By Lucy Adautin
Senegal’s government announced that it will present its long-awaited review of the nation’s financial status on Thursday, fulfilling a pledge made six months ago when it came to power with promises of transformative change.
President Diomaye Faye and Prime Minister Ousmane Sonko, who campaigned in March on a platform of social justice, sovereignty, and leftist pan-Africanism, stirred hope among citizens in the West African nation struggling with high living costs and widespread joblessness.
After taking office in April, President Faye tasked Prime Minister Sonko with conducting a comprehensive review of Senegal’s financial situation.
On Thursday, the government will release the findings of this assessment, as announced by Sonko’s office in a statement shared on social media.
The occasion, which is open to the press, will be a chance to discuss identified shortcomings “and the measures to mitigate this inherited situation”, it added.
Government action had until recently been hampered by an opposition-dominated parliament.
Faye in mid-September dissolved the national assembly and set new legislative elections for November 17, banking on the move to implement his policy agenda.
He spoke then of a “serious deterioration” in public finances.
In September, the International Monetary Fund (IMF) warned that Senegal’s economic prospects “remain challenging for the remainder of the year”.
After a visit to the West African nation by IMF staff, the fund said it expected the country’s budgetary situation “to deteriorate amid lower revenue collections and increased expenditure on energy subsidies and interest payments”.
To lower public debt the IMF urged the Sonko government to implement measures “including streamlining tax exemptions and phasing out untargeted and costly energy subsidies”.
Senegal’s national statistics agency in September reported an unemployment rate of 21.6 percent in the second quarter, up three percent on the same period in 2023.
A government source said that Thursday’s review aims to “make Senegal’s baseline situation known” rather than present a specific strategy.
According to a statement from Prime Minister Sonko’s office, this financial review was conducted alongside the drafting of a new economic reference framework.
The government’s plan, titled “Senegal 2050 – National Agenda for Transformation,” aims to achieve a lasting transformation of the Senegalese economy and foster a sovereign, fair, and prosperous nation. The plan is set for an official launch on October 7, the statement added.
Additionally, details of a national development strategy for 2025-2029 were featured in the media , outlining a shift toward an economic model less reliant on foreign aid. The strategy aims for an average growth rate of 6.5% over the period while addressing the management of Senegal’s rising debt levels.
