Senegal’s economic recovery plan gains momentum amid FMI scrutiny

Cheikh Diba, Senegal’s Finance Minister, recently addressed the National Assembly, revealing that the Economic and Social Recovery Plan (PRES) has generated 63.4 billion CFA francs so far this year. These figures were disclosed during intense negotiations with the International Monetary Fund (FMI), prompting Waly Diouf Bodian, a key advisor to Prime Minister Ousmane Sonko, to vigorously defend the government’s financial strategy.

PRES targets 762.6 billion CFA francs in 2026

The PRES, unveiled on August 1, 2024, outlines a broader agenda to mobilize 5,667 billion CFA francs between 2025 and 2028. For 2026 alone, the government aims to secure an additional 762.6 billion CFA francs in revenue through the initial budget law. Currently, 63.4 billion has been collected, including 7.9 billion from customs revenues, leaving nearly 700 billion CFA francs still to be recovered to meet the annual target.

With Senegal facing significant financial strain, the FMI is closely monitoring the country’s fiscal trajectory. The government’s ability to meet revenue targets will heavily influence ongoing discussions about a potential support program with the Bretton Woods institution.

Government counters skepticism over revenue collection

Amid criticism questioning the pace of revenue collection, Waly Diouf Bodian pushed back, asserting that the plan is generating between 15 and 20 billion CFA francs monthly. He emphasized that upcoming measures targeting land reforms and money transfers are expected to yield increasingly significant results in the coming months.

The government will face scrutiny this week during a parliamentary session focused on current affairs. Key discussions will center on the actual revenue trajectory of the PRES compared to the quarterly targets set in the budget law.