The International Monetary Fund (IMF) and the Senegalese government will begin negotiations for a new support program, the institution announced in a statement on Tuesday.
Negotiations will begin at the IMF's spring meetings in Washington, April 10-16, and will continue at the end of April in Dakar, according to the Fund.
“Tax revenues were slightly lower than expected, while current expenditures exceeded the target,” due to increases in civil servant salaries and energy subsidies, said Edward Gemayel, head of the IMF mission in the country. country, cited in the statement.
The Fund also points out that public debt has already reached 75%, despite the fall in investment spending, and that the current account balance, which measures the flow of goods, services and investments in the country, has deteriorated. sharply due to the increase in the cost of imports, both energy and food.
The West African country has already obtained an aid program of 776 million dollars, the last disbursement of which was made last June.
But Senegal continues to face inflation of 9.7%, mainly due to the rise in food prices on the international market following the Russian invasion of Ukraine, which began in February 2022.
Growth last year was only 4%, although the IMF had twice lowered its forecasts throughout the year, first to 5% and then to 4.6%, due to declining agricultural yields and industrial activity.
By 2023, the Fund expects growth to reach 5% and inflation to return to the same proportions, and remains positive on medium-term forecasts.