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Senegal: Selected Issues and Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
June 2005
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IV. Structural reform priorities for improving public finance management in senegal25

A. Introduction

54. This paper analyzes current and emerging structural reform priorities for improving fiscal management in Senegal. The Senegalese authorities and their development partners agree that strengthening fiscal management is key for achieving higher growth and reducing poverty. Senegal is generally regarded as an example of fiscal discipline in Africa (in view of the small overall fiscal deficits in recent years), but lags behind in putting in place an efficient and transparent system of fiscal management.

55. Substantial progress has been achieved in recent years, however, in improving fiscal management. A large number of reforms has been implemented with the assistance of the IMF, World Bank, and donor community. In particular,

  • all the public finance directives issued by the West African Economic and Monetary Union (WAEMU) have been promulgated into Senegalese law;

  • a new budget nomenclature compatible with an administrative, functional and economic classification of expenditures has been introduced;

  • preliminary medium-term expenditure plans in the areas of education, health, environment, and justice have been prepared;

  • the capacity to issue payment orders has been delegated to some spending ministries with a view to accelerating the movements through the expenditure chain;

  • the current and capital investment budgets have been integrated into one single unified document;

  • the transparency and reliability of the main fiscal table (TOFE) has improved;

  • the backlog of incomplete end-year Treasury accounts has been reduced;

  • a new and more efficient Information Technology (IT) system for expenditure- tracking has been recently installed (SIGFIP);

  • the number of special accounts and exceptional payment procedures has been reduced;

  • HIPC-related investment expenditures have been clearly identified in the investment budget;

  • quarterly reports on public enterprises have begun to be produced.; and

  • Senegal has implemented the highest number of measures envisaged in the previous HIPC Assessment and Action Plan (AAP). In 2004 Senegal met 7 of the 16 benchmarks of the AAP—three benchmarks more than in the previous assessment conducted in 2001.

56. Despite the progress, a number of critical reforms needs to be carried out to bring Senegal’s public finance management to a level commensurate with its economic and social ambitions. These reforms are discussed in the following sections. Some of them can be implemented quickly and at a relatively low cost; others could take more time and may require technical assistance. Implementation of the proposed reform agenda will require a continuation of the strong commitment of the Ministry of Finance, outreach efforts to convey the importance of the reforms to the other spending ministries, and strong political will.

57. The difficulties in fiscal management highlighted in this paper are well known and broadly shared by the technical staff of the Senegalese public administration. Many of them had been identified in the action plan adopted by the authorities in July 2003 as a result of the World Bank-led Country Financial Accountability Assessment (CFAA) and Country Procurement Assessment Review (CPAR), and the joint IMF-World Bank AAP. Others have emerged as critical in the context of discussions with IMF staff during technical assistance missions and program reviews. The government set up a commission in charge of coordinating public finance reforms. The Fiscal Reform Commission, headed by the Finance Ministry, has representatives from the donor community, and regularly produces a report of progress that is discussed in the context of the program policy discussions with the IMF.

B. Main Issues in Public Expenditure Management

58. The following actions are needed to remove the shortcomings in the procedures for the preparation and execution of the budget, budgetary reporting, and procurement.

Budget Preparation

The budget preparation procedures need to be enhanced in the following areas.

  • First, the Budget Law should cover the full set of operations of the Public Sector. The consolidation of budgetary operations is only done at the Central Government level, and does not integrate data on municipal governments, pension funds, or public sector entities like hospitals (Etablissements Publics à caractère administratif). The implementation of the WAEMU Table of Financial Operations of the Government (TOFE) (see below) could provide the necessary impetus to broaden the scope of the Budget Law.

  • Second, quasi-budgetary operations of public sector enterprises and fiscal expenditures should be clearly identified in the budget. The Budget does not include a clear and transparent estimate of the financial compensation that public or private enterprises should receive as compensation for the non-commercial activities that they are required to perform. Similarly, the Budget does not include estimates of the cost of fiscal exemptions (fiscal expenditures). Estimates by the Tax and Customs Administrations exist and should be included in the Budget Law.

  • Third, the Budget should be based on a medium-term expenditure framework. Budget documents include information on major budget lines for the preceding four years but present no data beyond the current budget year. Some recent efforts have been made to prepare medium-term expenditure plans in the ministries of health, education, justice and environment, but the results of these exercises have not yet been fully integrated in the budget process. The authorities have started to closely monitor the contingent liabilities arising from the operational losses or debt of public enterprises and autonomous agencies, and explicit or implicit guarantees, public- private partnerships (PPPs) or deficits of the Social Security System. These liabilities should be taken into account in drawing up the medium-term fiscal framework.

  • Fourth, the mechanism for investment planning and assessment of recurrent costs needs to be strengthened. Beginning in 2005, the investment and current budgets have been unified into one single document, but recurrent costs of capital expenditure need to be clearly identified in the budget. The current Public Expenditure Review by the World Bank, which focuses on public investment, should provide useful guidance for improving investment planning and project evaluation, especially for domestically-financed capital projects.

Budget Execution

59. Despite recent improvements, Budget Execution needs to be further streamlined and made more transparent. The expenditure chain is slow, with numerous and often redundant controls between the commitment, verification, payment order and payment stage. The a priori expenditure controls are cumbersome, ex-post internal controls are insufficient, and the ex-post external controls (exercised by the Audit Court and Parliament) are still not fully operational. The authorities need to (i) reduce the delays required for the initial commitment of expenditures (engagement); (ii) generalize the recent experience of decentralizing the capacity to issue payment orders in four ministries to all major spending ministries; (iii) the introduce a system of expenditure controls based on priorities and an assessment of risks (rather than control all expenditure orders irrespective of their amount and financial risks posed); and (iv) strengthen the capacity of the Audit Court and Finance Commission of the Parliament.

60. Automated expenditure-tracking should be extended to the wage bill and capital expenditures financed through external resources. These two categories of expenditures need to be included to the new expenditure-tracking software (SIGFIP) to have a comprehensive coverage of the expenditure chain. The wage bill is in the process of being connected to SIGFIP. However, the integration of externally-financed capital expenditures requires better coordination with the donor community to share information on project execution and bank accounts. The respective roles of the Debt and Investment Directorate (DDI) and the Treasury should be modified also, to allow the Treasury to become ultimately responsible for the payments associated with these investment projects. Finally, the expenditure-tracking software should treat the entire expenditure chain, including the actual payment phase. The system currently reaches only the penultimate step of the expenditure chain, or the verification of the payment order (mise en règlement).

Budget Reporting

61. The frequency, coverage, accuracy, and reliability of fiscal reports should be improved. Senegal stands out as a country with one of the slowest and least frequent systems of fiscal data reporting among WAEMU countries. This is surprising given Senegal’s relatively strong macroeconomic performance and position of leadership in the WAEMU zone. The current delays (which often exceed two months) in the production of the monthly Treasury balance statements and the preparation of the main fiscal table (TOFE) make fiscal data very difficult to monitor and check for accuracy. These delays are the result of the length of the expenditure chain, capacity constraints at the level of the Treasury (which is overburdened with some functions like the preparation of the TOFE and the collection of direct taxes), and difficulties in centralizing information from different sources. These difficulties can be alleviated through: (i) improvements in the efficiency of expenditure execution; (ii) timely submission of data by other departments; and (iii) rationalizing the role of the Treasury and increasing its resources. The end-result should be the production and publication of a monthly TOFE within a maximum delay of 30-45 days. A timely TOFE should facilitate the introduction of changes in fiscal policy during the course of the year, if fiscal developments deviate from initial expectations. The TOFE should also be posted on the website of the Ministry of Finance to enhance fiscal transparency and the reliability of the data.

62. The WAEMU TOFE should be adopted without further delays in order to broaden the scope of fiscal transparency. The decree 2003-163 of March 28, 2003 transcribed into Senegalese law the WAEMU directive on the TOFE. However, little progress has been made in the two years that have followed the promulgation of the decree. The main advantage of the implementation of the WAEMU TOFE is that it will extend the coverage of fiscal reporting to the local government, public sector entities such as hospital and universities, and other autonomous project execution agencies.

Public Procurement

63. In spite of the adoption of a new procurement code in 2002, there is still ample room for improving the legal framework and procurement practices in Senegal. The framework contains some of the necessary elements for a transparent execution of public sector contracts: freedom of access, equality in the treatment of all candidates, competitive bidding process, and the requirement to have an appropriate budget line authorizing the contract. However, the Procurement Code can be changed easily by decree and has a lower legal status than other legal texts also affecting the rules for public procurement, such as the Code of State Obligations, which is a full-fledged law and has not been modified since 1965. The existence of multiple (and sometimes contradictory) texts of different legal status, blurs the transparency of public procurement. The authorities are committed to strengthening the legal framework with the assistance of the World Bank.

64. The excessive degree of discretion in the adjudication of contracts needs to be reduced. Most ministries have a commission in charge of adjudicating public procurement contracts. However, each minister and later the National Commission of State Contracts (NCSC) can overturn the decision of the initial commission without providing any justification or rationale for their decisions. All the decision regarding procurement contracts should be justified and published.

65. Most public expenditure should become subject to the competitive tender procedures promoted by the procurement code. About two-thirds of all investment expenditures and current expenditures on goods and services are not sent for adjudication to the National Commission of State Contracts (NCSC). Of those contracts that reach the NCSC, about 20 percent are adjudicated using exceptional procedures of the procurement code bypassing competitive tenders. Under the PRGF-supported program, the authorities are committed to broadening the scope of expenditures falling under the realm of the Procurement Code and to reducing the share of contracts bypassing competitive tenders.

C. Tax Administration

66. As a key short-term priority, the data-sharing system between the Tax Administration Department, the Customs Administration and the Treasury should be made operational. This measure is of critical importance for the fight against tax evasion and the assessment of the efficiency of tax collection efforts. It will permit the real-time exchange of information between the three directorates in charge of collecting taxes. As a result, it will permit the reconciliation, for each individual taxpayer, of tax assessments and actual tax payments and determine tax obligations that have not been met. The implementation of this measure, originally planned for early 2004, is now expected by mid- 2005.

67. Over the medium term, the transfer of the tax collection responsibilities for direct taxes from the Treasury to the Tax Administration Department should also be a priority. Direct tax administration functions in Senegal are fragmented between the Treasury and the General Tax Directorate (DGID). For direct taxes, including the corporate income tax and the tax on profits, the Large Taxpayer Unit (LTU) attached to the DGID prepares tax assessments but the taxes are actually collected by the Treasury. The current separation of direct tax assessment and collection makes it difficult to assess the individual performance of each tax collection agency and reduces the efficiency of the system. Delays in tax collection can result, for example, from the late issuance of tax assessments, lack of follow-up in tax collection, or inadequate control mechanisms. These are problems that are difficult to monitor and address in the current administrative setting. The current fragmentation also increases the costs of tax administration for the authorities and tax compliance for the taxpayer. For example, the same enterprise may be forced to use different procedures for the payment or, where necessary, the contentious dispute of each tax. The experience of other countries shows that the transfer of tax collection responsibilities for direct taxes from the Treasury to the Tax Administration Department is a useful instrument to strengthen tax collection and reduce the cost of tax administration.

D. Concluding Remarks

68. A well-functioning system of public finance management needs to contribute to the achievement of three interrelated objectives. First, it needs to guarantee a reasonable degree of fiscal discipline so that fiscal policy contributes to the maintenance of macroeconomic stability. Second, it should ensure the maximum possible allocative efficiency so that budgetary appropriations correspond to the strategic priorities of the country, which in the case of Senegal have been defined by the PRSP. Finally, it should guarantee a high level of operational efficiency, so that public expenditures achieve the intended economic and social objectives at the lowest possible cost. Senegal has made substantial progress in fiscal discipline and allocative efficiency. However, operational efficiency continues to be uncertain as a result of weak mechanisms for budget planning, complex administrative procedures for expenditure execution, and weak financial and human resources management.

69. Improving fiscal management in Senegal will require quick and decisive actions to deal with the shortcomings identified above. If appropriately backed by the highest political authorities, the work of this Fiscal Reform Commission could help Senegal enhance fiscal management to ensure a better use of public resources and, thereby improve the pace of progress toward the Millennium Development Goals.

E. References

    HIPC Country Assessment and Action Plan (AAP) for Senegal. World Bank and International Monetary Fund, September2004.

    Country Assistance Strategy for the Republic of Senegal. World Bank, March2003.

    Country Financial Accountability Assessment for Senegal. World Bank, June2003.

    Country Procurement Assessment Report for Senegal. World Bank, June2003.

