{
  "title": "IMF Executive Board Completes Fourth Review Under the Policy Support Instrument (PSI) and Extends Arrangement for Senegal",
  "publication": "IMF News, June 26, 2017",
  "sourceUrl": "https://www.imf.org/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal",
  "canonical": "https://www.imf.org/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal",
  "overlayPath": "/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/index.md",
  "summary": "<p> June 26, 2017 </p>",
  "publishDate": "2017-06-26",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Press Release No. 17/250\n- Date: June 26, 2017\n- The Executive Board completed the fourth review of Senegal’s economic performance under a program supported by the Policy Support Instrument (PSI).\n- The Board approved the authorities’ request for a one-year extension of the PSI arrangement.\n- The PSI for Senegal was approved on June 24, 2015."
    },
    {
      "heading": "Macroeconomic performance and outlook",
      "content": "- Under the Plan Sénégal Emergent (PSE), growth increased steadily to 6.7 percent in 2016.\n- Inflation remained low in 2016.\n- The fiscal deficit fell to 4.2 percent of GDP in 2016.\n- Senegal is projected to meet the West African and Monetary Union convergence criteria of 3 percent of GDP in 2018, one year earlier than mandated.\n- Statement by Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair: “Senegal’s economic outlook is broadly positive and risks remain manageable.”"
    },
    {
      "heading": "Program aims and policy focus",
      "content": "- The program aims to implement economic policies and structural reforms needed to sustain strong growth and ongoing fiscal consolidation to meet the regional fiscal criteria.\n- The PSI supports authorities’ reform efforts to increase growth while maintaining economic stability.\n- To achieve PSE goals of sustaining high growth and reducing poverty over the medium term, authorities are committed to further reforms to facilitate private investment."
    },
    {
      "heading": "Structural reforms and investment promotion",
      "content": "- Reforms needed to facilitate private investment include:\n  - Implementation of high quality infrastructure projects.\n  - Strengthening the business environment by reducing energy costs.\n  - Strengthening governance.\n  - Implementing judicial and land reforms.\n- A Special Economic Zone (SEZ) with high standards of economic governance and low tax rates could act as a catalyst to attract high levels of private investment."
    },
    {
      "heading": "Fiscal policy, revenue, and public investment",
      "content": "- Authorities have implemented important fiscal reforms to support ongoing consolidation while increasing public investment.\n- Consolidation achieved through containment of public consumption, including the wage bill.\n- To create further fiscal space for infrastructure spending, authorities are committed to:\n  - Increasing revenues through improving revenue administration.\n  - Lowering tax exemptions."
    },
    {
      "heading": "Debt management and public financial management",
      "content": "- Authorities recognize the importance of strengthening debt management to support fiscal sustainability.\n- Required reforms include:\n  - Addressing weaknesses in Treasury operations.\n  - Containing additional financing needs from the Post Office and civil service pensions.\n  - Improving public financial management."
    },
    {
      "heading": "Executive Board assessment and priorities",
      "content": "- Continued implementation of sound policies and reforms is important to sustain high growth and meet Senegal’s development objectives.\n- Priority areas identified:\n  - Strengthen implementation of reforms to improve the quality of public investment and promote private investment.\n  - Address weaknesses in Treasury operations to ensure fiscal sustainability."
    },
    {
      "heading": "Contact and press information",
      "content": "- IMF Communications Department, MEDIA RELATIONS\n- PRESS OFFICER: Lucie Mboto Fouda\n- Phone: +1 202 623-7100\n- Email: MEDIA@IMF.org\n\nIMF Executive Board Completes Fourth Review Under the Policy Support Instrument (PSI) and Extends Arrangement for Senegal — Press Release No. 17/250, June 26, 2017\n\n---\n\n\n References\n\n- The Executive Board\n- Mitsuhiro Furusawa\n- PRESS CENTER\n- Press Release No. 15/297\n- http://www.imf.org/external/np/exr/facts/psi.htm\n- http://www.imf.org/external/np/sec/misc/qualifiers.htm\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal"
    }
  ],
  "bullets": [
    "[Markdown version](/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/index.md)",
    "[Structured JSON version](/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/index.json)",
    "[Bundle manifest](/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/bundle-manifest.json)",
    "Published: June 26, 2017",
    "Press Release No. 17/250",
    "Date: June 26, 2017",
    "The Executive Board completed the fourth review of Senegal’s economic performance under a program supported by the Policy Support Instrument (PSI).",
    "The Board approved the authorities’ request for a one-year extension of the PSI arrangement.",
    "The PSI for Senegal was approved on June 24, 2015.",
    "Under the Plan Sénégal Emergent (PSE), growth increased steadily to 6.7 percent in 2016.",
    "Inflation remained low in 2016.",
    "The fiscal deficit fell to 4.2 percent of GDP in 2016.",
    "Senegal is projected to meet the West African and Monetary Union convergence criteria of 3 percent of GDP in 2018, one year earlier than mandated.",
    "Statement by Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair: “Senegal’s economic outlook is broadly positive and risks remain manageable.”",
    "The program aims to implement economic policies and structural reforms needed to sustain strong growth and ongoing fiscal consolidation to meet the regional fiscal criteria.",
    "The PSI supports authorities’ reform efforts to increase growth while maintaining economic stability.",
    "To achieve PSE goals of sustaining high growth and reducing poverty over the medium term, authorities are committed to further reforms to facilitate private investment.",
    "Reforms needed to facilitate private investment include:",
    "A Special Economic Zone (SEZ) with high standards of economic governance and low tax rates could act as a catalyst to attract high levels of private investment.",
    "Authorities have implemented important fiscal reforms to support ongoing consolidation while increasing public investment.",
    "Consolidation achieved through containment of public consumption, including the wage bill.",
    "To create further fiscal space for infrastructure spending, authorities are committed to:",
    "Authorities recognize the importance of strengthening debt management to support fiscal sustainability.",
    "Required reforms include:",
    "Continued implementation of sound policies and reforms is important to sustain high growth and meet Senegal’s development objectives.",
    "Priority areas identified:",
    "IMF Communications Department, MEDIA RELATIONS",
    "PRESS OFFICER: Lucie Mboto Fouda",
    "Phone: +1 202 623-7100",
    "Email: MEDIA@IMF.org",
    "[The Executive Board](http://www.imf.org/external/np/sec/memdir/eds.aspx)",
    "[Mitsuhiro Furusawa](http://www.imf.org/external/np/omd/bios/mf.htm)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Press Release No. 15/297](http://www.imf.org/external/np/sec/pr/2015/pr15297.htm)",
    "[http://www.imf.org/external/np/exr/facts/psi.htm](http://www.imf.org/external/np/exr/facts/psi.htm)",
    "[http://www.imf.org/external/np/sec/misc/qualifiers.htm](http://www.imf.org/external/np/sec/misc/qualifiers.htm)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
  ],
  "alternates": {
    "markdown": "/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/index.md",
    "json": "/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/index.json",
    "bundleManifest": "/en/news/articles/2017/06/26/pr17250-imf-executive-board-completes-fourth-review-under-the-psi-for-senegal/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-25T20:58:45.147Z"
}