Front Matter Page
© 2000 International Monetary Fund
July 2000
IMF Staff Country Report No. 00/91
Senegal: Recent Economic Developments
This Recent Economic Developments report on Senegal was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Senegal or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
SENEGAL
Recent Economic Developments
Prepared by Mr. Diogo (head), Mr. van den Boogaerde, Mr. Caupin, Ms. Bense (all AFR), Mr. Weber (PDR), and Mr. Leruth (FAD)
Approved by the African Department
May 25,2000
Contents
Basic Data
I. Introduction
II. Recent Economic Developments
A. Growth and Prices
B. Public Finances
C. Money and Finance
D. External Sector Developments
E. Structural Reforms
F. Sectoral Reforms
Figures
1. Developments in Real Growth, Investment, and Savings
2. External Sector Developments
Text Boxes
1. Implementation of the WAEMU Common External Tariff (TEC) by Senegal and its Fiscal Implications
III. The Tertiary Sector in the Senegalese Economy
A. Overview
B. Subsectors of the Tertiary Sector
C. Tertiary Sector and Growth of the Economy
D. Prospects and Conclusions
Figures
3. Share of Tertiary Sector in GDP, 1990-98
4. Components of the Tertiary Sector, 1990-98
5. Tertiary Sector Contribution to GDP Growth, 1990-98
Text Tables
1. Composition and Growth of Tertiary Sector Output, 1993–98
IV. The Soundness of the Senegalese Financial Sector
A. Overview
B. The Reform of Prudential Norms
C. The Soundness of the Senegalese Banking System
Text Boxes
2. Banking Sector Prudential Norms—Old and New Thresholds
3. New Weights Used in Calculating the Capital Adequacy Ratio
Text Tables
2. Key Prudential Ratios by Banks, 1992–98
3. Key Prudential Ratios of the Senegalese Banking System under Previous and New Regulations
V. Recent Developments in Trade Policy
A. Introduction
B. Trade Patterns and Trade Policy
C. Trade Reform since 1997
D. Adjustment Pressures from Trade Liberalization
Text Boxes
4. Tariff Exemptions in Senegal
5. Facilitating Customs Procedures Through Trade Point
6. Senegal’s Trade Regime and the IMF’s Trade Restrictiveness Index
Text Tables
4. Exports by Commodities, 1992–99
5. Imports by Commodities, 1992–99
6. Direction of Foreign Trade, 1992–99
7. Import Tariff Structure, 1997 and 2000
8. Comparison of Trade Regulations, 1997 and 2000
9. Measures of Import Protection, 1997 and 2000
Statistical Appendix Tables
10. GDP by Economic Sector at Constant 1987 Prices, 1992–99 (In billions of CFA francs)
11. GDP by Economic Sector at Constant 1987 Prices, 1992–99
12. Supply and Use of Resources at Current Prices, 1992–99
13. Level of Rainfall on the Groundnut Basin, 1960/61–99/00
14. Production and Disposition of Groundnuts (Unshelled), 1991/92–98/99
15. Cereals Balance, 1991/92–98/99
16. Estimates of Production, Area Under Cultivation, and Yields of Principal Crops, 1991/92–98/99
17. Producer Prices of Main Agricultural Products, 1991/92–98/99
18. Fish Catch by Domestic Vessels, 1992–98
19. Foreign Fish Catch by Vessel Nationality, 1992–98
20. Evolution of Livestock, 1992–98
21. Indices of Industrial Production, 1992–98
22. Production of Principal Mineral and Industrial Products, 1992–98
23. Production, Sales, and Prices of Lime Phosphates, 1992–98
24. Imports of Crude and Refined Petroleum Products by the Société Africaine de Raffmage (SAR), 1992–99
25. Exports of Refined Petroleum Products by the Société Africaine de Raffmage (SAR), 1992–99
26. Retail Prices of Liquid Petroleum Products, June 1985–November 1999
27. Trends in the Tourism Sector, 1992–98
28. Public Investment, 1993–98
29. Index of Consumer Prices for the Average Senegalese Family in Dakar, 1991–99
30. Price Control System (as of July 1999)
31. Nominal and Real Minimum Wages, July 1981–September 1999
32. Government Financial Operations, 1993–99
33. Fiscal Performance, 1993–99
34. Outstanding Payments Arrears of the Central Government, 1993–99
35. Budgetary Revenue, 1993–99
36. Structure of the External Tariff, 1994–98
37. Current Budgetary Expenditure, 1993–99
38. Government Wage Bill and Number of Civil Servants, 1993–99
39. Minimum and Maximum Salaries for Selected Civil Servants, 1993–99
40. Social Expenditures, 1993–99
41. Monetary Survey, 1994–99
42. Summary Accounts of the Central Bank, 1994–99
43. Summary Accounts of the Commercial Banks, 1994–99
44. Banking System Claims on the Central Government, 1994–99
45. Factors Affecting the Money Supply, 1994–99
46. Indicators of Financial Savings, 1994–99
47. Net Foreign Assets of the Central Bank of West African States (BCEAO), 1994–99
48. Statutory Ceilings on Central Bank Advances to the Government and Actual Advances, 1994–99
49. Distribution of Credit to the Economy, 1994–99
50. Commercial Banks and Financial Institutions (As of June 1999)
51. Net Income of the Banking System, 1992–96
52. Observance of the Prudential Ratios by Banking System, 1993–98
53. Interest Rate Indicators, 1991–99
54. Discount Rates Applied by the Central Bank, 1975–99
55. Supply and Demand in Overnight Money Market, 1989–99
56. Interest Rates Applied in the Money Market, 1994–99
57. Deposit Rates by Commercial Banks, October 1989–99
58. Maximum Lending Rates Applied by Commercial Banks, 1989–99
59. Balance of Payments, 1992–99 (In billions of CFA francs)
60. Balance of Payments, 1992–99 (In millions of SDRs)
61. Export and Import Price, Volume, and Terms of Trade Indices, 1992–99
62. Merchandise Exports, 1992–99
63. Merchandise Imports, 1992–99
64. Direction of Foreign Trade, 1992–99
65. Services and Transfers Accounts, 1992–99
66. External Public Debt Outstanding, 1992–99
67. External Public Debt Ratios, 1992–99
68. Public Sector Loan Disbursements, 1992–99
69. Structure and Terms of External Public Debt Commitments, 1992–99
70. External Public Debt Service, 1992–99
71. Exchange Rates, 1992–99
72. Nominal and Real Effective Exchange Rate Indices, 1991–99
Appendix Summary of the Tax System as of December 1999