Statistical Appendix Tables
Table 1.Senegal: GDP by Economic Sector at Constant 1999 Prices, 1996–2003(In billions of CFA francs)
19961997199819992000200120022003
Primary sector469.2463.3477.5544.3563.1581.9461.9553.4
Agriculture253.6231.8251.5297.9320.0329.6223.6304.8
Livestock138.9141.2143.3152.8162.0169.3158.5165.2
Fishing54.868.360.771.058.059.355.558.3
Forestry22.022.022.022.723.023.724.225.2
Secondary sector487.4508.4544.3560.6585.7611.0670.9713.9
Mining35.233.335.840.344.544.849.963.8
Industry319.7336.7348.8346.6355.7377.3420.8426.7
Oil milling9.38.37.96.89.29.88.86.8
Energy49.449.954.357.961.765.864.075.8
Construction and public works73.980.297.5109.0114.5113.3127.4140.7
Tertiary sector1,661.31,733.61,804.01,894.91,940.92,041.72,138.82,218.3
Transportation and telecommunication157.5164.1177.5187.9206.9236.0249.7267.2
Commerce486.5509.5529.3555.5552.1561.6594.8619.8
Government535.5561.3563.8589.6602.0647.3667.0681.8
Other services481.9498.7533.4562.0579.9596.8627.2649.5
GDP2,618.02,705.32,825.82,999.83,089.73,234.73,271.63,485.6
Source: Senegalese authorities.
Table 2.Senegal: GDP by Economic Sector at Constant 1999 Prices, 1996–2003(Annual percentage changes)
19961997199819992000200120022003
Primary sector6.1−1.33.114.03.43.3−20.619.8
Agriculture10.6−8.68.518.57.43.0−32.236.3
Livestock0.61.71.56.66.14.5−6.44.2
Forestry4.80.00.03.21.53.02.34.0
Fishing0.524.7−11.116.8−18.22.3−6.44.9
Secondary sector5.34.37.13.04.54.39.86.4
Mining−1.4−5.27.512.610.40.711.328.0
Industry4.25.33.6−0.62.76.111.51.4
Oil milling−5.1−10.7−4.9−13.334.66.2−9.6−22.8
Energy8.81.18.86.66.66.7−2.718.4
Construction and public works9.68.521.611.95.0−1.012.410.5
Tertiary sector4.84.34.15.02.45.24.83.7
Transportation6.04.28.25.910.114.15.87.0
Commerce8.74.73.94.9−0.61.75.94.2
Government0.34.80.44.62.17.53.02.2
Other services2.23.57.05.43.22.95.13.5
GDP5.13.34.56.23.04.71.16.5
Excluding agriculture4.54.64.15.02.54.94.94.4
Memorandum item:
GDP deflator0.91.73.91.03.30.02.70.7
Source: Senegalese authorities.
Table 3.Senegal: Supply and Use of Resources at Current Prices, 1996–2003
19961997199819992000200120022003
(In billions of CFA francs)
GDP2,451.62,576.12,796.53,000.03,192.03,342.73,472.73,725.4
Gross domestic expenditure2,601.52,746.22,980.83,209.13,458.63,665.93,860.04,208.5
Consumption2,202.72,344.32,460.92,655.12,791.73,024.83,278.93,437.2
Private1,978.72,131.62,226.82,409.22,518.92,717.23,079.53,093.2
Public224.0212.7234.1245.9272.8307.6199.4344.0
Investment556.5548.5650.2653.3739.0789.8798.4872.4
Public183.0163.8196.9242.3186.1232.3275.9338.5
Private373.5384.7453.3411.0552.9557.5522.5533.9
Change in stocks−157.7−146.6−130.3−99.3−72.0−148.8−217.4−101.2
Resource gap−149.9−170.1−184.3−209.1−266.5−323.1−387.3−483.1
Exports of goods and nonfactor services699.2744.9832.4901.1973.41,027.11,061.31,061.2
Imports of goods and nonfactor services−849.1−915.0−1,016.7−1,110.3−1,239.9−1,350.2−1,448.6−1,544.3
Gross domestic savings248.9231.8335.6344.9400.4317.9193.8288.1
Public170.3219.5226.0260.9289.5295.1465.2376.1
Private78.612.3109.684.0110.922.8−271.4−87.9
Gross national savings296.7293.8403.7385.8503.7485.9375.3527.2
(In percent of GDP)
Gross domestic expenditure106.1106.6106.6107.0108.4109.7111.2113.0
Consumption89.891.088.088.587.590.594.492.3
Private80.782.779.680.378.981.388.783.0
Public9.18.38.48.28.59.25.79.2
Investment22.721.323.321.823.223.623.023.4
Public7.56.47.08.15.86.97.99.1
Private15.214.916.213.717.316.715.014.3
Change in stocks−6.4−5.7−4.7−3.3−2.3−4.5−6.3−2.7
Resource gap−6.1−6.6−6.6−7.0−8.4−9.7−11.2−13.0
Exports of goods and nonfactor services28.528.929.830.030.530.730.628.5
Imports of goods and nonfactor services−34.6−35.5−36.4−37.0−38.8−40.4−41.7−41.5
Gross domestic savings10.29.012.011.512.59.55.67.7
Public6.98.58.18.79.18.813.410.1
Private3.20.53.92.83.50.7−7.8−2.4
Gross national savings 1/12.111.414.412.915.814.510.814.2
Source: Senegalese authorities.
Table 4.Senegal: Level of Rainfall on the Groundnut Basin, 1960/61–2002/03(In millimeters)
Crop Season 2/CasamanceDiourbelLougaSenegal-OrientalSine SaloumTotalAverage
1960/611,0797395236026013,544709
1961/621,2545664487896643,721744
1962/631,3196213468625923,740748
1963/641,2195794519436443,836767
1964/651317264951,0248773,253651
1965/661,4585634499396554,064813
1966/671,2516053711,2351813,643729
1967/681568586679549073,542708
1968/698303402377924412,640528
1969/701,1985713727456553,541708
1970/711,1363862856904822,979596
1971/729835642961,2557713,869774
1972/737024102056224152,354471
1973/741,1183072727234642,884577
1974/751115383419575642,511502
1975/761,3224532677836943,519704
1976/771,2824432849705403,519704
1977/788133022509324152,712542
1978/791,2585713315759413,676735
1979/809684782476915712,955591
1980/817603493286094362,482496
1981/821,1094383568785993,380676
1982/831,0733883247365843,105621
1983/847231971825153551,972394
1984/851,2324631745916093,069614
1985/861,3683912165546343,163633
1986/879862373497996383,009602
1987/889504632836676893,052610
1988/891,3046234139386463,924785
1989/901,1975544737567713,751750
1990/911,1114022876565112,967593
1991/921,2113542506713942,880576
1992/939231462035514152,238448
1993/941,3202633424014432,769554
1994/951,1204282209046723,344669
1995/961,0065523267555703,209642
1996/971,1294193167824013,047609
1997/981,2354841656604202,964593
1998/991,0513643597655283,067613
1999/001,4445894079528544,245849
2000/011,1285384178397623,684737
2001/021,0705353407046403,289658
2002/037833572217204662,546509
Source: Senegalese authorities.1/ Crop year (November-October).
Table 5.Senegal: Production and Disposition of Groundnuts (Unshelled), 1996/97–2003/04 1/(In thousands of metric tons)
1996–971997–981998–991999–20002000–012001–022002–032003–04
Production (total)626545585820958944265445
Production for export12219425146555039319100
Oil mills8415520740949233614100
Confectionery nuts 2/38394456585650
Other504351334355408551246345
Auto-consumption + losses 3/449193182159192361161226
Seeds134827984961346084
Source: Senegalese authorities.
Table 6.Senegal: Grain Balance, 1996/97-2003/04 1/(In thousands of tons, unless otherwise indicated)
1996/971997/981998/991999/002000/012001/022002/032003/04
Population (In millions)8,767.08,998.09,234.09,483.39,739.410,028.710,289.010,549.3
Supply
Production (net)829.0645.0617.4788.6845.8774.0632.01,220.5
Beginning period stocks100.0137.4187.0157.8122.2171.0139.7148.7
Agricultural60.040.220.033.040.035.028.60.0
Others40.097.2167.0124.882.2136.0111.1148.7
Imports744.0774.1873.8743.2878.41,059.21,200.2852.1
Commercial735.0772.2862.5728.9872.61,042.51,170.2841.9
Food aid9.01.911.314.45.716.730.010.3
Total production/use1,673.01,556.51,678.21,689.61,846.32,004.31,971.92,221.3
Use
End-period stocks146.0160.5122.6122.2171.0225.0157.590.1
Agricultural40.020.00.040.035.019.70.00.0
Others106.0140.5122.682.2136.0205.3157.590.1
Consumption1,507.01,376.01,535.61,547.51,655.31,759.31,794.42,111.3
Other uses20.020.020.020.020.020.020.020.0
Estimated consumption per capita (Kg)171.9152.9166.3163.2170.0175.4174.4200.1
Source: Senegalese authorities.
Table 7:Senegal Production, Area Under Cultivation, and Yields of Principal Crops, 1996/97-2003/04 1/(Production in thousands of metric tons; area in thousands of hectares; yield in metric tons per hectare)
1995/961996–971997–981998–991999–002000–012001–022002–032003–04
Export crops
Groundnuts
Production827.1625.8544.8584.9820.4958.1943.8265.3444.8
Area881.3919.8788.1555.5824.4990.4984.1830.9524.8
Yield0.90.70.71.11.01.01.00.30.8
Cotton (unginned)
Production31.438.440.311.614.020.434.239.254.9
Area35.050.353.845.221.422.331.535.546.2
Yield0.90.80.70.30.70.91.11.11.2
Food crops1,055.8971.8778.8715.31,128.31,024.9960.7784.51,450.9
Millet and sorghum
Production794.1734.4544.8547.4822.4744.0610.4531.7818.2
Area1,039.31,120.3975.7968.31,237.61,007.5975.51,019.31,065.8
Yield0.80.70.60.60.70.70.60.50.8
Maize
Production106.588.660.344.366.178.6106.480.4400.9
Area97.984.962.253.770.470.788.4108.1175.6
Yield1.11.01.00.80.91.11.20.72.3
Rice (paddy)
Production155.2148.8173.7123.5239.8202.3243.9172.4231.8
Area69.073.874.745.495.986.287.976.087.8
Yield2.32.02.32.72.52.32.82.32.6
Sugarcane
Production68.075.085.0
Area6.57.47.4
Yield10.410.211.5
Cowpeas
Production41.920.619.340.655.847.331.712.852.8
Area97.488.6126.7123.3160.5146.590.7132.6148.5
Yield0.40.20.20.30.30.30.30.10.4
Manioc
Production55.537.046.665.642.1132.9138.2106.9181.7
Area17.514.019.913.216.327.227.821.436.1
Yield3.22.62.34.92.64.95.05.05.0
Source: Senegalese authorities.
Table 8.Senegal: Producer Prices of Main Agricultural Products, 1996/97–2003/04 1/
Weight (in percent)1996/971997/981998/991999/002000/012001/022002/032003/04
(In CFA francs per kilogram)
Oil groundnuts131.0150.0160.0145.0145.0120.0120.0150.0
Confectionery groundnuts131.0150.0160.0145.0145.0120.0120.0150.0
Cotton170.0185.0185.0185.0185.0185.0185.0185.0
Tomatoes30.030.030.030.030.030.030.030.0
Millet/sorghum118.0112.0131.0117.0105.0135.0155.0111.5
Maize141.0128.0132.0134.0127.0154.0143.0113.0
Paddy90.0102.096.0101.0100.0100.0100.0100.0
Cowpeas200.0216.0333.0184.0126.0243.0366.0366.0
(Price index of main agricultural product, 1985/86=100)
Oil groundnuts30.1145.6166.7177.8161.1161.1133.4133.4166.7
Confectionery groundnuts0.6119.1136.4145.5131.9131.9109.1109.1136.4
Cotton1.8170.0185.0185.0185.0185.0185.0185.0185.0
Tomatoes0.8130.4130.4130.4130.4130.4130.4130.4130.4
Millet/sorghum47.5168.6160.1187.2167.2150.1192.9221.5159.4
Maize7.6201.4182.8188.5191.4181.4219.9204.2161.4
Paddy7.6105.9120.0112.9118.8117.6117.6117.6117.6
Cowpeas4.1181.9196.4302.8167.3114.6221.0332.8332.8
General index100.0151.9154.3170.4156.5147.5162.3174.7152.1
(Annual percentage change)
Oil groundnuts30.14.814.56.7−9.40.0−17.20.025.0
Confectionery groundnuts0.64.814.56.7−9.40.0−17.20.025.0
Cotton1.80.08.80.00.00.00.00.00.0
Tomatoes0.80.00.00.00.00.00.00.00.0
Millet/sorghum47.5−4.1−5.117.0−10.7−10.328.614.8−28.1
Maize7.617.5−9.23.11.5−5.221.3−7.1−21.0
Paddy7.6−21.713.3−5.95.2−1.00.00.00.0
Cowpeas4.1104.18.054.2−44.7−31.592.950.60.0
General index100.0−0.91.510.5−8.2−5.710.07.6−12.9
Sources: Senegalese authorities; and staff estimates.
Table 9.Senegal: Fish Catch by Domestic and Foreign Vessels, 1996–2003(In thousands of metric tons)
19961997199819992000200120022003
Small-scale fishing327.9352.9325.1313.6338.2332.4311.5385.8
Industrial fishing88.8100.383.781.352.163.763.757.2
Sardine7.89.57.44.41.31.71.71.5
Trawler fishing52.663.247.456.337.943.743.038.7
Tuna28.427.628.920.612.818.319.017.0
Total416.7453.2408.8394.9390.3396.0375.2443.0
Source: Senegalese authorities; National Directorate of Marine Fishing.
Table 10.Senegal: Foreign Fish Catch by Vessel Nationality, 1996–2003 1/(In thousands of metric tons)
19961997199819992000200120022003
France0.20.16.40.73.10.00.00.0
Greece2.11.31.81.31.61.20.00.0
Italy0.00.00.00.20.00.72.20.6
Spain12.35.912.69.28.39.65.48.4
Former Soviet Union31.530.224.344.50.00.00.00.0
Others3.20.20.211.42.30.61.81.5
Total49.337.745.367.315.312.19.410.5
Source: Senegalese authorities; National Directorate of Marine Fishing.
Table 11.Senegal: Evolution of Livestock, 1996–2003(In thousands of heads)
19961997199819992000200120022003
Cattle2,8702,8982,9122,9272,9863,0612,9973,018
Sheep4,0454,2394,3444,4974,5424,6784,5404,614
Goats3,4403,5723,7033,8333,8793,9953,9003,969
Pigs171191213240269280291303
Camels54444444
Horses436465445446471492496500
Donkeys367393376377399407400400
Source: Ministry of Rural Development.
Table 12.Senegal: Indices of Industrial Production, 1999 - 2003(1999 = 100)
Weight19992000200120022003
(in percent)
Mining5.6100.0106.488.198.0126.3
Of which: phosphates4.2100.0100.293.093.6120.3
Food production36.4100.091.990.397.3104.5
Of which: fish canning5.1100.074.294.075.772.3
oil mills3.6100.0110.5103.2112.387.4
sugar and confectionery12.6100.049.464.180.583.6
Textiles, clothing, and leather2.4100.0107.4120.361.086.2
Textiles2.2100.0106.1117.761.592.4
Other0.2100.0123.8148.256.317.6
Wood products0.2100.0100.894.9132.7113.9
Paper1.9100.0104.996.7149.8112.7
Chemical industries27.1100.088.0106.5156.0145.7
Of which: refined petroleum0.8100.092.594.4103.5135.8
fertilizers16.3100.098.9120.3186.6163.6
plastic and
rubber materials1.6100.097.591.4132.6153.2
Construction materials7.6100.0129.5148.1162.7171.7
Machinery and equipment3.7100.054.155.790.292.7
Electricity and water13.9100.0104.0118.1114.9135.7
Electricity9.5100.096.8117.1115.6144.7
Water4.4100.0119.6120.2113.5116.2
General index100.0100.095.3102.5120.3125.2
Source: Senegalese authorities.
Table 13.Senegal: Production of Principal Mineral and Industrial Products, 1996–2003
Unit19961997199819992000200120022003
Lime phosphatesThousands of tons1,376.81,598.11,481.61,878.51,838.31,708.01,549.11,499.6
Aluminum phosphatesThousands of tons39.837.321.20.00.033.70.00.0
AttapulgiteThousands of tons79.283.6121.6118.2148.7121.2138.4194.9
SaltThousands of tons98.1122.0138.0145.0124.0109.8171.5235.0
Sugar (cubes)Thousands of tons68.439.242.246.636.327.219.823.2
Tobacco productsTons1,425.01,556.01,816.01,846.02,195.02,132.02,245.02,218.0
Groundnut oil (unrefined)Thousands of tons91.238.149.871.7132.6125.398.139.2
Refined vegetable oilThousands of tons84.289.2103.481.476.270.678.575.7
Tuna (canned)Thousands of tons19.814.218.714.411.912.110.76.9
ShoesMillions of pairs0.70.70.70.60.60.6
Cotton yarnTons1,452.01,272.01,107.0814.0635.0411.0
SoapThousands of tons38.240.538.640.943.338.634.833.4
Paints and varnishesThousands of tons3.12.62.93.94.64.64.35.6
CementThousands of tons811.1853.9846.5898.41,340.51,539.01,653.21,693.9
Metal cansMillions128.9132.8147.9105.0127.4113.2185.2182.2
ElectricityMillions of kilowatt-hours1,109.91,214.51,304.11,348.01,365.31,651.21,557.31,855.5
Source: Senegalese authorities.
Table 14.Senegal: Production, Sales, and Prices of Lime Phosphates, 1996–2003 1/
19961997199819992000200120022003
CSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotalCSPTSSPTTotal
Production
(In thousands of tons)1,37681,3841,59081,5981,5022221,7241,800141,8141,738371,7751,70801,7081,54701,5471,4722901,762
Exports
(In thousands of tons)83068365991127114371646015341727063561615173541585123200033033
Value (Billions of CFAF)14.30.114.415.32.417.7122.214.2193.722.711.23.514.7103.613.68.2007360736
Price (CFAF/ton)17,25014,29017,22925,47721,56724,86232,00032,50021,30031,70021,60031,70022,74225,5190022,566
Sources: Compagnie Sénégalaise des Phosphates de Taiba (CSPT); and Société Sénégalaise des Phosphates de Thiès (SSPT).
Table 15.Senegal: Imports and Exports of Petroleum Products by the Société Africaine de Raffinage (SAR), 1996–2003(Volume in tons; value in millions of CFA francs)
ImportsExports
CrudeRefinedTotalMaliOthersTotal
VolumeValueVolumeValueValueVolumeValueVolumeValueVolumeValue
1996645,03452,142403,38738,05990,20162,5036,53934,7663,69497,26910,233
1997771,27473,654386,22837,706111,36058,6976,75051,3035,950110,00012,700
1998890,46760,804414,43931,04891,85261,3685,39452,8894,440114,2579,834
1999890,53976,536540,79251,877128,41362,9646,34065,8227,308128,78613,648
2000890,688138,719570,467104,143242,86269,12114,13786,07614,896155,19729,033
2001967,528144,682560,89687,438232,12081,61314,72727,3295,765108,95220,492
2002863,410116,008556,90683,974199,98282,27213,55265,05111,190147,32324,743
20031,179,225161,339492,21577,906239,24584,69015,41599,93516,160184,62531,575
Source: Société Africaine de Raffinage (SAR).
Table 16.Senegal: Retail Prices of Liquid Petroleum Products, December 1996–December 2003
GasolineGas OilDieselFuel Oil
PremiumRegularFishingKeroseneVehicles180380Electricity
boatoctane 1/octane 1/generation
(CFA francs per liter)(CFA francs per ton)
Dec. 96455415260225300199,160119,992113,09562,402
Dec. 97455415260225300199,160132,865125,30262,402
Mar. 98455415260225300202,852142,336135,26562,402
Jun. 98425390240125265121,51088,23784,41061,542
Sep. 98421383233120256115,25881,92378,09161,542
17-Oct-98416379229128266104,94475,16071,71550,373
12-Nov-9841037322312325595,61169,15566,10550,373
12-Dec-9839936221211425191,87467,60066,10550,373
9-Jan-9938635020010724586,95863,53460,84546,345
6-Feb-9939335720711325191,83768,26465,56250,373
6-Mar-9939335720711324688,12967,36465,00750,373
3-Apr-99409372222124263101,65371,09767,57550,373
3-May-99435396246143277113,70880,69776,87950,373
29-May-99440401251143277113,70880,69776,87950,373
26-Jun-99440401251136277113,70880,69776,87962,379
31-Jul-99458418268155296129,69991,46887,02550,373
28-Aug-99481441291160307139,114101,88797,57059,146
25-Sep-99481448298174325154,637113,135108,30169,877
23-Oct-99481449299175326156,637119,255114,57474,560
20-Nov-99482449299175326156,637119,255114,57474,560
4-Jan-00490451301215344175,562119,330107,28567,271
5-Feb-00483443293215344175,562119,330107,28527,271
16-Sep-00555509337240396201,896134,525123,37877,362
29-Jun-01571527377248394217,740136,643127,097111,007
21-Jul-01528485335240394217,740136,643127,097111,007
22-Aug-01514472322229377203,478136,643127,097111,007
15-Sep-01522480330229377203,478136,643127,097111,007
13-Oct-01503462314229371203,478136,643127,097111,007
10-Nov-01462423275213350184,742117,858109,99693,906
12-Dec-01449410262199332169,464109,946102,96786,877
5-Jan-02449410262199321160,263109,946102,96786,877
30-Mar-02482442294217337174,641126,403120,785104,695
27-Apr-02482442294217337174,641126,403120,785104,695
25-May-02495455307225338183,318138,236133,004116,914
22-Jun-02483444296214328174,248138,236133,004116,914
20-Jul-02483444296214328174,248128,653123,304107,214
17-Aug-02483444296214328174,248128,653123,304107,214
14-Sep-02483449302226344188,078136,623130,599114,509
12-Oct-02498458311247356199,305147,803141,777125,687
9-Nov-02490451304236348191,481135,720129,175113,085
7-Dec-02464426278216335178,875119,316112,32296,232
4-Jan-03481442295223354195,925124,509116,094100,004
1-Feb-03491452305230361203,294142,108134,916118,826
1-Mar-03510471323256381222,046150,488142,050125,960
29-Mar-03497459311263396233,903139,369128,193112,103
26-Apr-03474436289204333177,749123,135121,973100,637
24-mai-03462425278200317163,277119,686119,60698,503
21-Jun-03462425278200318163,581117,212116,57395,677
19-Jul-03472434287200318163,581129,818130,313109,319
16-Aug-03484446299208327172,454129,818130,313109,319
13-Sep-03500461314315334178,966129,818130,313109,319
11-Oct-03468431284204325170,514122,644121,991100,941
8-Nov-03468431284215345188,548122,644121,991100,941
6-Dec-03468431284215345188,548122,644121,991100,941
Source: Senegalese authorities.
Table 17.Senegal: Tourism Sector Trends, 1996-2003
19961997199819992000200120022003
(In thousands)
Arrivals registered322.1358.7392.5420.0442.7453.6488.2418.3
Accommodation
In beds16.117.017.117.618.319.219.720.4
In nights1,205.61,429.11,526.21,560.01,507.01,615.51,701.71,607.0
(In percent)
Yearly occupation rate34.438.040.042.835.437.738.637.1
(In billions of CFA francs)
Gross revenue77.891.8100.1101.496.8103.4108.3101.2
Source: Ministry of Tourism.
Table 18.Senegal: Public Investment, 1996–2003 1/(In billions of CFA francs, unless otherwise indicated)
1996199719992000200120022003
PlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investmentPlannedRealized investment
TotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distributionTotalPercentage distribution
Primary sector87.859.533.394.751.726.996.359.423.8107.853.324.296.547.419.097.271.524.1111.466.920.7
Agriculture42.425.914.537.726.313.736.925.210.548.321.89.938.117.26.939.827.69.341.326.28.1
Livestock3.02.41.33.21.70.93.53.41.42.61.10.56.21.60.65.72.40.85.63.81.2
Forestry9.58.64.811.77.64.09.16.72.816.25.72.612.14.21.713.39.13.113.46.42.0
Fisheries1.81.00.62.01.00.512.64.72.011.69.04.19.83.91.67.610.53.510.95.11.6
Rural water supply14.78.84.918.48.94.616.85.52.312.25.92.711.56.32.510.24.51.517.710.03.1
Other (including research)16.212.67.121.76.23.217.413.95.816.99.84.418.814.25.720.617.45.922.515.44.8
Secondary sector24.113.77.726.416.98.856.425.010.451.936.816.743.914.75.932.228.69.628.732.29.9
Industry6.12.01.14.53.61.91.40.60.25.51.40.63.11.00.42.21.70.65.65.21.6
Mining0.90.90.51.10.90.50.61.20.50.50.50.20.60.60.20.70.70.21.01.00.3
Energy11.56.43.610.99.65.044.017.37.234.932.414.730.05.42.223.019.76.616.819.36.0
Other5.74.52.59.92.81.510.45.92.511.02.51.110.27.73.16.36.52.25.36.72.1
Tertiary sector53.223.913.457.945.323.561.941.017.162.943.419.752.144.617.863.046.415.673.739.412.2
Tourism0.60.20.10.00.01.00.40.21.30.00.01.10.50.21.00.90.31.41.00.3
Commerce0.00.10.10.50.50.31.11.80.70.40.40.20.10.30.10.10.10.00.20.20.1
Transport49.421.812.255.743.622.759.538.616.156.040.418.346.842.517.060.041.313.965.935.611.0
Telecommunications0.00.00.00.40.40.20.00.00.00.00.00.00.00.00.00.80.80.31.01.00.3
Other3.21.81.01.30.80.40.30.20.15.22.61.24.11.30.51.13.31.15.21.60.5
Other sectors108.681.745.7138.778.540.8145.8114.747.8144.586.839.4194.0143.057.2214.4150.650.7231.5185.457.2
Urban water supply/sewage47.35.22.947.512.96.745.619.58.132.39.44.335.38.83.532.316.95.736.624.67.6
Housing4.78.04.58.03.31.713.24.31.817.88.03.622.116.66.624.617.96.010.313.94.3
Health13.69.65.416.18.84.631.319.28.025.331.814.442.525.510.246.543.114.550.436.911.4
Education17.820.011.235.324.112.517.318.47.723.812.95.934.624.39.731.623.27.836.322.46.9
Other25.138.921.831.829.415.338.453.322.245.324.711.259.567.827.279.449.516.797.987.627.0
Total273.7178.7100.0317.7192.4100.0360.4240.199.1367.1220.3100.0386.5249.7100.0406.8297.1100.0445.3323.9100.0
Financing273.7178.7100.0317.7192.4100.0360.4240.199.1367.1220.3100.0386.5249.7100.0406.8297.1100.0445.3323.9100.0
Domestic49.844.224.790.657.930.1129.9100.441.8121.988.340.1145.6116.546.7156.4121.040.7196.2155.147.9
Public and parapublic39.638.621.675.057.830.0120.3100.041.6121.988.340.1145.6116.546.7156.4121.040.7196.2155.147.9
Private10.25.63.115.60.10.19.60.40.20.00.00.00.00.00.00.00.00.00.00.00.0
Foreign223.7134.575.3227.2134.569.9230.5139.758.2245.6134.060.8240.9133.253.3250.4176.159.3249.1168.852.1
Grants84.647.026.395.663.232.895.458.524.499.848.422.089.478.731.588.777.826.291.155.517.1
Concessional139.187.549.0131.671.337.1135.181.233.8145.885.638.9151.554.521.8161.798.333.1158.0113.335.0
Semicommercial borrowing0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Commercial borrowing0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Source: Economic and Financial Cooperation Directorate.
Table 19.Senegal: Consumer Price Index, 1996-2004 1/
IndexPercentage

