Abstract
The 2012 Article IV Consultation report for Senegal discusses the fourth review of the Policy Support Instrument (PSI) implementation and request for modification of an assessment criterion. Senegal’s growth has been sluggish in recent years, with implications for poverty reduction. The authorities’ policies since the last Article IV Consultation have been broadly in line with IMF recommendations. In the medium term, growth is expected to return gradually to about 5 percent a year. However, the economy remains exposed to substantial risks.
Relations with the Fund
(As of September 30, 2012)
I. Membership Status: Joined: August 31, 1962; Article VIII
II. General Resources Account:
| SDR Million | %Quota | |
| Quota | 161.80 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 159.97 | 98.87 |
| Reserve Tranche Position | 1.85 | 1.14 |
| SDR Million | %Quota | |
| Quota | 161.80 | 100.00 |
| Fund holdings of currency (Exchange Rate) | 159.97 | 98.87 |
| Reserve Tranche Position | 1.85 | 1.14 |
III. SDR Department:
| SDR Million | %Allocation | |
| Net cumulative allocation | 154.80 | 100.00 |
| Holdings | 130.20 | 84.11 |
| SDR Million | %Allocation | |
| Net cumulative allocation | 154.80 | 100.00 |
| Holdings | 130.20 | 84.11 |
IV. Outstanding Purchases and Loans:
| SDR Million | %Quota | |
| ESF Arrangements | 121.35 | 75.00 |
| ECF Arrangements | 11.44 | 7.07 |
| SDR Million | %Quota | |
| ESF Arrangements | 121.35 | 75.00 |
| ECF Arrangements | 11.44 | 7.07 |
V. Latest Financial Arrangements:
Formerly PRGF.
VI. Projected Payments to Fund 1/
(SDR Million; based on existing use of resources and present holdings of SDRs):
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 3.47 | 11.56 | 24.15 | 25.66 | |
| Charges/Interest | 0.00 | 0.32 | 0.34 | 0.30 | 0.24 |
| Total | 0.00 | 3.79 | 11.89 | 24.45 | 25.89 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
| Forthcoming | |||||
| 2012 | 2013 | 2014 | 2015 | 2016 | |
| Principal | 3.47 | 11.56 | 24.15 | 25.66 | |
| Charges/Interest | 0.00 | 0.32 | 0.34 | 0.30 | 0.24 |
| Total | 0.00 | 3.79 | 11.89 | 24.45 | 25.89 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Implementation of HIPC Initiative:
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| I. Commitment of HIPC assistance | Enhanced Framework | |||
| Decision point date | Jun 2000 | |||
| Assistance committed by all creditors (US$ Million) 1/ | 488.30 | |||
| Of which: IMF assistance (US$ million) | 42.30 | |||
| (SDR equivalent in millions) | 33.80 | |||
| Completion point date | Apr 2004 | |||
| II. Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed to the member | 33.80 | |||
| Interim assistance | 14.31 | |||
| Completion point balance | 19.49 | |||
| Additional disbursement of interest income 2/ | 4.60 | |||
| Total disbursements | 38.40 | |||
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
| I. Commitment of HIPC assistance | Enhanced Framework | |||
| Decision point date | Jun 2000 | |||
| Assistance committed by all creditors (US$ Million) 1/ | 488.30 | |||
| Of which: IMF assistance (US$ million) | 42.30 | |||
| (SDR equivalent in millions) | 33.80 | |||
| Completion point date | Apr 2004 | |||
| II. Disbursement of IMF assistance (SDR Million) | ||||
| Assistance disbursed to the member | 33.80 | |||
| Interim assistance | 14.31 | |||
| Completion point balance | 19.49 | |||
| Additional disbursement of interest income 2/ | 4.60 | |||
| Total disbursements | 38.40 | |||
Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts cannot be added.
Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
| I. MDRI-eligible debt (SDR Million) 1/ | 100.32 | |
| Financed by: MDRI Trust | 94.76 | |
| Remaining HIPC resources | 5.56 | |
| I. MDRI-eligible debt (SDR Million) 1/ | 100.32 | |
| Financed by: MDRI Trust | 94.76 | |
| Remaining HIPC resources | 5.56 | |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| II. Debt Relief by Facility (SDR Million) | |||
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 100.32 | 100.32 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
| II. Debt Relief by Facility (SDR Million) | |||
| Eligible Debt | |||
| Delivery Date | GRA | PRGT | Total |
| January 2006 | N/A | 100.32 | 100.32 |
The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
IX. Safeguards Assessments:
The Central Bank of West African States (BCEAO) is a common central bank of the countries of the West African Economic and Monetary Union (WAMU). The most recent safeguards assessment of the BCEAO was completed on March 1, 2010. The 2010 update assessment found that the BCEAO continues to have controls in place at the operational level. The overall governance framework needed nonetheless to be strengthened by the addition of an audit committee to ensure that the Board of Directors exercises appropriate oversight over the control structure, including the audit mechanisms and financial statements. Such committee was established after the completion of the assessment following the Institutional Reform of the WAMU and the BCEAO. Efforts to implement fully the International Financial Reporting Standards reporting framework should also be pursued.
X. Exchange System:
Senegal is a member of the West African Economic and Monetary Union (WAEMU). The exchange system, common to all members of the union, is free of restrictions on the making of payments and transfers for current international transactions. The union’s common currency, the CFA franc, had been pegged to the French franc at the rate of CFAF 1 = F 0.02. Effective January 12, 1994, the CFA franc was devalued and the new parity set at CFAF 1 = F 0.01. Effective December 31, 1998, the parity was switched to the euro at a rate of CFAF 655.96 = €1.
The authorities confirmed that Senegal had not imposed measures that could give rise to exchange restrictions subject to Fund jurisdiction. They will inform the Fund, if any such measure is introduced.
Aspects of the exchange system were also discussed in the report “WAEMU: Common Policies of Member Countries” (Country Report No. 12/59 of March 12, 2012).
XI. Article IV Consultations:
The latest Article IV consultation was completed by the Executive Board on May 24, 2010 (Country Report No.10/165). In concluding the 2010 Article IV consultation, Executive Directors welcomed the broadly satisfactory implementation of the Senegalese authorities’ economic program supported under the PSI and the ESF. While Senegal’s risk of debt distress is low, Directors underscored the need to gradually withdraw the temporary fiscal stimulus and reduce the budget deficit to a level consistent with debt sustainability. They welcomed the authorities’ plans to further strengthen revenue collection and stressed that spending pressures had to be contained to preserve macroeconomic stability and debt sustainability and meet the WAEMU convergence criteria, while safeguarding priority spending. Directors supported efforts to reform public financial management and emphasized the need to maintain the reform momentum. They encouraged the authorities to improve their liquidity and debt management to complement the increasing integrity of their budget framework and expressed concern about program slippages that indicate that closer attention needs to be paid to spending procedures and control mechanism. Directors saw room for further strengthening the authorities’ investment planning and evaluation with a view to ensuring high productivity of government spending. They underscored the need to overcome the weak export performance and to improve competitiveness through a more supportive business climate and better governance that would stimulate private-sector growth. Directors underlined that other complementary policies need to be put in place to regain Senegal’s growth momentum and return to previous growth trajectories. Sustained efforts are required to enhance the financial sector’s contribution to the economy. Directors also encouraged the authorities to implement their energy sector reform plan to limit supply bottlenecks and fiscal risks.
XII. Financial Sector Assessment Program (FSAP) and Report on the Observance of Standards and Codes (ROSC) Participation:
A joint team of the World Bank and the International Monetary Fund conducted a mission under the FSAP program in 2000 and 2001. The Financial System Stability Assessment (FSSA) was issued in 2001 (IMF Country Report No. 01/189). An FSAP update was undertaken in 2004, focusing on development issues (in particular nationwide supply of basic financial services and access of SMEs to credit), in line with the priorities defined in the PRSP (IMF Country Report No. 05/126). A regional FSAP for the WAEMU was undertaken in 2007. A ROSC on the data module was published in 2002. An FAD mission conducted a ROSC on the fiscal transparency module in 2005.
