Cette publication du département Afrique dresse le bilan des réalisations du Sénégal au cours des dernières années dans le cadre de programmes appuyés par le FMI et indiquent des domaines de réforme essentiels pour l'avenir. Les services du FMI analysent la nouvelle stratégie de développement du Sénégal, le « Plan Sénégal émergent », qui vise à faire du Sénégal un pays émergent d'ici 2035.
This Departmental Paper takes stock of Senegal’s achievements in the past few years under IMF-supported programs and identifies key reform pillars for the future. IMF staff analyses Senegal's new development strategy, Plan Sénégal Emergent, which aims to make Senegal an emerging market economy by 2035.
This Selected Issues paper offers policy recommendations for Senegal to reach high and sustained growth with the goal of exiting low-income country status. For Senegal to reach Plan Sénégal Emergent (PSE) objectives, reforms under the PSE need to create space for small and medium-sized enterprises and foreign direct investment to thrive. Reform of Senegal’s business environment needs to be accelerated. Macrostructural reforms should be stepped up in the energy sector, in which Senegal still ranks 170th in the world. Progress in the electricity sector can be achieved by continuing to improve reliability of supply and reduce electricity costs. Reform of the taxation system, by simplifying procedures and optimizing the tax rates, is another macro-critical area in which Senegal needs to make significant strides.
This Selected Issues paper on Senegal revisits the challenges of emergence by tapping on the experience of other countries across the world that became emerging economies in the past two decades. It then looks at the preconditions needed for growth acceleration in Senegal. The paper also discusses options for strengthening Senegal’s fiscal framework to support Plan Sénégal Emergent (PSE) implementation while keeping risks of debt distress low. It provides an assessment of Senegal’s external stability and explores how to improve the structure of the Senegalese economy to make it more competitive with more diversified exports. The paper describes the electricity problem as a major impediment to growth acceleration. Improved revenue performance and expenditure composition are critical for creating the fiscal space to support the PSE. There is an opportunity cost for development spending, as the economy still faces bottlenecks from high electricity costs and insufficient electricity production. The share of the population living below the poverty line and its exposure to shock remains unacceptably high.
Mr. Andrea F Presbitero, Mr. Dhaneshwar Ghura, Mr. Olumuyiwa S Adedeji, and Lamin Njie
What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.
International Monetary Fund. External Relations Dept.
At the beginning of August, the IMF and the World Bank launched a review of the poverty reduction strategy paper (PRSP) process to find ways to strengthen the two year-old initiative aimed at improving the poverty focus of public policy in, and development assistance to, poor countries. The IMF launched a concurrent review of the Poverty Reduction and Growth Facility (PRGF), its concessional lending window for poor countries. Masood Ahmed, Deputy Director of the IMF’s Policy Development and Review Department and Co-Chair of the Joint World Bank-IMF Implementation Committee for poverty reduction strategies and debt relief, talks to Wayne Camard about the reviews.
Access to Fund financial resources provides a financial safety net to help countries manage adverse shocks, acting as a potential supplement to foreign reserves when there is a balance of payments need. Such support is especially important to developing countries with limited capacity to borrow in domestic or foreign markets.
This paper proposes a set of measures that would expand access to Fund resources for developing countries, as one of the initiatives the Fund is undertaking as part of the wider effort of the international community to support countries in pursuing the post- 2015 Sustainable Development Goals (SDGs).