Change 2/
FoodstuffClothingHousingHousehold

Goods
Transport

and

Leisure
Weight100.056.011.916.24.011.9
1996
I688.84.1720.5647.0550.51,001.7664.1
II693.43.6724.9652.3560.01,002.1664.1
III722.22.3777.0647.0564.11,002.5660.5
IV721.01.2773.0654.4564.11,002.5661.7
1997
I712.13.4749.1696.2559.21,003.4662.3
II706.41.9732.8707.1584.01,003.8648.4
III722.40.3759.9705.6571.51,003.8673.7
IV733.91.8773.2731.1565.41,006.5689.7
Weight100.041.510.816.97.211.1
1998 1/102.81.1104.398.6101.098.3100.6
1999103.60.8104.697.1104.697.5101.0
2000104.40.7103.796.9109.998.6103.0
1998
I102.10.7103.299.7100.698.3101.7
II100.90.799.998.9100.698.8101.6
III104.32.0107.698.1101.398.599.8
IV103.81.3106.497.5101.597.799.5
1999
I102.90.8104.098.2102.197.799.6
II102.21.3101.997.2103.797.6100.6
III102.7−1.5107.196.5105.597.7101.4
IV104.50.7105.396.4107.197.2102.3
2000
I103.70.8102.997.5107.497.8102.2
II103.31.0101.197.2109.998.8102.3
III103.20.5106.096.1110.399.9102.8
IV103.5−1.0104.897.0111.998.8104.8
2001
I105.51.7104.095.1112.2100.3106.5
II105.42.1103.994.4112.4100.5106.5
III106.33.0112.094.4112.5100.5105.6
IV107.94.3114.193.6113.7103.0103.8
2002
I109.23.5112.991.9113.6103.0104.7
II109.23.5112.292.0114.4102.9105.4
III109.22.7115.392.5115.3102.9105.4
IV109.61.6115.292.2115.3102.9105.6
2003
I110.10.8113.290.4116.8103.3105.5
II108.5−0.6109.890.4116.4103.2105.2
III108.7−0.5115.190.6116.3102.9104.7
IV109.4−0.2114.690.1116.2103.2104.8
2004
I109.8−0.2112.787.6117.4103.3105.0
II109.10.5110.887.5117.1103.2106.2
III109.60.9116.287.3117.1102.6106.7
IV110.51.0116.487.3116.8103.0107.3
Source: Senegalese authorities.
Table 20.Senegal: Price Control System(As of December 2003)
CategoryGoodsServices
Category I (goods and services subject to fixed pricing)Charcoal (retail prices: CFAF 106)Water, retail prices:

  • First tranche; CFAF 191,32 per cubic meter

  • Second tranche; CFAF 629,88 per cubic meter

  • Third tranche; CFAF 766,67 per kilowatt

Electricity, retail prices:

  • First tranche; CFAF 126,32 per kilowatt

  • Second tranche; CFAF 110 per kilowatt

  • Third tranche; CFAF 65,11 per kilowatt

Gas (butane)

