Senegal’s government is set to deliver a long-awaited update on the country’s financial situation this Thursday, six months after taking office with promises of bold change. President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko, who were elected in March on a platform of social justice and pan-Africanism, raised hopes in the nation as they vowed to tackle issues like the rising cost of living and high unemployment.
Upon assuming office in April, President Faye tasked Sonko with conducting a comprehensive review of Senegal’s financial state. The findings from this review will be shared publicly on Thursday, as announced by Sonko’s office in a social media post. The press will be present to discuss the identified challenges and the government’s proposed measures to address what it describes as an “inherited situation.”
Senegal’s progress has faced obstacles, including an opposition-controlled parliament, but in mid-September, President Faye dissolved the national assembly and called for new legislative elections on November 17, aiming to push forward his policy agenda. At that time, Faye highlighted what he called a “serious deterioration” in public finances.
The country’s economic outlook has drawn concern from the International Monetary Fund (IMF), which recently warned that Senegal’s prospects for the rest of the year remain tough. Following a staff visit to the country, the IMF noted that revenue collections had dropped while spending on energy subsidies and interest payments had increased, leading to budgetary strain. The IMF urged the government to reduce public debt by reforming tax policies and phasing out costly energy subsidies.
The national statistics agency reported in September that unemployment had risen to 21.6% in the second quarter, a notable increase from the previous year. According to sources close to the government, Thursday’s review is meant to clarify Senegal’s current economic status, rather than outline a full strategy.
This financial review coincides with the creation of a new long-term economic framework. The government’s plan, titled “Senegal 2050 – National Agenda for Transformation,” aims to reshape the nation’s economy, focusing on building a sovereign and equitable future. The strategy will be officially launched on October 7.
In addition, details of a new development strategy for 2025-2029, released in Wednesday’s newspapers, emphasize a shift toward economic independence. The plan sets ambitious goals, including average growth of 6.5% over the period and stronger controls on Senegal’s rising debt levels.