XIII. Technical Assistance (2008–12):
A. AFRITAC West
| Year | Area | Focus |
|---|---|---|
| 2008 | Debt management and financial markets National accounts Microfinance | DSA workshop Institutional sector and quarterly national accounts Supervision and organization |
| 2009 | National accounts Tax administration Debt management Microfinance Macroeconomic and financial statistics | Quarterly national accounts (QNA) Status of the reform and scope for further TA Strengthening public debt management Strengthening microfinance supervision Enhancing production and dissemination of public finances statistics |
| 2010 | Debt management National accounts Customs administration Tax administration Customs administration | Strengthening public debt management Quarterly national accounts (QNA) Risk analysis and audit Tax administration modernization Follow-up mission |
| 2011 | National accounts Customs administration Public Expenditure Management Debt management Tax administration | Quarterly national accounts (QNA) Risk analysis and audit Strengthening of PFM information systems Strengthening public debt management Establishment of medium-sized enterprise tax center |
| 2012 | Tax administration National accounts Customs administration Public Expenditure Management | Identification and registration of tax payers Quarterly national accounts (QNA) Risk analysis and audit Public accounting system |
| Year | Area | Focus |
|---|---|---|
| 2008 | Debt management and financial markets National accounts Microfinance | DSA workshop Institutional sector and quarterly national accounts Supervision and organization |
| 2009 | National accounts Tax administration Debt management Microfinance Macroeconomic and financial statistics | Quarterly national accounts (QNA) Status of the reform and scope for further TA Strengthening public debt management Strengthening microfinance supervision Enhancing production and dissemination of public finances statistics |
| 2010 | Debt management National accounts Customs administration Tax administration Customs administration | Strengthening public debt management Quarterly national accounts (QNA) Risk analysis and audit Tax administration modernization Follow-up mission |
| 2011 | National accounts Customs administration Public Expenditure Management Debt management Tax administration | Quarterly national accounts (QNA) Risk analysis and audit Strengthening of PFM information systems Strengthening public debt management Establishment of medium-sized enterprise tax center |
| 2012 | Tax administration National accounts Customs administration Public Expenditure Management | Identification and registration of tax payers Quarterly national accounts (QNA) Risk analysis and audit Public accounting system |
B. Headquarters
| Department | Date | Form | Purpose |
|---|---|---|---|
| Fiscal Affairs | Jan. 2008 | Staff | Public - Private Partnerships |
| Feb. 2008 | Staff | PSIA - Poverty and Social Impact Analysis | |
| Oct. 2008 | Staff/AFRITAC | Public financial management | |
| April 2009 | FAD Expert | Public financial management | |
| Nov. 2009 | Staff/AFRITAC | Revenue administration | |
| Jan. 2010 | FAD Expert | Review of the expenditure chain | |
| Feb. 2010 | Staff/AFRITAC | Public financial management | |
| July 2010 | FAD Expert | PFM (Treasury Single Account and cash forecasts) | |
| Oct. 2010 | Staff/Expert/AFRITAC | Revenue administration | |
| Nov. 2010 | Staff/Expert | Review of tax policy and tax expenditures | |
| Dec. 2010 | Staff | Public financial management and accounting (state, PEs, agencies) | |
| May 2011 | FAD Expert | Public financial management | |
