Senegal Resident Representative Site
Resident Representative Office in Senegal
This web page provides information in on the activities of the Office, views of the IMF staff, and the relations between Senegal and the IMF. Additional information can be found on Senegal and IMF country page, including official IMF reports and Executive Board documents in English and French that deal with Senegal.
News and Highlights
IMF Managing Director Dominique Strauss-Kahn says Africa will not be spared the consequences of the global crisis and that the significant gains many countries have made in recent years in the fight against poverty are now at risk.
Although Africa will grow by more than 3 percent in 2009, the continent is likely to be hard hit by the global economic downturn, threatening to set back progress made across the region in recent years, the IMF says.
Senegal and The IMF
Press Release: IMF Mission and Senegal Reach Staff-Level Agreement on the Program under the Policy Support Instrument
Senegal on the Way to an Emerging Economy: Transformation, Inclusiveness, Equity by Christine Lagarde, IMF Managing Director
February 2, 2015
Low-income economies aspiring to make a decisive stride toward middle-income status may learn a lot from the experience of peer countries that have made the move, brainstorming participants conclude at an event at IMF headquarters in Washington, D.C.
Press Release: Statement by IMF Managing Director Christine Lagarde at the Conclusion of a Visit to Senegal
Regional Economic Outlook for Sub-Saharan Africa
Sub-Saharan Africa's economy is set to register another year of solid growth, although the expansion will be at the lower end of the range registered in recent years, mainly reflecting the severe impact of the sharp decline in oil prices on the region's oil exporters. In a context of tightening global financial conditions, the large fiscal and current account deficits that prevail in some countries could leave them vulnerable to a potential reduction in external financing. An uneven global recovery and domestic security-related challenges are also risks to the outlook. Against this backdrop, and beyond the immediate effects of the current shock, further progress toward diversification and structural transformation remains crucial to sustain high and inclusive growth, generate jobs for the rapidly growing young population, and foster integration into global value chains.
Pan-African Banking : Opportunities and Challenges for Cross-Border Oversight
Pan-African banks are expanding rapidly across the continent, creating cross-border networks, and having a systemic presence in the banking sectors of many Sub-Saharan African countries. These banking groups are fostering financial development and economic integration, stimulating competition and efficiency, introducing product innovation and modern management and information systems, and bringing higher skills and expertise to host countries. At the same time, the rise of pan-African banks presents new challenges for regulators and supervisors. As networks expand, new channels for transmission of macro-financial risks and spillovers across home and host countries may emerge. To ensure that the gains from cross border banking are sustained and avoid raising financial stability risks, enhanced cross-border cooperation on regulatory and supervisory oversight is needed, in particular to support effective supervision on a consolidated basis. This paper takes stock of the development of pan-African banking groups; identifies regulatory, supervisory and resolution gaps; and suggests how the IMF can help the authorities address the related challenges.
IMF Opens Africa Training Institute in Mauritius
The International Monetary Fund (IMF) on June 26, 2014 opened the Africa Training Institute (ATI) in Ebene, Mauritius, adding an important regional center to a global network of centers helping to develop countries' policymaking capacity by transferring economic skills and best practices.