  • CFAF 16.980 per bottle of 38 kg

  • CFAF 5.585 per bottle of 12.5 kg

  • CFAF 1.495 per bottle of 6 kg

  • CFAF 665 per bottle of 2.7 kg

Category II (goods and services subject to strict certification requirements)Pharmaceutical products
Source: Senegalese authorities.
Table 21.Senegal: Nominal and Real Minimum Wages, December 1996 - December 2003
1996 Dec.1997 Dec.1998 Dec.1999 Dec.2000 Dec.2001 Dec.20022003
Nominal
(CFA francs per hour)209.1209.1209.1209.1209.1209.1209.1209.1
Real 1/
(1996=100)100.098.397.296.495.793.090.890.9
Sources: Senegalese authorities; and staff estimates.
Table 22.Senegal: Government Financial Operations, 1996-2003(In billions of CFA francs)
19961997199819992000200120022003
Total revenue and grants496.1497.8541.9568.4626.3664.4726.7797.8
Revenue394.3432.2460.1506.8562.3602.7664.6720.1
Tax revenue369.3401.1438.9491.2537.3576.8629.2677.0
Nontax revenue25.031.121.215.625.025.935.443.1
Grants101.865.681.861.664.061.762.177.7
Budgetary17.711.918.74.114.10.01.917.6
Budgeted development projects84.153.763.157.549.961.760.260.1
Total expenditure and net lending497.9484.3550.6609.9616.0748.1730.3850.1
Current expenditure312.6317.6310.1351.1411.0516.6478.2529.5
Wages and salaries162.6160.4162.6166.6175.8177.3199.4203.7
Interest due55.958.634.842.545.330.339.844.6
Of which: external45.947.527.832.339.623.735.440.0
Other current expenditure94.198.6112.7142.0189.9309.0239.0281.2
Transfers and subsidies32.746.341.262.792.9178.7140.9
Goods and services61.452.371.579.397.0130.3140.3
HIPC current spending
Capital expenditure183.0163.8196.9242.3186.1232.3275.9338.5
Domestically financed41.657.578.5111.3106.6133.6147.9190.3
HIPC financed0.00.00.00.00.015.14.128.4
Non HIPC financed41.657.578.5111.3106.6118.5143.8161.9
Externally financed141.4106.3118.4131.079.598.7128.0148.2
Treasury special accounts and correspondents (net)0.00.03.94.06.53.8−18.2−11.1
Net lending−5.6−4.435.35.34.9−4.6−5.6−6.8
Lending2.313.644.022.411.45.72.72.7
Reimbursements−7.9−18.0−8.7−17.1−6.5−10.3−8.3−9.5
Primary fiscal balance 1/54.172.126.11.055.6−53.436.2−7.7
Overall fiscal balance (including grants)−1.813.5−8.7−41.510.3−83.7−3.6−52.3
Overall fiscal balance (excluding grants)−103.6−52.1−90.5−103.1−53.7−145.4−65.7−130.0
Basic fiscal balance (program definition) 2/40.167.871.950.341.4−25.969.149.3
Financing1.8−16.211.441.5−10.383.73.652.3
External financing39.646.650.322.917.154.968.460.9
Drawings83.1101.4108.780.278.1103.3112.790.8
Program loans23.52.419.10.037.160.642.20.0
Project loans59.653.689.680.241.042.770.590.8
Amortization due−72.7−72.0−58.4−57.3−65.2−64.2−81.0−73.9
Debt relief and HIPC Initiative assistance 3/36.217.20.00.04.215.836.744.0
Domestic financing−48.5−60.4−28.618.6−21.117.4−70.7−8.5
Banking system−21.5−148.3−6.27.4−28.321.8−75.4−42.3
Of which: issuance of new treasury bills0.00.00.00.00.00.00.015.0
Nonbank financing 4/−27.087.9−22.411.27.2−4.44.733.8
Of which: privatization0.093.430.940.72.9−44.11.11.1
Of which: T-bills issued in WAEMU region0.00.00.00.00.00.00.08.0
Errors and omissions10.7−2.4−10.30.0−6.311.45.9−0.2
Financing gap0.00.00.00.00.00.00.00.0
Memorandum items:
HIPC Initiative expenditure 5/0.00.00.00.04.215.14.128.4
Social expenditure 6/128.0127.1143.3163.2169.4222.3217.5264.7
Gross domestic product2,451.62576.12,796.53,000.03,192.03,342.73,472.73,725.4
Sources: Senegalese authorities; and staff estimates and projections.
Table 23.Senegal: Government Financial Operations, 1996-2003(In percent of GDP; unless otherwise indicated)
19961997199819992000200120022003
Total revenue and grants20.219.319.418.919.619.920.921.4
Revenue16.116.816.516.917.618.019.119.3
Tax revenue15.115.615.716.416.817.318.118.2
Nontax revenue1.01.20.80.50.80.81.01.2
Grants4.22.52.92.12.01.81.82.1
Budgetary0.70.50.70.10.40.00.10.5
Budgeted development projects3.42.12.31.91.61.81.71.6
Total expenditure and net lending20.318.819.720.319.322.421.022.8
Current expenditure12.812.311.111.712.915.513.814.2
Wages and salaries6.66.25.85.65.55.35.75.5
Interest due2.32.31.21.41.40.91.11.2
Of which: external1.91.81.01.11.20.71.01.1
Other current expenditure3.83.84.04.75.99.26.97.5
Transfers and subsidies1.31.81.52.12.95.33.8
Goods and services2.52.02.62.63.03.93.8
HIPC current spending
Capital expenditure7.56.47.08.15.86.97.99.1
Domestically financed1.72.22.83.73.34.04.35.1
HIPC financed0.00.00.00.00.00.50.10.8
Non HIPC financed1.72.22.83.73.33.54.14.3
Externally financed5.84.14.24.42.53.03.74.0
Treasury special accounts and correspondents (net)0.00.00.10.10.20.1−0.5−0.3
Net lending−0.2−0.21.30.20.2−0.1−0.2−0.2
Lending0.10.51.60.70.40.20.10.1
Reimbursements−0.3−0.7−0.3−0.6−0.2−0.3−0.2−0.3
Primary fiscal balance 1/2.22.80.90.01.7−1.61.0−0.2
Overall fiscal balance (including grants)−0.10.5−0.3−1.40.3−2.5−0.1−1.4
Overall fiscal balance (excluding grants)−4.2−2.0−3.2−3.4−1.7−4.3−1.9−3.5
Basic fiscal balance (program definition) 2/1.62.62.61.71.3−0.82.01.3
Financing0.1−0.60.41.4−0.32.50.11.4
External financing1.61.81.80.80.51.62.01.6
Drawings3.43.93.92.72.43.13.22.4
Program loans1.00.10.70.01.21.81.20.0
Project loans2.42.13.22.71.31.32.02.4
Amortization due−3.0−2.8−2.1−1.9−2.0−1.9−2.3−2.0
Debt relief and HIPC Initiative assistance 3/1.50.70.00.00.10.51.11.2
Domestic financing−2.0−2.3−1.00.6−0.70.5−2.0−0.2
Banking system−0.9−5.8−0.20.2−0.90.7−2.2−1.1
Of which: issuance of new treasury bills0.00.00.00.00.00.00.00.4
Nonbank financing 4/−1.13.4−0.80.40.2−0.10.10.9
Of which: privatization0.03.61.11.40.1−1.30.00.0
Of which: T-bills issued in WAEMU region0.00.00.00.00.00.00.00.2
Errors and omissions0.4−0.1−0.40.0−0.20.30.20.0
Financing gap0.00.00.00.00.00.00.00.0
Memorandum item:
HIPC Initiative expenditure 5/0.00.00.00.00.10.50.10.8
Social expenditure 6/5.24.95.15.45.36.76.37.1
Gross domestic product (In billions of CFA francs)2,451.62576.12,796.53,000.03,192.03,342.73,472.73,725.4
Sources: Senegalese authorities; and staff estimates and projections.
Table 24.Senegal: Budgetary Revenue, 1996-2003
19961997199819992000200120022003
(In billions of CFA francs)
Total revenue394.3432.2460.1506.8562.3602.7662.0720.1
Tax revenue389.4408.6440.8491.2537.3576.8627.3677.0
Taxes on income and property85.094.3107.2107.5128.7130.6145.9159.3
Individual45.853.756.654.261.958.874.780.8
Corporate26.329.037.138.749.148.954.255.9
Real estate capital gains0.50.50.30.50.41.01.01.7
Capital income6.44.96.36.910.012.28.212.1
Social security (ONFP)0.30.30.30.30.30.30.20.3
Payroll (CFCE)5.35.35.96.06.36.66.87.5
Property0.40.60.70.80.72.80.80.9
Taxes on goods and services (excluding petroleum)135.8158.7170.6193.2241.4254.8258.3308.9
Valued-added tax (VAT) on domestic goods68.282.877.491.7112.490.5114.6128.7
VAT on imported goods42.148.165.067.391.0112.786.4119.8
Presumptive taxes on domestic goods1.31.50.00.00.00.00.63.6
Presumptive taxes on imported goods3.23.43.75.25.89.77.36.1
Excises6.54.24.66.08.09.616.015.7
Taxes on insurance contracts1.41.61.71.82.33.53.12.9
Motor vehicles taxes1.71.91.82.22.43.73.53.5
Registration duties5.69.37.910.710.513.514.519.3
Others5.85.98.58.28.811.612.310.4
Stamp duties5.55.97.47.28.110.39.310.4
Miscellaneous0.30.01.11.00.71.33.00.0
Taxes on imports (excluding petroleum) 1/115.8108.7110.7106.672.8107.3107.7107.9
Taxes on petroleum products52.846.952.383.994.484.1115.4100.9
Custom duties17.220.811.411.211.30.86.27.2
VAT15.518.621.623.228.338.664.437.3
Stabiliization20.17.51.90.00.00.00.00.0
Excises0.00.017.449.554.844.744.856.4
Nontax revenue4.923.619.315.625.025.934.743.1
Entrepreneurial and property income2.67.16.55.811.313.818.820.3
Fishing rights0.08.37.97.97.95.28.612.5
Others2.38.24.91.95.86.97.310.3
(Percentage share of total revenue)
Tax revenue98.894.595.896.995.695.794.894.0
Taxes on income and property21.621.823.321.222.921.722.022.1
Taxes on goods and services 2/34.436.737.138.142.942.339.042.9
Taxes on imports29.425.224.121.012.917.816.315.0
Taxes on petroleum products13.410.911.416.616.814.017.414.0
Nontax revenue1.25.54.23.14.44.35.26.0
Total100.0100.0100.0100.0100.0100.0100.0100.0
Of which: total revenue from petroleum13.410.911.416.616.814.017.414.0
Source: Senegalese authorities.
Table 25.Senegal: Current Budgetary Expenditure, 1996-2003(In billions of CFA francs)
19961997199819992000200120022003
Economic classification
Wages and salaries162.6160.4162.6166.6175.8177.3199.4203.7
Materials, supplies, and maintenance61.452.371.579.397.0130.5140.3
Interest on government debt55.958.634.842.545.330.339.844.6
Of which: external45.947.527.832.339.623.735.440.0
Other transfers and subsidies29.243.036.849.379.4178.5140.9
Of which: scholarships5.26.35.86.16.9
Unclassified3.53.37.313.413.50.2
Total312.6317.6310.1351.1411.0516.6478.2529.5
Functional classification
General public services81.488.490.989.593.784.787.483.4
National defense39.640.241.946.147.148.052.854.5
Education79.582.086.790.494.7109.5115.6143.1
Health17.216.014.416.922.125.028.136.1
Social and community services5.012.65.76.618.12.643.413.9
Economic services7.610.79.413.815.5116.027.830.4
Unallocable82.367.761.187.8119.8130.8103.3171.2
Of which: interest on govt. debt 1/55.958.634.842.545.330.339.844.6
Total312.6317.6310.1351.1411.0516.6478.2529.5
Source: Senegalese authorities.
Table 26.Senegal: Government Wage Bill and Number of Civil Servants, 1996-2003
19961997199819992000200120022003
Wage bill (in billions of CFA francs)162.6160.4162.6166.6175.8177.3199.4203.7
Annual change in wage bill (in percent)3.2−1.41.42.55.50.912.52.2
As percent of current budgetary expenditure52.050.552.447.542.834.341.738.5
As percent of total expenditure and net lending32.733.129.527.328.523.727.324.0
As percent of GDP6.66.25.85.65.55.35.75.5
Number of civil servants (as of end of period) 1/67,02966,75466,28665,53666,10165,25966,03367,429
Annual change in the number of civil servants (in percent)0.0−0.4−0.7−1.10.9−1.31.22.1
Source: Senegalese authorities.
Table 27.Senegal: Minimum and Maximum Salaries for Selected Civil Servants, January 1985– December 2003(CFA francs per month)
19851989199319942000200120022003
Jan.JulySep.Jan.Dec.1/Dec.Dec.Dec.
Minimum
Base salary27,21130,21125,67930,21147,66747,66752,66752,667
Special allowance5,4426,0425,1356,0426,0426,0426,0426,042
Residence allowance3,8094,2293,5954,2294,2294,2294,2294,229
Total36,46240,48234,40940,48257,93857,93862,93862,938
Maximum
Base salary177,735180,735153,624180,735204,868204,868214,868214,868
Special allowance35,54736,14730,72436,14736,14736,14736,14736,147
Residence allowance24,88325,30221,50725,30225,30225,30225,30225,302
Total238,165242,184205,855242,184266,317266,317276,317276,317
Source: Senegalese authorities.
Table 28.Senegal: Social Expenditures, 1996–2003
19961997199819992000200120022003
(In billions of CFA francs)
Health30.429.932.638.340.171.257.766.6
Current expenditure18.719.019.823.326.028.732.636.1
Wages and salaries10.010.610.611.612.512.611.611.3
Supplies7.44.55.37.15.26.67.58.5
Transfers1.31.31.31.55.16.110.913.7
Maintenance0.50.60.8
Current expenditure by municipalities0.02.62.62.62.62.62.62.6
Capital expenditure11.710.912.815.014.142.525.131.1
Domestically financed0.90.62.13.75.69.38.99.0
Externally financed10.810.310.711.48.533.216.222.1
Education96.796.2109.4118.0120.0143.1151.3186.8
Current expenditure86.687.890.494.3100.4108.6130.9143.1
Wages and salaries58.059.461.663.965.365.276.979.1
Supplies5.74.35.26.39.812.617.224.2
Transfers21.621.721.322.023.228.435.438.6
Maintenance0.40.10.10.10.20.5
Current expenditure by municipalities0.01.51.51.51.51.51.51.5
Other1.00.80.80.50.40.4
Capital expenditure10.18.419.023.719.634.620.443.4
Domestically financed0.91.74.89.49.29.39.811.4
Externally financed9.26.714.114.310.425.312.832.0
Other 1/0.81.01.46.89.28.08.511.3
Current expenditure0.70.70.85.56.26.97.27.9
Wages and salaries0.60.60.64.65.05.25.15.7
Supplies0.10.10.21.01.21.72.12.2
Capital expenditure0.10.30.61.33.11.11.33.3
Domestically financed0.10.30.61.30.11.11.33.3
Externally financed0.00.00.00.03.00.0
(In percent of total current expenditure)
Current expenditure in social sectors33.933.835.835.132.327.935.035.2
Health6.06.06.46.66.35.66.86.7
Education27.727.629.226.824.421.026.627.0
Other0.20.20.31.61.51.31.51.5
(In percent of total capital expenditure)
Capital expenditure in social sectors12.012.016.416.519.033.617.223.1
Health6.46.76.56.27.318.39.29.2
Education5.55.19.69.810.114.97.512.9
Other0.10.20.30.61.60.50.51.0
(In percent of total current and capital expenditure)
Total current and capital expenditure in social sectors25.826.428.327.528.029.728.530.5
Health6.16.26.46.56.69.57.77.7
Education19.520.021.619.919.919.119.721.5
Other0.20.20.31.21.51.11.11.3
Memorandum items:(In billions of CFA francs)
Total current expenditure312.6317.6310.1351.1411516.6478.2529.5
Capital expenditure, domestically financed41.657.578.5111.3106.6133.6143.8189
Capital expenditure, externally financed141.4106.3118.4131.086.698.7128.0148.2
Total current and capital expenditure495.6481.4507593.4604.2748.9750866.7
Sources: Senegalese authorities; and staff estimates.
Table 29.Senegal: Monetary Survey, 1996–2003 1/
