2025-budget-aims-for-fiscal-recovery-after-imf-stalemate-1069719401.html

Senegal's 2025 Budget Aims for Fiscal Recovery After IMF Stalemate

Senegal's 2025 Budget Aims for Fiscal Recovery After IMF Stalemate

Sputnik Africa

IMF economic audits review a country's finances, providing independent assessments, identifying risks, and recommending policy adjustments. These audits are... 15.12.2024, Sputnik Africa

2024-12-15T10:31+0100

2024-12-15T10:31+0100

2024-12-15T10:31+0100

sub-saharan africa

senegal

economy

international monetary fund (imf)

west africa

bassirou diomaye faye

development

debt

debt restructuring

debt relief

https://cdn1.img.sputniknews.africa/img/07e8/0c/0f/1069719110_0:160:3072:1888_1920x0_80_0_0_e3a6f0784ba157dd598c2db1f33de9ce.jpg

Senegal's 2025 budget projects a 7% GDP deficit, a decrease from the 10% revealed in a 2023 audit that stalled its IMF program. This audit, commissioned by newly elected President Bassirou Diomaye Faye, showed a significantly larger deficit (over 10% versus the previously reported 5%), leading to higher bond yields and credit rating downgrades.The IMF program is not expected to resume before June 2025. The 2025 budget prioritizes prudent debt management, utilizing traditional donors and aiming to develop domestic financing, including a potential $2.41 billion diaspora bond market. A final audit report, expected in mid-December, will further refine the debt figures.To ensure debt sustainability and improve debt servicing, particularly in 2026 and 2027, Senegal plans to negotiate debt repayment terms with investors.

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senegal

west africa

2024

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senegal, economy, international monetary fund (imf), west africa, bassirou diomaye faye, development, debt, debt restructuring, debt relief, finance