Senegal: Fifth Review Under the Policy Coordination Instrument, Second Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Requests for Augmentation of Access, Waiver of the Nonobservance of a Performance Criterion, and Modification of a Performance Criterion and Quantitative Targets-Press Release; Staff Report; and Statement by the Executive Director for Senegal

IMF Staff Country Reports, June 27, 2022

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Senegal: Fifth Review Under the Policy Coordination Instrument, Second Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Requests for Augmentation of Access, Waiver of the Nonobservance of a Performance Criterion, and Modification of a Performance Criterion and Quantitative Targets-Press Release; Staff Report; and Statement by the Executive Director for Senegal

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Bibliographic details

• Published: June 27, 2022
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400214219.002

Summary overview

• Presents Senegal’s Fifth Review under the Policy Coordination Instrument, Second Reviews under the Stand-By Arrangement and the Arrangement under the Standby Credit Facility, and Requests for Augmentation of Access, Waiver of the Nonobservance of a Performance Criterion, and Modification of a Performance Criterion and Quantitative Targets.
• Program performance was broadly satisfactory.
• All but one end-December 2021 performance criteria and one of three indicative targets were met.
• Four out of eight structural benchmarks were implemented on time.
• Progress is ongoing to finalize the remaining structural benchmarks.

External shocks and spillovers

• The war in Ukraine and trade sanctions against Mali are having significant spillovers on Senegal.
• Authorities are taking temporary and targeted measures to support the most vulnerable and to stabilize food prices, while preserving debt sustainability.

Policy priorities and recommendations

• Rebuilding buffers is critical through:
  • an accelerated implementation of the domestic revenue mobilization strategy,
  • prudent debt management,
  • enhanced spending efficiency, notably by gradually phasing out subsidies and reducing recourse to single source procurement.

Program implementation details

• Performance criteria:
  • All but one end-December 2021 performance criteria were met.
• Indicative targets:
  • One of three indicative targets was not met.
• Structural benchmarks:
  • Four out of eight structural benchmarks were implemented on time.
  • Remaining benchmarks are in progress toward finalization.

Thematic coverage (as listed)

• Subject: Expenditure, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration
• Keywords: Energy subsidies, Global, Government debt management, IMF staff calculation, IMF's transparency policy, Policy discussion, policy trade-off, program statement, Senegalese authorities, West Africa

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