| June 2011 | AFRITAC | Tax administration | |
| Sept. 2011 | Staff /Expert | Revenue administration | |
| Nov. 2011 | FAD expert | Decentralization of budget authority | |
| Dec. 2011 | FAD expert | Consolidation of accounts | |
| Jan. 2012 | FAD Experts | VAT Credit Reimbursement System, Tax Exemptions and Reform Process | |
| March 2012 | FAD Experts | PIT and Taxation of the Banking and Telecoms Sectors | |
| Monetary and Capital Markets | Sept. 2010 | Staff | Needs assessment |
| Jan.-Feb. 2011 | Staff/World Bank | Medium-Term Debt Strategy (MDTS) | |
| Statistics | Nov. 2008 | Staff | SDDS assessment |
| April 2009 | Staff | Government finance statistics | |
| Aug. 2011 | Staff | National accounts | |
| Nov. 2011 | Staff | Monetary and financial statistics | |
| Legal | Jan-Feb 2012 | Staff | Tax law |
| Department | Date | Form | Purpose |
|---|---|---|---|
| Fiscal Affairs | Jan. 2008 | Staff | Public - Private Partnerships |
| Feb. 2008 | Staff | PSIA - Poverty and Social Impact Analysis | |
| Oct. 2008 | Staff/AFRITAC | Public financial management | |
| April 2009 | FAD Expert | Public financial management | |
| Nov. 2009 | Staff/AFRITAC | Revenue administration | |
| Jan. 2010 | FAD Expert | Review of the expenditure chain | |
| Feb. 2010 | Staff/AFRITAC | Public financial management | |
| July 2010 | FAD Expert | PFM (Treasury Single Account and cash forecasts) | |
| Oct. 2010 | Staff/Expert/AFRITAC | Revenue administration | |
| Nov. 2010 | Staff/Expert | Review of tax policy and tax expenditures | |
| Dec. 2010 | Staff | Public financial management and accounting (state, PEs, agencies) | |
| May 2011 | FAD Expert | Public financial management | |
| June 2011 | AFRITAC | Tax administration | |
| Sept. 2011 | Staff /Expert | Revenue administration | |
| Nov. 2011 | FAD expert | Decentralization of budget authority | |
| Dec. 2011 | FAD expert | Consolidation of accounts | |
| Jan. 2012 | FAD Experts | VAT Credit Reimbursement System, Tax Exemptions and Reform Process | |
| March 2012 | FAD Experts | PIT and Taxation of the Banking and Telecoms Sectors | |
| Monetary and Capital Markets | Sept. 2010 | Staff | Needs assessment |
| Jan.-Feb. 2011 | Staff/World Bank | Medium-Term Debt Strategy (MDTS) | |
| Statistics | Nov. 2008 | Staff | SDDS assessment |
| April 2009 | Staff | Government finance statistics | |
| Aug. 2011 | Staff | National accounts | |
| Nov. 2011 | Staff | Monetary and financial statistics | |
| Legal | Jan-Feb 2012 | Staff | Tax law |
XIV. Resident Representative
Stationed in Dakar since July 24, 1984; the position has been held by Ms. Valeria Fichera since September 2009.
XV. Anti Money Laundering / Combating the Financing of Terrorism
The onsite visit for Senegal’s AML/CFT evaluation took place in July/August 2007 in the context of ECOWAS’s Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). The report was adopted in early May 2008 by the GIABA Plenary held in Accra, Ghana. The report highlighted several areas of weaknesses in the AML/CFT system, confirmed by a score of 12 non-compliant and 16 partially compliant ratings out of the 40+9 FATF AML/CFT recommendations. In May 2009 Senegal joined the Egmont Group of Financial Intelligence Units (FIUs). The FIU publishes on its website statistics on suspicious transaction reports received, the number of cases transmitted to the judiciary, and the number of convictions. Senegal’s Fourth Follow-Up Report was discussed at GIABA’s May 2012 Plenary. It acknowledged the progress achieved and encouraged Senegal to continue making improvements. At the same time, it was agreed that Senegal will submit its Fifth Follow-Up Report to the May 2013 Plenary.
