## Senegal: Staff Report for the 2001 Article IV Consultation, First Review Under the Third Annual Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria

_IMF Staff Country Reports, October 24, 2001_

## Source details

**Canonical URL:** [Senegal: Staff Report for the 2001 Article IV Consultation, First Review Under the Third Annual Arrangement Under the Poverty Reduction and Growth Facility, and Request for Waiver of Performance Criteria](https://www.imf.org/en/publications/cr/issues/2016/12/30/senegal-staff-report-for-the-2001-article-iv-consultation-first-review-under-the-third-15430)

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## Bibliographic details
- Published: October 24, 2001
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451833867.002

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### Summary findings
- Faced with a tight liquidity situation at the treasury, the government of Senegal has implemented a tight spending regime to avoid a substantial drawing on the statutory advances at the Central Bank of West African States (BCEAO).
- Weaknesses in accounting for public funds, as well as the delays in structural reforms, have had fiscal repercussions.
- Credit growth has reflected the financing needs of the agricultural sector and the buildup of arrears in the energy sector.
- Recent developments have exacerbated the risk concentration problem in the loan portfolio of the local banking system.

### Policy issues and implications
- Fiscal policy: Tight spending regime adopted to contain treasury liquidity pressures and avoid substantial use of BCEAO statutory advances.
- Public financial management: Weaknesses in accounting for public funds are creating fiscal repercussions and complicating fiscal control.
- Structural reforms: Delays in implementing structural reforms are contributing to fiscal stress.
- Financial sector risks: Credit growth tied to agricultural financing and energy sector arrears has increased risk concentration in local bank loan portfolios.

### Subjects and keywords
- Subjects: Agricultural commodities, Bank credit, Banking, Commodities, Credit, Expenditure, Fiscal policy, Fiscal stance, Money
- Keywords: Agricultural commodities, audit report, Bank credit, CR, Credit, financial situation, Fiscal stance, groundnut company, ISCR, PRGF arrangement, sound PRSP, Sub-Saharan Africa, West Africa

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/30/senegal-staff-report-for-the-2001-article-iv-consultation-first-review-under-the-third-15430_