African Development Bank approves significant funding for Senegal's public finance reforms
The Board of Directors of the African Development Bank AfDB has approved approximately 20 billion FCFA in financial support for Senegal. This funding is intended to assist the Senegalese government in its ongoing budget reforms aimed at strengthening public finance management, increasing domestic resource mobilization, and attracting private investment. Wilfrid Abiola, the AfDB Group's Country Manager for Senegal, stated that this operation reaffirms the bank's commitment to consolidating economic reforms and fostering a more resilient, private sector-driven growth in Senegal. The financing will specifically focus on enhancing public finance governance, modernizing tax administration, improving the efficiency of public debt management, and strengthening the quality and effectiveness of public spending. The project will also support the implementation of structural reforms identified by the Court of Auditors' audit of public finances from 2019 to March 31, 2024. Additionally, the resources will contribute to boosting the competitiveness of Senegal's private sector by improving the business environment, promoting entrepreneurship, and increasing investment attractiveness across the country's economic hubs. The AfDB anticipates that the project will enhance Senegal's access to capital markets through more effective public debt management and improved control over climate finance mechanisms.
