https://en.sputniknews.africa/20241228/senegal-plans-to-reduce-budget-deficit-to-3-by-2027-through-fiscal-reforms--cuts-in-spending-1069929753.html
Senegal Plans to Reduce Budget Deficit to 3% by 2027 Through Fiscal Reforms & Cuts in Spending
Senegal Plans to Reduce Budget Deficit to 3% by 2027 Through Fiscal Reforms & Cuts in Spending
Sputnik Africa
The reforms that the government plans to implement will be difficult, but they form the basis of our new budgetary and financial governance, the general policy... 28.12.2024, Sputnik Africa
2024-12-28T13:06+0100
2024-12-28T13:06+0100
2024-12-28T13:06+0100
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From 2025, Senegal will take measures to reduce government spending and implement a comprehensive fiscal reform plan aimed at reducing its public debt and improving tax efficiency, Prime Minister Ousmane Sonko, whose PASTEF party won a landslide victory in November's legislative elections, said in the general policy statement issued on Friday.Key elements of fiscal reform include broadening the tax base while lowering average tax rates, combating tax evasion and corruption, according to the statement.The government also aims to significantly reduce public debt from last year's 80% of GDP by 2029, Sonko stated.
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senegal, west africa, debt, gdp, economy, taxes, reforms, policy, government, prime minister, budget
senegal, west africa, debt, gdp, economy, taxes, reforms, policy, government, prime minister, budget
Senegal Plans to Reduce Budget Deficit to 3% by 2027 Through Fiscal Reforms & Cuts in Spending
Elizaveta Roschina
Writer/Editor
The reforms that the government plans to implement will be difficult, but they form the basis of our new budgetary and financial governance, the general policy statement said.
From 2025, Senegal will take measures to reduce government spending and implement a comprehensive fiscal reform plan aimed at reducing its public debt and improving tax efficiency, Prime Minister Ousmane Sonko, whose
PASTEF party won a landslide victory in November's legislative elections, said in the general policy statement issued on Friday.
"They [the reforms] will enable us to embark on a new budgetary trajectory, which will combine a gradual consolidation towards a budget deficit of 3% within a maximum of three years, and a controlled assumption of structural and production support investments, as well as sensitive social and climate-related expenditure," Sonko noted.
Key elements of
fiscal reform include broadening the tax base while lowering average tax rates, combating tax evasion and corruption, according to the statement.
"Rationalizing the way of life of the state is another important part of the government's work. In 2024, government spending will account for 16% of GDP and 53% of all government spending, leaving little room for public investment," the prime minister added.
The government also aims to significantly reduce public debt from last year's 80% of GDP by 2029, Sonko stated.
"Consequently, the current level of public debt, which has reached proportions that are difficult to sustain, should be reduced to below 70% by 2029 at the latest," the policy statement read.
