President Bassirou Diomaye Faye welcomes Senegal's technical agreement with the IMF
President Bassirou Diomaye Faye, during a Council of Ministers meeting, expressed approval for the technical agreement in principle reached between the Senegalese government and the International Monetary Fund IMF. This agreement aims to support economic and financial reforms undertaken by the authorities, with a projected mobilization of an Extended Credit Facility ECF totaling 1.243 trillion CFA francs, approximately 2.2 billion dollars, over three years. This new program follows extensive discussions between Dakar and the Bretton Woods institution, after two years of public finance review due to the discovery of hidden liabilities in previous debt management. The validation by the IMF's technical services is a crucial first step before final approval by the institution's Board of Directors. The President commended the entire government for their work and results, specifically acknowledging the Prime Minister, the Minister of Economy, Finance, and Planning, and the ministers responsible for Budget and Economy, along with various state services involved in the negotiations. This presidential recognition comes as authorities present the technical agreement with the IMF as validation of 18 months of budget recovery efforts, aimed at restoring the country's financial credibility with international partners. Once definitively approved, the program will involve implementing structural reforms, with details on energy subsidies and debt reduction still to be clarified in the coming