1996 Dec.1997 Dec.1998 Dec.1999 Dec.2000 Dec.2001 Dec.2002 Dec.2003 Dec.
(In billions of CFA francs)
Net foreign assets−70.215.651.4103.988.7169.6296.8386.5
Central Bank of West African States (BCEAO)−98.0−21.1−6.513.5−5.666.7137.7187.3
Commercial banks27.836.757.990.494.3102.9159.1199.2
Net domestic assets611.1564.8578.9610.2701.7735.6677.4729.8
Net domestic credit683.8583.3621.5674.6785.3837.4793.0848.8
Net credit to the government335.6187.3181.1188.5160.2181.9106.564.2
Central bank269.4152.1158.9174.4201.2221.0188.7175.5
Commercial banks66.435.020.913.0−42.5−42.0−82.9−117.2
Other institutions−0.20.21.31.11.52.90.75.9
Credit to the economy348.2396.0440.4486.1625.1655.5686.5784.6
Crop credit1.12.012.71.70.05.00.93.6
Other credit347.1394.0427.7484.4625.1650.5685.6781.0
Other items (net) 2/−72.7−18.5−42.6−64.4−83.6−101.8−115.6−119.0
Broad money (M2)540.9580.4630.3714.1790.4905.2974.21,116.3
Currency outside banks142.0142.8158.5179.7172.0217.8192.7173.2
Demand deposits189.4199.9238.6261.2292.9323.5372.6503.5
Time deposits209.5237.7233.2273.2325.5363.9408.9439.6
(Change in percent of beginning-of-period money stock)
Net foreign assets7.215.96.28.3−2.110.214.19.2
BCEAO5.814.22.53.2−2.79.17.85.1
Commercial banks1.41.63.75.20.51.16.24.1
Net domestic assets3.7−8.62.45.012.84.3−6.45.4
Net credit to the government−4.4−27.4−1.11.2−4.02.7−8.3−4.3
Credit to the economy12.68.811.27.33.82.53.410.1
Other items (net)−4.510.0−4.2−3.5−2.7−2.3−1.5−0.3
Broad money (M2)10.87.38.613.310.714.57.614.6
Source: Central Bank of West African States (BCEAO).
Table 30.Senegal: Summary Accounts of Central Bank, 1996-2003 1/(In billions of CFA francs)
1996 Dec.1997 Dec.1998 Dec.1999 Dec.2000 Dec.2001 Dec.2002 Dec.2003 Dec.
Net foreign assets−98.0−21.1−6.513.5−5.666.7137.7187.3
Assets151.0231.4243.5262.9273.3339.3403.7413.0
Liabilities−249.0−252.5−250.0−249.4−278.9−272.6−266.0−225.7
Net domestic assets266.7195.8192.5202.5234.2245.8207.0172.9
Net credit to government269.4152.1158.9174.4201.2221.0188.7175.5
Claims296.2293.7296.3279.0256.6300.9292.1262.1
Statutory advances60.066.870.460.738.973.573.568.8
Use of IMF credit175.6168.0160.8154.0154.1159.4152.2133.4
Consolidated and refinanced loans1.50.06.05.24.58.97.36.5
Other claims59.158.959.159.159.159.159.153.4
Deposit and cash−26.8−141.6−137.4−104.6−55.4−79.9−103.4−86.6
Claims on deposit money banks2.631.726.912.62.00.00.00.0
Advances on the money market0.00.00.00.00.00.00.00.0
Rediscount2.631.726.912.62.00.00.00.0
Consolidated claims0.00.00.00.00.00.00.00.0
Claims on nonbank institutions (net)0.50.50.40.00.00.00.00.0
Other items (net)−5.811.56.315.531.024.818.3−2.6
Of which: reevaluation account7.27.27.27.27.27.27.27.2
Base money168.7174.7186.0216.0228.6312.5344.7360.2
Currency outside banks142.0142.8158.5179.7172.0217.8192.7173.2
Banks’ reserves26.431.327.135.755.993.4151.3185.5
Claims on the money market0.00.00.00.00.00.00.00.0
Deposits at the Central Bank of West African
States (BCEAO)15.117.613.718.038.572.6127.4154.0
Currency in vault11.313.713.417.717.420.823.931.5
Reserves of nonbank institutions at the BCEAO0.30.60.40.60.71.30.71.5
Source: Central Bank of West African States (BCEAO).
Table 31.Senegal: Summary Accounts of Commercial Banks, 1996‐2003 1/(In billions of CFA francs)
1996 Dec.1997 Dec.1998 Dec.1999 Dec.2000 Dec.2001 Dec.2002 Dec.2003 Dec.
Net foreign assets27.836.757.990.494.3102.9159.1199.2
Assets74.993.0123.9168.6155.6178.5226.2254.8
Liabilities−47.1−56.3−66.0−78.2−61.3−75.6−67.1−55.6
Of which: medium-and long-term foreign liabilities−8.6−6.3−3.5−5.8−4.9−10.4−12.8−19.5
Net domestic assets370.6429.0436.2451.8521.0576.6616.4734.0
Net credit to the government66.435.020.913.0−42.5−42.0−82.9−117.2
Claims on government111.4109.090.482.469.781.444.156.5
Of which: securitization93.091.274.865.256.041.532.824.3
securitization CNCAS 2/8.17.57.06.45.85.24.64.1
securitization BST 3/1.51.51.42.62.42.11.81.5
Consolidated and refinanced loans50.235.632.028.224.320.416.512.6
Deposits−95.2−109.6−101.5−97.6−136.5−143.8−143.5−186.3
Credit to the private sector344.7392.7437.1483.0622.2651.8682.0782.1
Short term184.4217.4260.4290.8390.5381.9403.6513.2
Medium and long term137.1148.2152.6175.5210.4238.0245.4254.0
Nonperforming loans (net)23.227.124.116.721.331.933.014.9
Reserves26.431.327.135.755.993.4151.3185.5
Currency in vault11.313.713.417.717.420.823.931.5
Deposits to the Central Bank of West African States (BCEAO)15.117.613.718.038.572.6127.4154.0
Net position in the money market0.00.00.00.00.00.00.00.0
Deposits0.00.00.00.00.00.00.00.0
Advances0.00.00.00.00.00.00.00.0
Other items (net)−66.9−30.0−48.9−79.9−114.6−126.6−134.0−116.4
Of which: reevaluation account1.11.11.11.11.11.11.11.1
Claims of the central bank2.631.726.912.62.00.00.00.0
Private sector deposits395.8434.0467.2529.6613.3679.5775.5933.2
Demand deposits186.3196.3234.0256.4287.8315.6366.6493.6
Time deposits209.5237.7233.2273.2325.5363.9408.9439.6
Source: BCEAO.
Table 32.Senegal: Banking System Claims on Central Government, 1996-2003 1/(In billions of CFA francs)
1996 Dec.1997 Dec.1998 Dec.1999 Dec.2000 Dec.2001 Dec.2002 Dec.2003 Dec.
Net credit to government335.6187.3181.1188.5160.2181.9106.564.2
Central bank: net claims269.4152.1158.9174.4201.2221.0188.7175.5
Claims296.2293.7296.3279.0256.6300.9292.1262.1
Statutory advances60.066.870.460.738.973.573.568.8
Use of IMF credit175.6168.0160.8154.0154.1159.4152.2133.4
Consolidated loans1.50.06.05.24.58.97.36.5
Other59.158.959.159.159.159.159.153.4
Deposit and cash−26.8−141.6−137.4−104.6−55.4−79.9−103.4−86.6
Commercial banks66.435.020.913.0−42.5−42−82.9−117.2
Claims on government111.4109.090.482.469.781.444.156.5
Of which: securitization93.091.274.865.25641.532.824.3
securitization CNCAS 2/8.17.57.06.45.85.24.64.1
securitization BST 3/1.51.51.42.62.42.11.81.5
Other claims - ONCAD50.235.63228.224.320.416.512.6
Government deposits−95.2−109.6−101.5−97.6−136.5−143.8−143.5−186.3
Other institutions−0.20.21.31.11.52.90.75.9
Deposits at CCP (Post office accounts)2.83.04.24.24.46.65.28.4
Obligations cautionnées−3.0−2.8−2.9−3.1−2.9−3.7−4.5−2.5
Source: Central Bank of West African States (BCEAO).
Table 33.Senegal: Counterparts of the Money Supply, 1996–2003 1/
19961997199819992000200120022003
(Annual change in billions of CFA francs)
Net foreign assets34.985.835.852.5−15.280.9127.289.7
Net domestic assets 1/18.0−46.314.131.391.533.9−58.252.4
Of which
Credit to the government (net) 2/−21.5−148.3−6.27.4−28.321.7−75.4−42.3
Credit to the economy61.547.844.445.7139.030.431.098.1
Money and quasi money52.939.549.983.876.3114.869.0142.1
(Annual change in percent of beginning-of-period unless otherwise indicated)
Net foreign assets7.215.96.28.3−2.110.213.18.0
Net domestic assets 1/3.7−8.62.45.012.84.3−6.04.7
Of which
Credit to the government (net) 2/−4.4−27.4−1.11.2−4.02.7−7.7−3.8
Credit to the economy12.68.87.67.319.53.83.28.8
Money and quasi money10.87.38.613.310.714.57.614.6
Memorandum item:
Velocity of broad money (GDP/broad money)4.44.44.44.13.93.73.63.3
Source: Senegalese authorities.
Table 34.Senegal: Indicators of Financial Savings, 1996–2003 1/(In percent of GDP, unless otherwise indicated)
19961997199819992000200120022003
M222.722.722.824.425.427.128.130.0
Currency in circulation6.05.65.76.15.56.55.54.6
Deposits16.817.117.118.219.920.622.525.3
Demand deposits8.07.88.68.99.49.710.713.3
Time and savings deposits8.89.38.49.310.510.911.812.0
M113.913.414.415.114.916.216.317.9
Cross-border deposits 2/
Cross-border deposits (in percent of deposits in Senegal)
Sources: Senegalese authorities; IMF, International Financial Statistics; and staff estimates.
Table 35.Senegal: Net Foreign Assets of the Central Bank of West African States (BCEAO), December 1996-December 2003 1/(In billions of CFA francs)
19961997199819992000200120022003
Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.Mar.JuneSep.Dec.Mar.JuneSep.Dec.
Net foreign assets−98.0−21.1−6.513.4−5.62.917.120.766.7116.677.7133.5137.7146.3160.5204.0187.3
Assets151.0231.4243.5262.9273.3289.5293.2295.5339.3401.9349.3407403.7410.0396.3426.6413.0
CFA franc zone currency2.02.22.81.22.52.13.33.213.31.20.50.00.00.00.00.00.0
Other currencies1.91.41.42.72.45.72.65.17.710.411.77.89.94.25.74.88.4
Operations account147.1227.8239.3259268.4281.7287.3280.6318.3390.3337.1399.2393.8405.8390.6421.8404.6
Liabilities−249.0−252.5−250.0−249.5−278.9−286.6−276.1−274.8−272.6−285.3−271.6−273.5−266.0−263.7−235.8−222.6−225.7
Liabilities in CFA francs−1.8−0.8−2.0−4.2−2.9−5.1−4.61.1−5.2−12.1−8.4−13.8−10.6−13.0−11.8−7.6−20.4
Liabilities in other currencies−247.2−251.7−248.0−245.3−276.0−281.5−271.5−270.0−267.4−273.2−263.2−259.7−255.4−250.7−224.0−215.0−205.3
Of which: IMF−187.8−191.6−188.3−186.2−209.4−221.4−208.3−206.8−207.7−203.9−204.5−199.1−194.1−187.1−163.6−157.4−151.4
SDR allocations−18.3−19.4−19.8−20.5−23.3−23.3−22.9−22.9−22.9−22.9−22.6−22.6−22.6−22.6−19.9−19.9−19.9
Source: Central Bank of West African States (BCEAO).
Table 36.Senegal: Statutory Ceilings on Central Bank Advances to the Government and Actual Advances, 1996‐2003(In billions of CFA francs, unless otherwise indicated; end of period)
19961997199819992000200120022003
Dec.Dec.Dec.Dec.Dec.Mar.JuneSep.Dec.Mar.JuneSep.Dec.Mar.JuneSep.Dec.
Ceiling60.573.478.978.978.978.978.978.978.978.978.978.978.978.978.978.978.9
Actual advances60.066.870.460.738.953.239.442.973.572.471.568.773.573.572.070.468.8
Actual advances (in percent of ceiling)99.291.089.276.949.367.449.954.493.291.890.687.193.293.291.389.287.2
Source: Central Bank of West African States (BCEAO).
Table 37.Senegal: Distribution of Credit to the Economy, 1996-2003 1/
19961997199819992000200120022003
(In billions of CFA francs)
Short term331.5367.0400.3411.1516.2525.1541.5635.7
Medium term127.5140.0149.6189.1210.3207.5225.5198.6
Long term77.577.713.410.715.615.615.815.6
Total536.5584.7563.3610.9742.1748.2782.8849.9
Of which: public and semipublic enterprises144.7160.8119.0116.7165.7109.495.292.2
Agriculture and related activities8.58.07.67.87.37.46.46.9
Fishing13.715.116.214.415.319.120.118.3
Industry117.9124.2131.1181.5235.4240.4264.8323.2
Of which: food33.428.729.226.127.431.427.549.6
chemicals35.232.228.055.579.488.2114.2144.1
textiles13.916.515.921.521.214.416.416.0
Construction and public works31.938.637.140.446.846.348.950.5
Transportation and communications24.926.024.529.932.634.454.150.4
Tourism14.014.314.114.816.216.016.314.8
Commerce222.2244.5213.3184.1236.6222.2209.2206.6
Wholesale184.3202.8169.6138.8184.8166.7146.8145.9
Retail37.741.743.745.551.855.562.460.7
Other103.4114.0119.2138.0151.9162.4162.4179.2
(In percent of the total)
Short term61.862.671.167.369.670.269.274.8
Medium term23.824.026.631.028.327.728.823.4
Long term14.413.42.41.82.12.12.01.8
Total100.0100.0100.0100.0100.0100.0100.0100.0
Of which: public and semipublic enterprises27.027.521.119.122.314.612.210.8
Agriculture and related activities1.61.41.31.31.01.00.80.8
Fishing2.52.62.92.42.12.62.62.2
Industry22.021.323.329.731.732.133.838.0
Of which: food6.24.95.24.33.74.23.55.8
chemicals6.65.55.09.110.711.814.617.0
textiles2.62.82.83.52.91.92.11.9
Construction and public works6.06.66.66.66.36.26.35.9
Transportation and communications4.64.44.34.94.44.66.95.9
Tourism2.62.42.52.42.22.12.11.7
Commerce41.441.837.930.131.929.726.724.3
Wholesale34.334.730.122.724.922.318.817.2
Retail7.07.17.87.47.07.48.07.1
Other19.319.521.222.620.522.520.721.1
Source: Central Bank of West African States (BCEAO).
Table 38.Senegal: Commercial Banks and Financial Institutions(As of December 2003)
Shareholders (In percent)Date of EstablishmentCapital(In millions of CFA francs)Total Deposists and Borrowing (In millions of CFA francs)Number of Permanent Branches
Public 1/PrivateOther
Commercial banks
Compagnie Bancaire pour l’Afrique Occidental - Sénégal94447July-659,000204,65723
Banque Internationale pour le Commerce et l’Industrie du Sénégal (BICIS)252154March-655,000190,57719
Société Générale de Banques au Sénégal (SGBS)03565March-654,528277,55129
Citibank00100November-752,26255,7491
Banque de l’Habitat du Sénégal (BHS)41509December-791,650108,2932
Banque Islamique du Sénégal (BIS)22078July-822,70619,5791
Caisse Nationale de Crédit Agricole du Sénégal (CNCAS)582220June-842,30058,01314
Banque Sénégalo-Tunisienne (BST)6877July-862,10070,4979
Crédit Lyonnais-Sénégal (CL-S)5095June-892,00099,0243
Ecobank2080February-992,41340,2543
BOA01684September-011,50015,2752
BSIC00100August-20032,0001
Financial institutions
Compagnie Ouest-Africaine de Crédit-Bail (LOCAFRIQUE)00100May-775797791
Société de Crédit et d’Equipement du Sénégal (SOCRES)00100August-773007856
Société d’Investissement (SENINVEST)07327October-935501
Source: Central Bank of West African States (BCEAO) from data furnished by commercial banks.
Table 39.Senegal: Net Income of the Banking System, 1996-2003 1/(In billions of CFA francs)
19961997199819992000200120022003
Net interest income32.633.839.444.354.262.067.968.2
Interest income45.548.253.759.3
Cash operations
Financial institutions
Government
Nongovernment
Short term