Joint Management Action Plan Implementation World Bank and IMF Collaboration
| Title | Products | Provisional timing of missions | Expected delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| World Bank | Public finance management technical assistance | Investment project appraisal manual, evaluation of agencies, budget management information systems, internal and external audit, debt management (next mission – Dec. 2012) | |
| Development policy operation | Governance, education and health reform, energy sector | December 2012 (Board) | |
| Policy notes for the new government | 18 notes covering the full range of World Bank programs | January 2013 | |
| Energy sector dialogue | Continuous | ||
| Social protection policy notes | December 2012 | December 2012 | |
| Poverty and gender policy notes | Continuous | January 2013 | |
| Statistics for Results’ project | Continuous | January 2013 | |
| Debt management workshop and TA | MTDS and public debt management | November 2012 | |
| IMF | IMF-supported program | ||
| Fourth PSI Review and Article IV consultations mission, Sept. 6-19, 2012 | December 2012 (Board) | ||
| Fifth PSI Review mission (March 2013) | July 2013 (Board) | ||
| Technical Assistance | |||
| Revenue administration | Six short-term expert visits | FY 2013 | |
| PFM | A resident advisor at the Treasury | Until Sept. 2013 | |
| FAD expert visits: Decentralization of budget authority | Feb. 2013 | ||
| Central government accounting | Jan 2013 | ||
| Financial regime of autonomous agencies | Jan. 2013 | ||
| Wage bill budgeting forecasting | March 2013 | ||
| Capital expenditure forecasting | March 2013 | ||
| Tax policy | Mining and tax exemptions | Feb. 2013 | |
| VAT documents and exemptions | March 2013 | ||
| Debt management | MTDS and public debt management | November 2012 | |
| Statistics | Data Work: SRFs Data Development | December 2012 | |
| National accounts | Feb. 2013 | ||
| B. Requests for work program inputs | |||
| Fund request to Bank | Analysis on poverty and inclusive growth | Processed data on the 2011 household survey | November 2012 |
| Bank request to Fund | Analysis on tax reform | Ongoing | |
| C. Agreement on joint products and missions | |||
| Joint products | JSAN | National Strategy for Economic and Social Development (NSESD) | Dec. 2012 |
| Joint DSA | 2012 Article IV Consultation and 4th PSI Review | Nov. 2012 | |
| Title | Products | Provisional timing of missions | Expected delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| World Bank | Public finance management technical assistance | Investment project appraisal manual, evaluation of agencies, budget management information systems, internal and external audit, debt management (next mission – Dec. 2012) | |
| Development policy operation | Governance, education and health reform, energy sector | December 2012 (Board) | |
| Policy notes for the new government | 18 notes covering the full range of World Bank programs | January 2013 | |
| Energy sector dialogue | Continuous | ||
| Social protection policy notes | December 2012 | December 2012 | |
| Poverty and gender policy notes | Continuous | January 2013 | |
| Statistics for Results’ project | Continuous | January 2013 | |
| Debt management workshop and TA | MTDS and public debt management | November 2012 | |
| IMF | IMF-supported program | ||
| Fourth PSI Review and Article IV consultations mission, Sept. 6-19, 2012 | December 2012 (Board) | ||
| Fifth PSI Review mission (March 2013) | July 2013 (Board) | ||
| Technical Assistance | |||
| Revenue administration | Six short-term expert visits | FY 2013 | |
| PFM | A resident advisor at the Treasury | Until Sept. 2013 | |
| FAD expert visits: Decentralization of budget authority | Feb. 2013 | ||
| Central government accounting | Jan 2013 | ||
| Financial regime of autonomous agencies | Jan. 2013 | ||
| Wage bill budgeting forecasting | March 2013 | ||
| Capital expenditure forecasting | March 2013 | ||
| Tax policy | Mining and tax exemptions | Feb. 2013 | |
| VAT documents and exemptions | March 2013 | ||
| Debt management | MTDS and public debt management | November 2012 | |
| Statistics | Data Work: SRFs Data Development | December 2012 | |
| National accounts | Feb. 2013 | ||
| B. Requests for work program inputs | |||
| Fund request to Bank | Analysis on poverty and inclusive growth | Processed data on the 2011 household survey | November 2012 |
| Bank request to Fund | Analysis on tax reform | Ongoing | |
| C. Agreement on joint products and missions | |||
| Joint products | JSAN | National Strategy for Economic and Social Development (NSESD) | Dec. 2012 |
| Joint DSA | 2012 Article IV Consultation and 4th PSI Review | Nov. 2012 | |
Statistical Issues
