Senegal’s economic recovery plan faces scrutiny as FMI negotiations loom

Cheikh Diba, Senegal’s Minister of Finance, announced last Friday before the National Assembly that the Economic and Social Recovery Plan (PRES) had generated 63.4 billion West African CFA francs this year. These figures were disclosed amid tense negotiations with the International Monetary Fund (IMF), prompting Waly Diouf Bodian, a political advisor to Prime Minister Ousmane Sonko, to vigorously defend the government’s performance.

Only 8.3% of 2026 target met so far

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

The IMF is closely monitoring Senegal’s fiscal trajectory, given the country’s significant financial challenges. The government’s ability to achieve its revenue targets will play a key role in ongoing discussions with the Bretton Woods institution regarding a potential support program.

Government dismisses criticism over slow revenue collection

In response to critical press reports questioning the pace of revenue collection, Waly Diouf Bodian emphasized that the plan generates between 15 and 20 billion CFA francs monthly. He also highlighted that measures targeting land and money transfers are expected to yield increasing returns in the coming months.

The government will face scrutiny this Friday during a parliamentary session on current affairs, where lawmakers are expected to question the executive on PRES revenue performance compared to the quarterly targets set in the budget law.