Medium and long term
Other
Interest expenses−12.9−14.4−14.2−15.1
Cash operations−1.5
Financial institutions
Government
Nongovernment−11.4
Checking accounts
Term deposits
Other
Other income on financial services18.325.025.626.427.327.630.834.4
Expenses on financial services−3.3−5.6−7.1−9.0−9.9−8.4−10.8−10.6
Net result on banking activities47.653.357.963.371.581.287.891.9
Other income2.02.21.51.42.13.03.73.6
Operating expenses and taxes−25.7−26.2−29.0−29.0−32.9−36.2−40.5−44.9
Gross operating result23.929.230.535.640.748.051.050.6
Amortization−1.8−3.9−4.8−5.7−6.2−7.5−7.4−8.0
Allocation to provisions−18.6−16.8−25.7−18.6−17.6−22.3−28.6−26.1
Recovery from provisions9.48.214.110.58.111.215.321.1
Operating result13.016.714.121.925.029.430.437.7
Other income (net)0.4−0.7−1.1−1.1−0.7−2.0−0.4−2.9
Pretax income13.516.013.020.824.327.429.934.8
Profits tax−2.7−2.8−3.3−4.6−6.1−6.4−8.0−9.4
Net income10.813.29.716.118.221.021.925.3
Source: Banking Commission of the West African Monetary Union.
Table 40.Senegal: Observance of Prudential Ratios by Banking System, 1996-2003
19961997199819992000200120022003
Commercial banks’ prudential ratios(Number of banks not meeting the minimum 1/; unless otherwise indicated)
Capital
(minimum = CFAF 1,000 million)11110021
Capital asset ratio
(minimum = 4 percent until 1999 and 8 percent sicne 2000)10101210
Liquidity ratio
(ratio of liquid asset to short–term liabilities; minimum = 60 percent)33224211
Liquidity ratio: overall ratio 2/8183938987909194
Liquidity ratio: overall adjusted ratio 3/68656667871099394
Coverage of medium-and long-term liabilities by assets
(solvency ratio: minimum = 75 percent)45553552
Lending to directors or management
(maximum = 20 percent of all lending)12120110
Division of risk: exposure ratio
(loans to one borrower should not exceed 100 percent of capital)44447535
Portfolio risk structure 4/
(at least 60 percent of all loans should be admissible for central bank refinancing)99101011
Ratio of fixed assets and equity investments to capital
(maximum =100 percent of capital)10002110
Ratio of off-balance-sheet fixed assets to capital
(maximum = 15 percent)11000210
Nonperforming loans of commercial banks
Gross nonperforming loans (millions of CFA francs)100,147117,316104,771126,930127,967129,363123,004
Nonperforming loans, net of provisioning (millions of CFA francs)35,08434,89428,38838,31540,20238,17332,221
Nonperforming loans, net of provisioning (as a percentage of total credit)9866664
Banks’ reserves
Required reserves (millions of CFA francs)5,4296,1236,5948,46770,29775,87179,22894,732
Total reserves (millions of CFA francs)116,852113,309113,490115,42488,422103,531156,369184,067
NBFI 5/ prudential ratios(Number of NBFIs not meeting the minimum)
Capital
(minimum = CFAF 300 million)00011100
Capital adequacy ratio
(minimum = 4 percent)00011100
Source: Central Bank of West African States (BCEAO).
Table 41.Senegal: Interest Rate Indicators, 1996-2003 1/(In percent per year)
19961997199819992000200120022003
Interest rates
Deposits 2/5.004.504.954.954.954.954.954.95
Rediscount rate (TES)6.506.006.255.756.506.506.505.50
Money market (BCEAO)5.004.504.954.954.954.954.954.95
Money market (Paris) 3/3.323.363.372.515.163.912.922.32
GDP deflator0.91.73.91.03.30.02.70.7
Memorandum items:
Deposits - GDP deflator4.072.811.023.901.644.922.234.26
Deposits - TES−1.50−1.50−1.30−0.80−1.55−1.55−1.55−0.55
Money market (BCEAO) - TES−1.50−1.50−1.30−0.80−1.55−1.55−1.55−0.55
Money market (BCEAO) -
Money market (Paris)1.751.581.582.44−0.211.042.032.63
Sources: Senegalese authorities; IMF, International Financial Statistics; and staff estimates.
Table 42.Senegal: Discount Rates Applied by the Central Bank, 1975–2004 1/(In percent per year)
NormalPreferential
DiscountDiscountDiscount
Rate 2/Rate 3/Rate 4/
(In percent per annum)
Prior to July 1, 19755.505.50
July 1, 19758.005.50
April 14, 198010.508.00
April 7, 198212.5010.00
April 5, 198310.508.00
March 24, 19869.507.00
September 22, 19868.506.00
December 23, 19889.507.50
March 30, 198910.009.00
October 2, 1989AbolishedAbolished10.50
November 27, 198911.00
August 20, 199213.00
November 9, 199212.50
December 20, 199310.50
January 18, 199414.50
June 27, 199412.00
August 1, 199411.00
August 29, 199410.00
January 23, 19959.00
June 5, 19958.50
December 26, 19957.50
August 5, 19967.25
August 19, 19967.00
October 21, 19966.50
February 17, 19976.25
September 8, 19976.00
August 31, 19986.25
January 4, 19995.75
June 19, 20006.50
July 7, 20035.50
óctober 20, 20035.00
March 19, 20044.50
Source: Central Bank of West African States (BCEAO).
Table 43.Senegal: Supply and Demand in Overnight Money Market, 1996-2003 1/(Monthly averages in billions of CFA francs)
SupplyDemandDemands Granted
1996Jan.-Jul.1822727
Jul.-Dec.17844
1997Jan.-Jun.03027
Jul-Dec.18200
Jan.-Dec.912019
1998Jan.-Jun.0334305
Jul-Dec.000
Jan.-Dec.000
1999Jan.-Jun.000
Jul-Dec.000
Jan.-Dec.000
2000Jan.-Jun.000
Jul-Dec.000
Jan.-Dec.000
2001Jan.-Jun.000
Jul-Dec.064
Jan.-Dec.032
2002Jan.-Jun.033
Jul-Dec.000
Jan.-Dec.022
2003Jan.-Jun.000
Jul-Dec.000
Jan.-Dec.000
Source: Central Bank of West African States (BCEAO).
Table 44.Senegal: Money Market Interest Rates, 1996-2004 1/(In percent per year)
DateRate
1996
March5.50
June5.37
September5.25
December5.05
1997
March5.00
June5.02
September5.02
December4.96
1998
March4.53
June4.95
September4.95
December4.95
1999
March4.95
June4.95
September4.95
December4.95
2000
March4.95
June4.95
September4.95
December4.95
2001
March4.95
June4.95
September4.95
December4.95
2002
March4.95
June4.95
September4.95
December4.95
2003
March4.95
June4.95
September4.95
December4.95
2004
March4.95
June4.95
September4.95
December4.95
Table 45.Senegal: Commercial Bank Deposit Rates, 1996-2003 1/(In percent per year)
Apr.Aug.Dec.Sep.Dec.Sep.Dec.Dec.Dec.Dec.
1996199819981999199920002000200120022003
Time deposits
Less than six months 2/TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2
Six months—less than one year 2/TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2
One year and more 3/
Certificates of deposit
Six months—less than one year 2/TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2TMM-2
One year and more 3/
Savings deposits 4/3.53.53.53.53.53.53.53.53.53.5
Source: Central Bank of West African States (BCEAO).
Table 46.Senegal: Maximum Lending Rates Applied by Commercial Banks, 1994-2003(In percent per year)
FromFromFromFromFromFromFromFromAs ofAs ofAs of
Aug. 5,Aug. 19,Oct. 21,Feb. 17,Sep. 8,Sep. 5,Sep. 20,Dec.Dec 31,Dec 31,Dec 31,
199619961996199719971998 1/19992000200120022003
Short-and medium-term credit
Crop financing and export credit14.514.013.012.512.018.018.018.018.018.018.0
Financing of storage of agricultural products14.514.013.012.512.018.018.018.018.018.018.0
Credit to small and medium- sized national enterprises14.514.013.012.512.018.018.018.018.018.018.0
Credit to nationals for construction of first primary residence 2/14.514.013.012.512.018.018.018.018.018.018.0
Other credits14.514.013.012.512.018.018.018.018.018.018.0
Long-term credit 3/
Credit to small and medium-sized national enterprises14.514.013.012.512.018.018.018.018.018.018.0
Credit to nationals for construction of first primary residence 2/14.514.013.012.512.018.018.018.018.018.018.0
Other credits14.514.013.012.512.018.018.018.018.018.018.0
Source: Central Bank of West African States (BCEAO).
Table 47.Senegal: Balance of Payments, 1996-2003(In billions of CFA francs, unless otherwise indicated)
19961997199819992000200120022003
Current account−102−69−105−152−163−155−206−244
Balance on goods−141−158−174−200−254−312−375−470
Exports, f.o.b.505528582645698735743731
Imports, f.o.b.−647−686−756−845−952−1,047−1,118−1,201
Services and incomes (net)−46−14−32−50−74−67−91−87
Credits235296308324336341365400
Of which: tourism80101107112102128132121
Debits−281−310−339−373−410−408−456−487
Of which: interest on public debt−59−59−37−37−40−24−35−40
Unrequited current transfers (net)8510410198164223260313
Private (net)20202151100173192241
Public (net)6584804764506872
Of which: budgetary grants1812194140218
Capital and financial account108171153207206217315294
Capital account8756656152646667
Private capital transfers32232267
Project grants8454635850626060
Debt cancellation00010000
Financial account2111588146154153249227
Direct investment367458844293129
Portfolio investment−3−5−14−101010213
Other investment21535769100114216185
Public sector (net)4648402926473520
Of which: disbursements120126111828810811391
program loans2421903761420
project loans6099908041437191
other37232210500
amortization−70−74−59−54−62−62−79−72
Private sector (net)−15918488041128133
Errors and omissions−10−5−1−7−6265332
Overall balance61034955436210950
Financing−6−63−39−3918−62−109−50
Net foreign assets (BCEAO)−28−77−15−2019−72−71−50
Net use of Fund resources−5−8−7−8−3−2−13−20
Purchases18292812132283
Repurchases−23−37−35−20−16−23−21−23
Other−23−69−8−1222−71−58−30
Deposit money banks−7−9−21−19−4−9−56−40
Payments arrears (reduction -)03−300000
Exceptional financing 1/2920003191840
Residual financing gap00000000
Memorandum items:
Current account balance
As percentage of GDP (incl. current official transfers)−4.2−2.7−3.7−5.1−5.1−4.6−5.9−6.5
As percentage of GDP (excl. current official transfers)−7.1−6.1−6.9−6.8−7.3−6.3−8.0−8.6
Gross official reserves (in billions of CFA francs)151231244263273339404413
(in months of imports of GNFS)2.13.02.92.82.63.03.33.2
Nominal GDP (in billions of CFA francs)2,4522,5762,7973,0003,1923,3433,4733,725
Sources: Central Bank of West African States (BCEAO); and staff estimates and projections.
Table 48.Senegal: Balance of Payments, 1996-2003(In millions of SDRs, unless otherwise indicated)
19961997199819992000200120022003
Current account−137−85−131−181−174−166−229−300
Balance on goods−190−197−219−238−271−334−416−579
Exports, f.o.b.681657731767745789826900
Imports, f.o.b.−871−855−950−1,005−1,016−1,123−1,242−1,478
Services and incomes (net)−62−18−40−59−79−71−101−107
Credits317368387385359366405493
Of which: tourism108126134134109137147149
Debits−379−386−427−444−438−437−507−599
Of which: interest on public debt−79−74−46−44−42−25−39−49
Unrequited current transfers (net)115130127116175239289385
Private (net)27252760107185214297
Public (net)871041005669547588
Of which: budgetary grants2415245150222
Capital and financial account145213193247220233350362
Capital account11770827356697382
Private capital transfers33333278
Project grants11367796853666774
Debt cancellation00010000
Financial account29143111174164164276279
Direct investment4845610447313436
Portfolio investment−4−6−17−121011216
Other investment29657282107122240228
Public sector (net)6260503428503825
Of which: disbursements1611571399894116125112
program loans3232404065470
project loans8012311395444678112
other49293211501
amortization−94−92−74−64−66−66−88−89
Private sector (net)−201222578644142164
Errors and omissions−14−6−1−9−7285939
Overall balance81286166466612161
Financing−8−79−48−4620−66−121−61
Net foreign assets (BCEAO)−38−96−18−2421−78−79−61
Net use of Fund resources−7−10−9−10−3−2−15−24
Purchases24363614142393
Repurchases−31−46−44−24−17−25−24−28
Other−31−86−10−1423−76−64−37
Deposit money banks−9−11−27−22−4−9−62−49
Payments arrears (reduction -)03−300000
Exceptional financing 1/3925003202049
Residual financing gap00000000
Memorandum item:
Exchange rate (CFA francs per SDR)742.7803.2795.6840.8936.5932.3900.0812.1
Sources: Central Bank of West African States (BCEAO); and staff estimates and projections.
Table 49.Senegal: Export and Import Price, Volume, and Terms of Trade Indices, 1993-2003 1/
19931994199519961997199819992000200120022003
(Index, 1998 = 100)
Terms of trade90.595.091.191.094.1100.095.191.995.795.993.1
Price indices (CFA franc terms)
Exports42.791.188.392.199.8100.096.9103.8106.2105.7105.9
Imports47.295.896.9101.1106.0100.0101.8113.0111.0110.2113.8
Volume indices
Exports80.682.994.294.491.0100.0114.5115.6119.0120.9118.6
Imports86.278.483.084.785.7100.0110.1111.5124.8134.0139.6
(Percentage changes)
Terms of trade−1.95.0−4.1−0.13.46.3−4.9−3.44.20.2−2.9
Prices (CFA franc terms)
Exports−2.8113.1−3.14.38.40.2−3.17.22.4−0.50.2
Imports−0.9102.91.14.44.9−5.71.810.9−1.8−0.73.2
Volumes
Exports−6.02.913.60.2−3.69.914.51.02.91.6−1.9
Imports−1.6−9.15.92.01.216.710.11.212.07.44.1
Sources: Senegalese authorities; and staff estimates.
Table 50.Senegal: Merchandise Exports, 1996-2003(Values in billions of CFA francs; volumes in thousands of metric tons; prices in CFA francs per kilogram)
19961997199819992000200120022003
Groundnut products40.929.331.038.759.673.248.225.3
Groundnut oil33.024.825.333.047.757.437.121.7
Volume71.345.349.967.1100.5123.183.239.1
Price463.1547.4507.3491.5474.3466.1445.9554.5
Groundnut cake7.63.94.64.711.014.410.23.5
Volume91.236.648.076.4132.7155.8108.838.6
Price83.6106.696.361.182.692.293.591.8
Seeds0.30.61.01.00.91.40.90.0
Volume1.02.12.92.92.53.73.10.1
Price277.8295.4354.0354.0373.6373.8297.1293.0
Phosphates19.218.713.921.014.713.712.25.3
Volume944.3720.5515.8770.4513.9510.4486.0203.9
Price20.425.926.927.228.626.825.126.2
