Abstract
Implementation of the 'Plan S�n�gal Emergent' (PSE) is beginning to pay dividends, contributing to projected growth of over 6 percent for the second year in a row. However, for growth to be sustained, further reforms are needed to improve the business environment and create economic space for private domestic and foreign investment. The challenge of meeting infrastructure development objectives without undermining debt sustainability will require continuing efforts to improve the quality of investment while pursuing a prudent debt strategy that keeps the cost of borrowing at reasonable rates. Failure to strengthen debt management and master treasury operations may jeopardize the rating of low risk of debt distress.
Relations with the Fund
(As of September 30, 2016)
Membership Status: Joined: August 31, 1962; Article VIII
General Resources Account:
| SDR Million | %Quota | |
| Quota | 323.60 | 100.00 |
| Fund holdings of currency (Exchange rate) | 281.28 | 86.92 |
| Reserve Tranche Position | 42.33 | 13.08 |
| SDR Million | %Quota | |
| Quota | 323.60 | 100.00 |
| Fund holdings of currency (Exchange rate) | 281.28 | 86.92 |
| Reserve Tranche Position | 42.33 | 13.08 |
SDR Department:
| SDR Million | %Allocation | |
| Net cumulative allocation | 154.80 | 100.00 |
| Holdings | 53.70 | 34.69 |
| SDR Million | %Allocation | |
| Net cumulative allocation | 154.80 | 100.00 |
| Holdings | 53.70 | 34.69 |
Outstanding Purchases and Loans:
| SDR Million | %Quota | |
| ESF Arrangements | 80.09 | 24.75 |
| SDR Million | %Quota | |
| ESF Arrangements | 80.09 | 24.75 |
Latest Financial Arrangements:
Formerly PRGF.
Projected Payments to Fund2
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund2
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Principal | 12.14 | 24.27 | 24.27 | 16.18 | 3.24 |
| Charges/Interest | 0.01 | 0.21 | 0.15 | 0.09 | 0.06 |
| Total | 12.15 | 24.48 | 24.42 | 16.27 | 3.30 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
Projected Payments to Fund2
| Forthcoming | |||||
|---|---|---|---|---|---|
| 2016 | 2017 | 2018 | 2019 | 2020 | |
| Principal | 12.14 | 24.27 | 24.27 | 16.18 | 3.24 |
| Charges/Interest | 0.01 | 0.21 | 0.15 | 0.09 | 0.06 |
| Total | 12.15 | 24.48 | 24.42 | 16.27 | 3.30 |
When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
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 income2 | 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 income2 | 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.
Implementation of Multilateral Debt Relief Initiative (MDRI):
The MDRI provides 100 percent debt relief to eligible member countries that qualify 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.
| I. | MDRI-eligible debt (SDR million)1 | 100.32 | |||
| Financed by: MDRI Trust | 94.76 | ||||
| Remaining HIPC resources | 5.56 | ||||
| II. | Debt Relief by Facility (SDR million) | ||||
| Eligible Debt | |||||
| Delivery Date GRA | PRGF | Total | |||
| January 2006 N/A | 100.32 | 100.32 | |||
The MDRI provides 100 percent debt relief to eligible member countries that qualify 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.
| I. | MDRI-eligible debt (SDR million)1 | 100.32 | |||
| Financed by: MDRI Trust | 94.76 | ||||
| Remaining HIPC resources | 5.56 | ||||
| II. | Debt Relief by Facility (SDR million) | ||||
| Eligible Debt | |||||
| Delivery Date GRA | PRGF | Total | |||
| January 2006 N/A | 100.32 | 100.32 | |||
The MDRI provides 100 percent debt relief to eligible member countries that qualify 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.
Implementation of Catastrophe Containment and Relief (CCR): Not Applicable
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Exchange System:
Senegal, a member of the West African Economic and Monetary Union (WAEMU), accepted the obligations under Article VIII, Sections 2(a), 3 and 4 of the Fund’s Articles of Agreement, and maintains an exchange system free of restrictions on the making of payments and transfers for current international transactions. The WAEMU’s exchange regime is a conventional peg to the euro.
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 for Member Countries” (Country Report No. 14/84).
Article IV Consultations:
The previous consultation discussions were held during September 16–26, 2014. The Article IV consultation was completed by the Executive Board on December 15, 2014 and the staff report was published on January 14, 2015 (Country Report No. 15/2). In concluding the 2014 Article IV consultation, Executive Directors noted that satisfactory program implementation has helped Senegal preserve macroeconomic stability. However, due to internal and external factors, the economy has continued to underperform and unemployment and poverty remain high. The large current account deficit and increasing exposure of the external position to shifting market sentiment pose additional risks to the outlook. Directors stressed that prudent policies and ambitious structural reforms are critical to boosting growth and reducing poverty. In this regard, they welcomed the authorities’ new development strategy as outlined in “Plan Sénégal Emergent” (PSE) and looked forward to its steadfast and timely implementation.