| Senegal – Statistical Issues Appendix As of October 2012 |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance and program monitoring. There are weaknesses in data on national accounts, production, and social indicators. The authorities are committed to improving the quality and availability of economic, financial, and social indicators, partially relying on technical assistance from the Fund and other international organizations and donors. |
| National accounts: The compilation of the national accounts generally follows the System of National Accounts, 1993. Despite staff’s professionalism, the lack of adequate financial resources has constrained efforts to collect and process data. Data sources are deficient in some areas, particularly the informal sector. Because of financial constraints, surveys of business and households are not conducted regularly. However, efforts continue to be made to improve data collection procedures, strengthen the coordination among statistical agencies, and reduce delays in data dissemination. The Regional Technical Assistance Center for West Africa (West AFRITAC) has been assisting Senegal with the improvement of their real sector statistics, in particular annual and quarterly national accounts (QNA). |
| Government finance statistics (GFS): GFS are compiled by the Ministry of Economy and Finance from customs, tax, and treasury directorate sources, and quarterly disseminated as government financial operations tables (TOFE) in the ministry’s publications. Following Fund’s TA, TOFE presentations were improved and aligned with the extended WAEMU TOFE. Remaining step is to implement the recent WAEMU fiscal directives. A regional advisor in GFS has been conducting technical assistance missions aimed at improving the consistency of fiscal reporting and migrating to the methodologies of the Government Finance Statistics Manual 2001. The regional advisor also supported efforts to resume reporting of annual and higher frequency data for publication in International Financial Statistics (IFS) and electronic dissemination of the GFS Yearbook. |
| Monetary and financial statistics: Preliminary monetary data are compiled by the national agency of the Central Bank of West African States (BCEAO) and officially released (including to the IMF) by BCEAO headquarters. The authorities report monetary data to STA on a regular basis, with a lag of about three months. There has been an improvement in the timeliness of reporting interest rate and main depository corporation data (central bank and commercial). An area-wide page for the WAEMU zone was introduced in the January 2003 issue of IFS. As part of the continuing efforts to help the authorities implement the statistical methodology recommended in the Monetary and Financial Statistics Manual, a STA TA mission visited Dakar in 2011 to assist the BCEAO National agency in the migration of MFS to the standardized report form (SRF) framework. The mission was undertaken as a pilot within the context of a multi-annual project for improving the relevance and timeliness of MFS compiled by the BCEAO. |
| External sector statistics: Balance of payments statistics are compiled by the Senegalese national agency of the BCEAO. With STA support, several steps have been taken to address certain shortcomings, including: (i) implementation of the Balance of Payments Manual, fifth edition; (ii) modification and simplification of related surveys for companies and banks; (iii) improvement in the computerization of procedures; and (iv) significant strengthening of training. Nevertheless, further steps could be taken to enhance the quality and coverage of the balance of payments statistics. Although definitive balance of payments statistics can now be provided with a delay of less than one year, there are significant delays in reporting the data to STA. |
| II. Data Standards and Quality |
| The country has begun the process of regional harmonization of statistical methodologies within the framework of the WAEMU. It participates in the General Data Dissemination System (GDDS), and its metadata were posted on the Fund’s Dissemination Standards Bulletin Board in 2001. In 2006, the authorities expressed their commitment to work toward subscription to the Special Data Dissemination Standard (SDDS) and appointed a national SDDS coordinator. The 2008 SDDS assessment mission evaluated dissemination practices against SDDS requirements for coverage, periodicity and timeliness and, in cooperation with the authorities, developed an action plan to address identified gaps. A Data ROSC was published on the IMF website in 2002. |
| Senegal – Statistical Issues Appendix As of October 2012 |
| I. Assessment of Data Adequacy for Surveillance |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance and program monitoring. There are weaknesses in data on national accounts, production, and social indicators. The authorities are committed to improving the quality and availability of economic, financial, and social indicators, partially relying on technical assistance from the Fund and other international organizations and donors. |
