2024-10-05 12:37:17
The recent revision of Senegal’s financial rating by the Moody’s agency marked a crucial point for the country. The rating was lowered from Ba3 to B1 with monitoring, mainly due to the increase in the budget deficit and public debt between 2019 and 2023. Faced with this situation, the Senegalese government had already commissioned a financial audit. public, the first results of which were published in September 2024.
In response to this review, the Ministry of Finance and Budget reaffirmed its determination to implement a set of ambitious reforms. The main objective of these reforms is to significantly reduce the budget deficit from 2025, in line with international commitments made within UEMOA and ECOWAS. This plan also aims to stabilize the national economy while gradually reducing the level of debt.
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At the same time, structural reforms will be put in place to strengthen the integrity of public finances and optimize their management, in accordance with international standards. These measures will include the integration and digitalization of financial systems as well as the strengthening of control mechanisms to improve decision-making. Cooperation with international partners such as the World Bank, the IMF, the BCEAO and the BOAD will remain a central element of this strategy, with particular emphasis on rigorous debt management, governance and transparency of budgetary processes.
The government is also committed to clear and regular communication with all stakeholders. Frequent updates will be distributed through official channels to inform the population of progress made and actions taken throughout this process.
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