Fish146.2162.9168.9179.8162.4175.8173.9157.3
Fresh fish25.227.625.123.131.026.329.134.4
Volume12.112.19.78.711.49.99.37.2
Price2,075.32,272.42,589.92,659.02,724.02,648.33,113.44,786.2
Frozen fish98.3111.4112.9139.4118.4136.4131.1109.2
Volume67.8471.674.298.863.30460.88263.44371.6
Price1,449.01,555.71,521.61,411.31,870.02,240.72,066.21,524.8
Canned fish22.723.930.917.213.013.113.713.7
Volume19.419.317.911.88.810.69.19.5
Price1,170.21,239.41,724.01,453.01,476.71,233.21,508.01,449.5
Cotton9.611.013.03.74.45.99.712.4
Volume10.913.614.24.56.77.314.316.8
Price879.3807.4912.3832.7650.6812.8676.5740.9
Salt3.45.75.74.65.06.57.26.8
Volume81.9131.5126.0107.5119.9146.3157.2149.4
Price41.243.145.442.841.644.445.645.8
Fertilizer17.024.723.014.39.515.917.522.8
Volume140.9185.6183.2115.584.7116.8155.7195.5
Price121.0132.9125.6123.4112.5136.4112.3116.9
Phosphoric acid41.441.847.745.547.556.291.769.3
Volume258.4219.9244.3225.0232.7284.8506.2439.9
Price160.0189.9195.4202.3204.0197.4181.2157.6
Petroleum products10.212.79.813.628.516.523.433.5
Volume97.3110.0114.3128.8153.187.0146.1197.3
Price105.2115.586.0106.0186.0189.6159.8169.9
Other174.3189.2207.7255.7298.0303.1295.7333.8
Reexports43.232.161.067.968.568.563.964.0
Total exports, f.o.b.505.4528.0581.6644.8697.9735.3743.3730.5
Sources: Senegalese authorities; and staff estimates.
Table 51.Senegal: Merchandise Imports, 1996-2003(Values in billions of CFA francs; volumes in thousands of metric tons; prices in CFA francs per kilogram)
19961997199819992000200120022003
Food products
Rice89.669.983.1101.494.9103.9130.4126.4
Volume607.8445.6535.3646.4632.1696.9866.4890.0
Price147.4156.8155.2156.8150.2149.0150.5142.0
Wheat25.026.628.421.726.429.130.328.5
Volume184.6206.4225.2199.1237.3234.0247.9250.9
Price135.6129.0125.9109.1111.2124.3122.3113.7
Other66.171.995.397.995.0130.5147.6173.6
Beverages and tobacco7.68.77.97.820.023.227.032.9
Petroleum
Crude oil52.173.760.876.5138.4144.9114.3158.9
Volume645.0771.3890.5890.5890.7960.1863.41,179.2
Price80.895.568.385.9155.3150.9132.3134.8
Refined oil38.137.731.051.9104.287.683.671.8
Volume405.4386.2414.4540.8570.5557.7556.9462.6
Price93.997.774.995.9182.6157.0150.1155.3
Other consumer goods96.1109.0108.0116.0112.5132.1137.8169.0
Capital goods98.5112.2126.5149.7166.8177.6226.8210.0
Intermediate goods212.8217.5267.2291.9281.2306.9323.0361.5
Change in warehouse stocks30.135.037.337.837.838.338.321.2
Total imports, c.i.f.734.8780.0858.6962.71,081.31,189.71,268.31,363.1
Freight and insurance88.293.6103.0117.4129.8142.6150.4162.6
Total imports, f.o.b.646.6686.4755.5845.3951.61,047.11,117.91,200.5
Sources: Senegalese authorities; and staff estimates.
Table 52.Senegal: Direction of Foreign Trade, 1996-2003
19961997199819992000200120022003
(In percent of total exports)
Industrial countries42.045.043.048.649.343.535.332.6
France19.023.818.717.918.416.813.012.2
Germany0.91.60.61.01.50.90.90.5
Italy8.34.16.313.011.06.04.48.5
Japan1.51.20.92.91.20.00.10.6
Netherlands2.02.34.40.62.52.71.60.9
Spain4.74.35.05.56.34.03.25.0
United Kingdom0.91.00.31.31.21.31.20.2
United states0.20.20.40.20.50.30.30.7
Other countries4.66.56.46.16.611.610.74.0
Developing countries58.055.057.051.450.756.564.767.4
Africa25.626.027.425.828.229.932.737.3
Cameroun2.51.81.81.71.31.20.80.9
Côte d’Ivoire2.54.23.93.62.13.33.55.4
Mali6.65.55.35.26.26.98.99.5
Mauritania2.12.12.63.52.63.93.12.6
Nigeria1.00.40.70.20.60.70.50.2
Other countries10.912.013.211.615.514.016.118.8
Asia19.318.320.218.014.513.822.115.9
Europe0.00.00.00.40.10.10.10.0
Middle East2.30.60.50.50.50.30.10.3
Western Hemisphere1.60.40.70.00.50.20.10.1
Other countries9.19.78.16.66.912.29.713.8
Total exports100.0100.0100.0100.0100.0100.0100.0100.0
(In percent of total imports)
Industrial countries64.563.166.964.159.860.360.553.6
France29.630.732.530.229.027.825.624.9
Germany6.43.74.44.33.74.85.43.4
Italy3.53.43.75.93.34.04.53.6
Japan3.13.03.33.42.72.72.62.2
Netherlands3.22.72.82.53.23.33.12.9
Spain4.34.43.74.03.64.34.04.3
United Kingdom2.01.82.12.12.11.41.31.5
United states5.34.85.64.13.94.25.43.6
Other countries7.28.58.97.78.28.08.67.2
Developing countries35.536.933.135.940.239.639.546.3
Africa11.013.612.113.820.817.416.320.5
Cameroun0.50.70.50.50.50.40.40.4
Côte d’Ivoire2.82.62.63.12.82.92.83.6
Gabon1.20.10.90.10.30.20.30.2
Nigeria5.37.26.07.113.99.88.712.2
Other countries1.32.92.23.03.34.24.04.2
Asia16.614.413.816.014.514.614.514.3
Europe1.73.23.13.22.53.13.24.1
Middle East1.72.40.60.70.71.82.22.3
Western Hemisphere4.53.33.42.21.72.63.35.0
Other countries0.00.00.00.10.00.00.00.1
Total imports100.0100.0100.0100.0100.0100.0100.0100.0
Source: IMF, International Financial Statistics, Direction of Trade Statistics.
Table 53.Senegal: Services and Transfers Accounts, 1996-2003(In billions of CFA francs)
19961997199819992000200120022003
Non factor services, net−8.722.2−4.94.5−12.9−11.4−12.7−13.1
Exports of non factor services193.8250.8256.3269.5275.5291.8318.0330.7
Freight0.80.90.91.04.43.93.54.1
Other transportation services36.130.028.421.018.317.522.640.3
Travel79.994.8101.3106.9102.5127.8132.1121.2
Administrative services32.425.034.639.940.839.246.946.9
Other services44.666.385.687.5109.5103.4112.9118.2
Imports of non factor services−202.5−228.6−261.2−265.0−288.4−303.2−330.7−343.8
Freight−73.5−78.0−85.8−98.2−108.1−118.8−125.3−135.5
Other transportation services−43.8−49.6−53.9−57.7−62.7−54.4−51.9−51.9
Travel−27.3−30.8−31.8−33.2−33.5−31.4−30.2−32.2
Administrative services−5.3−1.4−6.2−6.8−6.2−8.0−12.4−13.9
Other services−52.6−68.8−83.5−69.1−77.8−90.5−110.8−110.3
Income (factor services), net−37.3−36.4−26.9−54.2−61.0−55.1−78.5−73.5
Credit41.645.251.354.260.749.247.069.4
Labor incomes34.833.334.736.438.633.033.336.4
Investment incomes6.811.916.617.822.116.213.632.9
Debit−78.9−81.6−78.2−108.4−121.7−104.3−125.4−142.9
Labor incomes−4.0−3.1−3.4−4.2−5.2−6.3−3.5−5.2
Investment incomes−74.9−78.5−74.8−104.2−116.5−98.0−122.0−137.7
Interest−63.9−64.2−42.5−50.8−47.5−34.2−48.1−58.2
Public−58.6−59.0−36.7−37.1−39.6−23.7−35.4−40.0
Private−5.3−5.2−5.8−13.7−7.9−10.5−12.7−18.2
Other−11.0−14.3−32.3−53.4−69.1−63.9−73.8−79.5
Services and incomes balance−45.9−14.3−31.8−49.7−73.9−66.5−91.2−86.6
Unrequited transfers (net)85.1104.1101.097.9164.3223.1260.0312.6
Private (net)20.420.421.450.7100.1172.8192.2241.0
Receipts53.661.362.887.8138.8207.9220.1274.1
Payments−33.2−40.9−41.4−37.1−38.7−35.1−27.9−33.1
Public (net)64.783.779.647.264.250.367.871.6
Credit71.389.787.550.969.054.471.876.4
Budgetary (incl. STABEX)17.711.918.74.114.10.01.917.6
IMF HIPC interim assistance1.33.13.05.1
Other53.677.868.846.853.651.366.854.7
Debit−6.6−6.0−7.9−3.7−4.8−4.1−4.0−4.8
Services, incomes and transfers (net)39.289.869.248.290.4156.6168.8226.0
Source: Senegalese authorities.
Table 54.Senegal: External Public Debt Outstanding, 1996-2003(In billions of CFA francs; end of period)
19961997199819992000200120022003
Total1,900.71,984.32,114.52,227.22,219.82,248.82,294.92,028.9
Medium-and long-term debt1,712.31,793.91,948.22,073.22,065.72,095.72,137.51,904.4
Multilateral 1/1,003.31,043.31,153.01,229.41,230.51,289.01,346.01,243.6
IBRD/IDA705.0720.2738.1896.7913.5965.5964.7914.2
EDF/EIB58.461.469.262.860.955.550.657.1
AfDB/AfDF199.9204.5230.2214.1201.8210.5224.7185.1
OPEC/IDB/BADEA26.343.366.247.548.755.072.070.7
Other13.714.449.38.35.62.534.016.5
Bilateral 2/363.8354.7453.1439.7437.0406.6428.7360.0
OECD countries132.8146.4141.2135.8125.0120.6182.5178.5
Arab countries 3/173.7192.9210.4238.4230.5213.5228.4166.8
Other countries57.315.4101.565.581.572.517.814.7
Commercial debt 3/4/0.045.80.057.754.356.950.043.8
Guaranteed debt0.045.40.057.754.356.950.043.8
Nonguaranteed debt0.00.40.00.00.00.00.00.0
Rescheduled debt345.2350.1342.1346.4343.9343.2312.8257.0
Paris Club283.6290.8290.7291.6287.7288.1272.4222.4
London terms7.55.90.00.00.00.00.00.0
Other54.153.451.454.856.255.040.434.6
IMF credit163.8170.9166.3154.0154.1153.1157.4124.5
Use of Fund resources22.915.53.10.00.00.00.00.0
Structure Adjustment Facility
PRGF140.9155.4163.2154.0154.1153.1157.4124.5
Short-term debt 4/24.619.50.00.00.00.00.00.0
Source: Senegalese authorities.
Table 55.Senegal: External Public Debt Ratios, 1996-2003(End of period)
19961997199819992000200120022003
(In percent of GDP)
Total77.577.075.674.269.567.366.154.5
Medium-and long-term debt69.869.669.769.164.762.761.651.1
Multilateral42.243.244.245.246.247.248.249.2
Bilateral14.813.816.214.713.712.212.39.7
Commercial debt0.01.80.01.91.71.71.41.2
Guaranteed0.00.00.00.00.00.00.00.0
Nonguaranteed0.00.00.00.00.00.00.00.0
Rescheduled debt14.113.612.211.510.810.39.06.9
IMF credit6.76.65.95.14.84.64.53.3
Short-term debt 2/1.00.80.00.00.00.00.00.0
(In percent of total debt)
Medium-and long-term debt90.190.492.193.193.193.293.193.9
Multilateral52.852.654.555.255.457.358.761.3
Bilateral19.117.921.419.719.718.118.717.7
Commercial debt0.02.30.02.62.42.52.22.2
Guaranteed0.00.00.00.00.00.00.00.0
Nonguaranteed0.00.00.00.00.00.00.00.0
Rescheduled debt18.217.616.215.615.515.313.612.7
IMF credit8.68.67.96.96.96.86.96.1
Short-term debt 1/1.31.00.00.00.00.00.00.0
Memorandum item
GDP (In CFA francs billions)2,4522,5762,7973,0003,1923,3433,4733,725
Source: Senegalese authorities.
Table 56.Senegal: Structure and Terms of External Borrowing, 1996-2003 1/
19961997199819992000200120022003
(In billions of CFA francs)
New commitments66.454.895.3116.0221.2181.099.286.0
Multilateral51.546.385.6116.0210.9166.765.785.5
Bilateral14.98.59.70.010.314.333.50.5
Guaranteed commercial debt
Nonguaranteed commercial debt
(In percent per year)
Average interest rate 2/2.12.31.90.80.90.81.61.4
Multilateral0.91.61.10.80.70.91.41.4
Bilateral1.30.70.80.03.30.41.9
Guaranteed commercial debt
Nonguaranteed commercial debt
(In years)
Average maturity period 2/23.826.937.038.042.046.534.040.2
Multilateral23.030.829.838.039.047.935.040.3
Bilateral22.516.036.00.020.030.031.030.0
Guaranteed commercial debt
Nonguaranteed commercial debt
Average grace period 2/6.06.69.49.010.09.79.08.7
Multilateral7.57.39.39.09.09.69.08.7
Bilateral5.34.610.00.05.010.510.010.0
Guaranteed commercial debt
Nonguaranteed commercial debt
Source: Senegalese authorities.
Table 57.Senegal: External Public Debt Service, 1996-2003 1/
19961997199819992000200120022003
(In billions of CFA francs, unless indicated otherwise)
Debt service
before rescheduling 2/143.8158.7123.6111.2123.1113.0139.1137.6
Principal95.5108.793.777.481.287.5102.496.6
Medium and long term72.772.058.457.365.264.281.073.9
IMF repurchases22.836.735.320.116.023.321.422.7
Interest48.350.129.933.941.925.436.641.0
Medium and long term45.947.527.832.339.623.735.440.0
IMF charges2.42.62.11.62.31.71.21.0
Debt rescheduling29.217.20.00.04.215.836.744.0
Debt service after rescheduling114.6141.5123.6111.2118.997.2102.493.6
(In percent of exports of goods and nonfactor services; unless otherwise indicated)
Debt service
before rescheduling 2/20.620.414.812.212.611.013.113.0
Principal13.714.011.28.58.38.59.79.1
Medium and long term10.49.27.06.36.76.37.67.0
IMF repurchases3.34.74.22.21.62.32.02.1
Interest6.96.43.63.74.32.53.53.9
Medium and long term6.66.13.33.54.12.33.33.8
IMF charges0.30.30.20.20.20.20.10.1
Debt rescheduling4.22.20.00.00.41.53.54.1
Debt service after rescheduling16.418.214.812.212.29.59.68.8
Memorandum item:
Exports of goods and nonfactor services (in billions of CFA francs)699.2778.7837.9914.3973.41,027.11,061.31,061.2
Sources: Senegalese authorities; and staff estimates.
Table 58.Senegal: Exchange Rates, 1991‐2003
1991199219931994199519961997199819992000200120022003
Period averages
CFA Francs/SDR368.0372.8395.4794.9757.1742.7803.2795.6840.8/936.5932.3900.0812.1
CFA Francs/U.S. dollar282.1264.7283.2555.2499.1511.6583.7590.0615.7712.0733.0697.0581.2
End of period
CFA Francs/SDR370.5378.6404.9780.4728.4753.1807.9791.6896.2918.5935.4850.4771.8
CFA Francs/U.S. dollar259.0275.3294.8534.6490.0523.7598.8562.2653.0705.0744.3625.5519.4
Source: IMF, International Financial Statistics (IFS).
Table 59.Senegal: Nominal and Real Effective Exchange Rates, 1994-2004(1990 = 100)
NominalRealRelative Price
199465.959.389.9
199569.164.292.9
199669.564.693.0
199767.162.292.7
199868.655.080.1
199967.553.979.9
200064.150.579.5
I65.251.979.5
II64.250.979.3
III63.749.677.8
IV63.249.478.1
200164.951.479.2
I65.151.478.8
II64.350.778.7
III64.951.479.2
IV65.252.280.0
200266.452.879.5
I60.151.965.9
II60.659.380.1
III61.053.279.4
IV60.753.578.8
200369.954.378.4
I69.354.377.8
II70.254.777.4
III69.854.076.9
IV70.454.276.8
200471.254.676.6
I70.854.476.8
II70.654.176.5
III71.054.476.6
IV72.455.476.5
Source: IMF, Information Notice System (INS)
Senegal: Summary of the Tax System(As of December 2004)
TaxNature of TaxDeductions and ExemptionsRates
I. Taxes on net income and profits
I.1 Corporate income tax (Impôt sur les sociétés)Levied annually on net profits from industrial, commercial, and agricultural activities realized during the previous year by companies and other legal entities. Companies are assessed on an actual profit basis (régime du bénéfice réel).The following are exempt:

  • - consumer cooperatives;

  • - agricultural credit agencies;

  • - agricultural insurance and reinsurance companies;

  • - mutual aid associations;

  • - rural development and management associations;

  • - nonprofit associations or organizations;

  • - public administrative or professional agencies.

33 percent 15 percent for export processing enterprises under special regime (Entreprises franches d’exportation)
Deductible expenses include, particularly:

  • - overhead (rent, payroll expenses, etc.);

  • - financing expenses (interest expense, bank charges);

  • - depreciation charges (ranging from 5 percent to 33.33 percent).

I.2 Minimum presumptive tax on enterprises (Impôt minimum forfaitaire sur les sociétés) (I.M.F.)Annual amount fixed in relation to prior year turnover net of tax.



Levied on enterprises with:

  • - assessable profits up to CFAF 1,428,000 and turnover up to CFAF 500,000,000

  • - assessable profits up to CFAF 2,856,000 and turnover above CFAF 500,000,000

The following are exempt:

  • - enterprises commencing activities in the previous year;

  • - enterprises completing their first balance sheet statement during or at the end of the previous year;

  • - enterprises having as their sole purpose the publication, printing, or sale of periodicals;

  • - enterprises ceasing trading before January 1 of the year in which the tax is levied.

  • - enterprises or legal entities benefiting from a deduction for investment of CFAF 715,000 or above;

  • - state-owned and privatized public enterprises.

CFAF 500,000 for turnover r ≤ CFAF 250,000,000



CFAF 750,000



250,000,000<turnover≤500,000,000



CFAF 1,000,000

For turnover>500,000,000
I.3 Individual income tax (Impôt sur le revenu des personnes physiques) (I.R.P.P.)Includes a proportional tax and a graduated tax. The amount of the tax is capped at 50 percent of taxable income for individuals. The proportional tax is levied on each category of income. The graduated tax applies to the taxpayer’s total income. The proportional tax is levied on:

- wages, salaries, pensions, and life annuities.
Exemption for retirement allowances and severance pay;



Exemption for severance pay negotiated as a result of a redundancy program or restructuring of the enterprise concerned.
(CFAF)
0–600,000exempt
over 600,00011 percent
-income from land and buildingsMaintenance expenses, property taxes, and interest on loans borrowed for acquisition, construction, or maintenance of buildings are deductible. In addition, up to 20 percent lump sum deduction is allowed from gross income for the amortization of insurance premiums, and administrative expenses.20 percent
  • -industrial, commercial, and agricultural profits;

  • - noncommercial profits

Same as in I-1.

Expenses related to professional activity are deductible.
(CFAF)
0–330,000exempt
over 330,00025 percent
-income from dividends and interest10 percent for income from shares;

13 percent for income from bonds;

6 percent flat rate for income from bonds with maturities of at least 5 years

16 percent for other income, and income from claims, deposits, and guarantees;

8 percent for income from deposit accounts and current accounts at banks and similar institutions.

Note: The 10 percent withholding can be used to discharge individual income tax.
The graduated scale is applied to the total income of taxpayers residing in Senegal (subject to international double taxation treaties).Deductible expenses include:

  • - annuity and alimony payments;

  • - life insurance premiums.



Taxable income is divided into a number of splits based on the size of the taxpayer’s family. The maximum number of splits is five.
(CFAF) 0-600,000 percent
600,000-890,00018 percent
890,000-1,010,00022 percent
1,010,000-1,410,00025 percent
1,410,000-2,475,00028 percent
2,475,000-3,540,00030 percent
3,540,000-7,650,00035 percent
7,650,000-9,650,00040 percent
9,650,000-12,650,00045 percent
Over 12,650,00050 percent
I.4 Single General Contribution (Contribution Global Unique)Applicable to enterprises whose turnover does not exceed CFAF 50 million. It replaces for these enterprises five previous taxes (tax on revenue, minimum presumptive tax, business license fees, VAT, and the employer payroll tax).Non-commercial activities Real state operationsRates applicable to commercial activities

TurnoverTax
0–330,0005,000
330,001–500,00015,000
500,001–1,000,00030,000
1,000,001-2,000,00050,000
2,000,001-3,000,00075,000
3,000,001-4,000,000100,000
4,000,001-5,000,000150,000
5,000,000-7,500,000300,000
7,500,001-10,000,000600,000
10,000,001-15,000,000900,000
15,000,001-20,000,0001,200,000
20,000,001-25,000,0001,500,000
25,000,001 -28,000,0001,800,000
28,000,001-31,000,0002,200,000
31,000,001-34,000,0002,500,000
34,000,001-37,000,0002,800,000
37,000,001-41,000,0003,000,000
41,000,001-44,000,0003,200,000
44,000,001-47,000,0003,600,000
47,000,001-50,000,0004,200,000
II. Employer’s payroll taxesLevied on the amount of wages, salaries, and allowances paid.Central government, local authorities, foreign public entities, and international organizations are exempt.Salaries paid to:

- Senegalese nationals3 percent
- foreigners6 percent
III. Taxes on property
III.1 Tax on buildings (Contribution foncière des propriétés bâties)(C.F.P.B.)Levied annually on the net rental income of all built-up land, i.e. having permanentstructures on it, including factories.Exemptions include: public buildings and buildings used for religious worship oreducational purposes, and buildings used to house farm animals or to store agricultural harvests, etc. Deduction of 40 percent for houses and 50 percent for factories from the rental value of the buildings, in lieu of maintenance expenses. New buildings are exempted for 5 years.15 percent
III.2 Tax on unimproved property (Contribution foncière des propriétés non bâties)Levied annually on unimproved property.5 percent of the presumptive market value (valeur vénale) of the property.
III.3 Surtax on unimproved or insufficiently improved land (Surtaxe sur les terrains non bâtis ou insuffisamment bâtis)Levied annually on insufficiently improved land.Land with general restrictions against construction.Rates vary on a graduated scale from 1 percent to 3 percent of the presumptive market value, and they also vary according to the location.
III.4 Death and gift duties (Droits sur les successions, donations et legs)Levied on the net value of property transferred by inheritance or inter vivos within Senegal.A global deduction of CFAF 150 million.Marginal rates vary between 3 percent and 50 percent, depending on the relation of the beneficiary to the deceased or to the donor.
III.5 Property transfer taxes (Droits d’enregistrement)Levied on company creation and company mergers; on capital increases, transfer of shares, and transfer of securities; on the sale, lease, exchange, and mortgage of real estate; on the sale and lease of movable property; and on selected transactions, namely transfer of goodwill, financial claims, and sales at auction.Proportional rate varying between 0.2 percent and 15 percent depending on the transaction involved.



One percent on the amount of capital over 10 million. Fixed amount of 25,000 CFAF for capital under 10 million.

In addition, duties ranging from CFAF 2,000 to CFAF 32,000 are provided for various acts.
III.6 Stamp duties (Droits de timbre)Levied on all documents drawn up for purposes of civil and judicial acts, and documents that may be used in legal proceedings.Rates vary from CFAF 100 to CFAF 50,000.
IV. Taxes on goods and services
IV. 1 Value-added tax (Taxe sur la valeur ajoutée) (V.A.T.)Levied on all business relating to an economic activity (industrial, commercial, noncommercial, craft, extraction, and civil activities), with the exception of agricultural production and salaried activities. VAT applies to imports and any act of production. VAT does not apply to wholesale and retail trade. For imports, the basis of assessment is c.i.f. value augmented by all other import duties and taxes except the VAT.Exports, administrative services rendered by public entities, the sale of buildings, insurance business, etc. are exempt.Single rate18 percent
Law 2001-07 ofSept. 18, 2001
IV.2 Bank transaction tax (Taxe sur les opérations bancaires)Levied on interest, commissions, and remuneration received by banks and financial institutions.Normal rate: 17 percent

Reduced rate: 7 percent on export-related transactions.
IV.3 Excise duties (Taxes de consommation)Levied on:

  • - raw or processed tobacco, alcoholic beverages, soft drinks, edible oils, kola nuts, tea, and coffee.

  • - import value, including taxes and duties imposed at customs, and on the normal domestic sales price excluding VAT and the specific tax itself.

Exemptions include exports, and alcohol used for medicinal or religious purposes, etc.

  • -Economical cigarettes→16 percent

  • -Standard cigarettes→3 1 percent

  • - Premium cigarettes→45 percent

ProductPercent
Alcohol and alcoholic beverages:30
Perfumes:10
Soft drinks:2.75
Coffee:3.8
Tea:3.8
Tobacco:30
Economical cigarettes:15
Kola nuts:30
Edible fats (creams, etc.):
- Refined oils: 15 - Other fats: 5
− petroleum products (super, regular gasoline, boat fuel (essence pirogue), and diesel oil).Rates:

Super: 20,665 CFAF/HL

Regular: 18,847 CFAF/HL

Boat fuel: 3,856 CFAF/HL

Diesel oil: 9,395 CFAF/HL
IV.4 Tax on insurance contracts (Taxe sur les contrats d’assurances)Levied on insurance premiums and related charges collected by the insurer.Elimination of the tax on life insurance and similar products.
Insurance policiesPercent
Fire20
Sea, river and air transport5
Group insurance3
Life annuities6
Export credit0.25
Other10
IV.5 Tax on vehicles (Taxe sur les véhicules à moteur)Levied annually on owners of motor vehicles, varies according to the vehicle’s engine capacity.Government-owned vehicles and other specific vehicles are exempt.
Rates, private vehicles (in CFAF)
HorsepowerAmount
0-818,000
9-1228,000
13-1680,000
17-19140,000
20 or more200,000
Rates, commercial vehicles (in CFAF)
HorsepowerAmount
0-87,500
9-129,000
13-1615,000
Over 1630,000
*Two- or three-wheeled vehicles</