| National accounts: The compilation of the national accounts generally follows the System of National Accounts, 1993. Despite staff’s professionalism, the lack of adequate financial resources has constrained efforts to collect and process data. Data sources are deficient in some areas, particularly the informal sector. Because of financial constraints, surveys of business and households are not conducted regularly. However, efforts continue to be made to improve data collection procedures, strengthen the coordination among statistical agencies, and reduce delays in data dissemination. The Regional Technical Assistance Center for West Africa (West AFRITAC) has been assisting Senegal with the improvement of their real sector statistics, in particular annual and quarterly national accounts (QNA). |
| Government finance statistics (GFS): GFS are compiled by the Ministry of Economy and Finance from customs, tax, and treasury directorate sources, and quarterly disseminated as government financial operations tables (TOFE) in the ministry’s publications. Following Fund’s TA, TOFE presentations were improved and aligned with the extended WAEMU TOFE. Remaining step is to implement the recent WAEMU fiscal directives. A regional advisor in GFS has been conducting technical assistance missions aimed at improving the consistency of fiscal reporting and migrating to the methodologies of the Government Finance Statistics Manual 2001. The regional advisor also supported efforts to resume reporting of annual and higher frequency data for publication in International Financial Statistics (IFS) and electronic dissemination of the GFS Yearbook. |
| Monetary and financial statistics: Preliminary monetary data are compiled by the national agency of the Central Bank of West African States (BCEAO) and officially released (including to the IMF) by BCEAO headquarters. The authorities report monetary data to STA on a regular basis, with a lag of about three months. There has been an improvement in the timeliness of reporting interest rate and main depository corporation data (central bank and commercial). An area-wide page for the WAEMU zone was introduced in the January 2003 issue of IFS. As part of the continuing efforts to help the authorities implement the statistical methodology recommended in the Monetary and Financial Statistics Manual, a STA TA mission visited Dakar in 2011 to assist the BCEAO National agency in the migration of MFS to the standardized report form (SRF) framework. The mission was undertaken as a pilot within the context of a multi-annual project for improving the relevance and timeliness of MFS compiled by the BCEAO. |
| External sector statistics: Balance of payments statistics are compiled by the Senegalese national agency of the BCEAO. With STA support, several steps have been taken to address certain shortcomings, including: (i) implementation of the Balance of Payments Manual, fifth edition; (ii) modification and simplification of related surveys for companies and banks; (iii) improvement in the computerization of procedures; and (iv) significant strengthening of training. Nevertheless, further steps could be taken to enhance the quality and coverage of the balance of payments statistics. Although definitive balance of payments statistics can now be provided with a delay of less than one year, there are significant delays in reporting the data to STA. |
| II. Data Standards and Quality |
| The country has begun the process of regional harmonization of statistical methodologies within the framework of the WAEMU. It participates in the General Data Dissemination System (GDDS), and its metadata were posted on the Fund’s Dissemination Standards Bulletin Board in 2001. In 2006, the authorities expressed their commitment to work toward subscription to the Special Data Dissemination Standard (SDDS) and appointed a national SDDS coordinator. The 2008 SDDS assessment mission evaluated dissemination practices against SDDS requirements for coverage, periodicity and timeliness and, in cooperation with the authorities, developed an action plan to address identified gaps. A Data ROSC was published on the IMF website in 2002. |
Senegal: Table of Common Indicators Required for Surveillance
(As of September 2012)
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank,, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC published in 2002 and based on the findings of the mission that took place in 2001 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).
Same as footnote 8, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation of source data, and revision studies.
Estimate.
Reported to staff during mission.
