{
  "title": "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",
  "publication": "IMF Staff Country Reports, June 27, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/06/27/senegal-fifth-review-under-the-policy-coordination-instrument-second-reviews-under-the-520104",
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  "summary": "This paper 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",
  "sections": [
    {
      "heading": "Summary overview",
      "content": "- 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.\n- Program performance was broadly satisfactory.\n- All but one end-December 2021 performance criteria and one of three indicative targets were met.\n- Four out of eight structural benchmarks were implemented on time.\n- Progress is ongoing to finalize the remaining structural benchmarks."
    },
    {
      "heading": "External shocks and spillovers",
      "content": "- The war in Ukraine and trade sanctions against Mali are having significant spillovers on Senegal.\n- Authorities are taking temporary and targeted measures to support the most vulnerable and to stabilize food prices, while preserving debt sustainability."
    },
    {
      "heading": "Policy priorities and recommendations",
      "content": "- Rebuilding buffers is critical through:\n  - an accelerated implementation of the domestic revenue mobilization strategy,\n  - prudent debt management,\n  - enhanced spending efficiency, notably by gradually phasing out subsidies and reducing recourse to single source procurement."
    },
    {
      "heading": "Program implementation details",
      "content": "- Performance criteria:\n  - All but one end-December 2021 performance criteria were met.\n- Indicative targets:\n  - One of three indicative targets was not met.\n- Structural benchmarks:\n  - Four out of eight structural benchmarks were implemented on time.\n  - Remaining benchmarks are in progress toward finalization."
    },
    {
      "heading": "Thematic coverage (as listed)",
      "content": "- Subject: Expenditure, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration\n- 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\n\n---\n\n Content in this bundle\n\n- 1senea2022003\n  - 1senea2022003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1senea2022003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 27, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400214219.002",
    "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.",
    "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.",
    "Rebuilding buffers is critical through:",
    "Performance criteria:",
    "Indicative targets:",
    "Structural benchmarks:",
    "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",
    "**1senea2022003**"
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