Senegal: Table of Common Indicators Required for Surveillance
(As of September 2012)
| Memo Items: | |||||||
|---|---|---|---|---|---|---|---|
| Latest observation | Date received | Frequency of data7 | Frequency of reporting7 | Frequency of publication7 | Data Quality – Methodological soundness8 | Data Quality Accuracy and reliability9 | |
| Exchange Rates | Current | Current | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 6/2012 | 9/2012 | M | M | M | ||
| Reserve/Base Money | 6/2012 | 9/2012 | M | M | M | ||
| Broad Money | 6/2012 | 9/2012 | M | M | M | LO, LO, O, O | LO, O, O, LO |
| Central Bank Balance Sheet | 6/2012 | 9/2012 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 6/2012 | 9/2012 | M | M | M | ||
| Interest Rates2 | 6/2012 | 9/2012 | M | M | M | ||
| Consumer Price Index | 6/2012 | 9/2012 | M | M | M | O, LO, O, O | LO, O, O, NA |
| speeRevenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | |||||
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | 6/2012 | 9/2012 | M | M | M | O, LNO, LO, O | LO, LO, O, LO |
| Stocks of Central Government and Central Government-Guaranteed Debt5/11 | 2011 | 9/2012 | |||||
| External Current Account Balance10/11 | 2011 | 9/2012 | A | A | A | ||
| Exports and Imports of Goods and Services10/11 | 2011 | 9/2012 | A | A | A | O, O, O, O | O, O, O, O |
| GDP/GNP10/11 | 2011 | 9/2012 | A | I | A | LO, LO, LO, LNO | LNO, LNO, LNO, LNO |
| Gross External Debt11 | 2011 | 9/2012 | A | I | A | ||
| International Investment Position6/ | 2011 | 9/2012 | A | A | A | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank,, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC published in 2002 and based on the findings of the mission that took place in 2001 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).
Same as footnote 8, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation of source data, and revision studies.
Estimate.
Reported to staff during mission.
Senegal: Table of Common Indicators Required for Surveillance
(As of September 2012)
| Memo Items: | |||||||
|---|---|---|---|---|---|---|---|
| Latest observation | Date received | Frequency of data7 | Frequency of reporting7 | Frequency of publication7 | Data Quality – Methodological soundness8 | Data Quality Accuracy and reliability9 | |
| Exchange Rates | Current | Current | D | D | D | ||
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 6/2012 | 9/2012 | M | M | M | ||
| Reserve/Base Money | 6/2012 | 9/2012 | M | M | M | ||
| Broad Money | 6/2012 | 9/2012 | M | M | M | LO, LO, O, O | LO, O, O, LO |
| Central Bank Balance Sheet | 6/2012 | 9/2012 | M | M | M | ||
| Consolidated Balance Sheet of the Banking System | 6/2012 | 9/2012 | M | M | M | ||
| Interest Rates2 | 6/2012 | 9/2012 | M | M | M | ||
| Consumer Price Index | 6/2012 | 9/2012 | M | M | M | O, LO, O, O | LO, O, O, NA |
| speeRevenue, Expenditure, Balance and Composition of Financing3 – General Government4 | NA | NA | |||||
| Revenue, Expenditure, Balance and Composition of Financing3 – Central Government | 6/2012 | 9/2012 | M | M | M | O, LNO, LO, O | LO, LO, O, LO |
| Stocks of Central Government and Central Government-Guaranteed Debt5/11 | 2011 | 9/2012 | |||||
| External Current Account Balance10/11 | 2011 | 9/2012 | A | A | A | ||
| Exports and Imports of Goods and Services10/11 | 2011 | 9/2012 | A | A | A | O, O, O, O | O, O, O, O |
| GDP/GNP10/11 | 2011 | 9/2012 | A | I | A | LO, LO, LO, LNO | LNO, LNO, LNO, LNO |
| Gross External Debt11 | 2011 | 9/2012 | A | I | A | ||
| International Investment Position6/ | 2011 | 9/2012 | A | A | A | ||
Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.
Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank,, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).
Reflects the assessment provided in the data ROSC published in 2002 and based on the findings of the mission that took place in 2001 for the dataset corresponding to the variable in each row. The assessment indicates whether international standards concerning (respectively) concepts and definitions, scope, classification/sectorization, and basis for recording are fully observed (O), largely observed (LO), largely not observed (LNO), not observed (NO), or not available (NA).
Same as footnote 8, except referring to international standards concerning (respectively) source data, statistical techniques, assessment and validation of source data, and revision studies.
Estimate.
Reported to staff during mission.