Directors emphasized that accelerating the pace of structural reforms will be key to achieving the PSE objectives. They agreed that reform efforts should be aimed at improving governance and the business climate in order to promote private sector development and to attract foreign direct investment. Priority should also be given to making delivery of public services more efficient, improving the impact of public spending through PFM reforms, containing public consumption to generate the fiscal space for investment in human capital and public infrastructure, and strengthening social safety nets. A comprehensive restructuring of the energy sector and increasing export competitiveness will also be important. Directors welcomed the authorities’ plans to engage with a few comparator countries to develop an active peer learning effort to roll out the required reforms.
Directors encouraged the authorities to anchor fiscal policy on long-term debt sustainability within a medium-term budget framework and reach the WAEMU convergence criteria on the fiscal deficit of 3 percent of GDP by 2019. They noted that attaining this goal will require further strengthening of tax and expenditure policy measures. While supporting the PSE priorities, Directors emphasized that all related investment should be consistent with the authorities’ earlier fiscal consolidation plans and Senegal’s absorptive capacity. In addition, decisions to contract nonconcessional financing should be carefully weighed.
Directors welcomed the initiative to improve the quality of public investment by establishing a precautionary reserve envelope from which funding would only be released for projects with proper feasibility studies. Directors encouraged the authorities to extend this in the 2016 budget.
Directors stressed that continued efforts will be needed to improve public financial management, budget institutions, and economic governance. They underscored that reforms should focus on key areas such as macro-fiscal policy design, development of a medium-term expenditure framework and improved fiscal discipline in budget execution.
Directors highlighted the importance of addressing financial sector vulnerabilities, especially the quality of bank assets. They encouraged continued vigilance of the high level of non-performing loans in close cooperation with the BCEAO and WAEMU Banking Commission. Directors supported the strategy to improve access to financial services.
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 IMF 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 and the FSSA was issued in May 2008 (SM/08/139). A ROSC on the data module was published in 2002. An FAD mission conducted a ROSC on the fiscal transparency module in 2005.
Technical Assistance (2010–16):
A. Afritac West
| Year | Area | Focus |
|---|---|---|
| 2010 | Debt management National accounts Customs administration Tax administration Customs administration |
Strengthening public debt management Quarterly national accounts (QNA); institutional sector accounts Risk analysis and audit Tax administration modernization Follow-up mission |
| 2011 | National accounts Customs administration Public financial management Debt management Tax administration |
QNA; institutional sector accounts Risk analysis and audit Strengthening of financial management information systems: IT master plan and interconnections (3 AFW visits) Strengthening public debt management Establishment of medium-sized enterprise tax center |
| 2012 | Government Finance Statistics National accounts Tax administration National accounts Customs administration Public financial management | Annual Government Finance StatisticsAnnual and quarterly national accounts Identification and registration of tax payers Annual and Quarterly national accounts Risk analysis and audit Budget preparation; WAEMU compliant budget classification, Medium-Term Planning and budgeting and payroll management (5 visits: 2011-12) |
| 2013 | Public financial management Public debt analysis Public debt management |
Assistance to the Treasury function; organization and process, WAEMU compliant standard, and central government balance sheet (4 visits: 2014-15) Financial regime of autonomous agencies DSA workshop Help the authorities produce a national borrowing policy document |
| 2014 | Tax administration Customs administration Government Finance Statistics Bank Supervision and Regulations Public Debt Public financial management |
Identification and registration of tax payers Risk analysis and audit Annual and Quarterly Government Finance Statistics BCEAO mission on Basel II & III Implementation Public Debt Management, Government securities policy issuance Payroll management: methods and model MTBF: articulation with the macroeconomic frame |
| 2015 | Tax administration Public financial management Bank Supervision and Regulations Public Debt Management National Accounts Government Finance Statistics |
Identification and registration of tax payers Budget execution; streamlining the chain of expenditure and decentralizing budget management (2 visits) BCEAO mission on Basel II & III Implementation Public Debt Management, Government securities policy issuance, Diversification of debt market instruments Updating National Accounting system GFS Workshop (International and Regional Methodology training) |
| 2016 | Bank Supervision and Regulations Public Debt management National Accounts Government Finance Statistics Transfer pricing Public Expenditure Management |
BCEAO mission on Basel II & III Implementation Public Debt Management, Government securities policy issuance Updating National Accounting system; ONA TOFE implementation/GFS update A workshop on transfer prices with a focus on telecommunication sector General Balance of Government accounts |
| Year | Area | Focus |
|---|---|---|
| 2010 | Debt management National accounts Customs administration Tax administration Customs administration |
Strengthening public debt management Quarterly national accounts (QNA); institutional sector accounts Risk analysis and audit Tax administration modernization Follow-up mission |
| 2011 | National accounts Customs administration Public financial management Debt management Tax administration |
QNA; institutional sector accounts Risk analysis and audit Strengthening of financial management information systems: IT master plan and interconnections (3 AFW visits) Strengthening public debt management Establishment of medium-sized enterprise tax center |
| 2012 | Government Finance Statistics National accounts Tax administration National accounts Customs administration Public financial management | Annual Government Finance StatisticsAnnual and quarterly national accounts Identification and registration of tax payers Annual and Quarterly national accounts Risk analysis and audit Budget preparation; WAEMU compliant budget classification, Medium-Term Planning and budgeting and payroll management (5 visits: 2011-12) |
| 2013 | Public financial management Public debt analysis Public debt management |
Assistance to the Treasury function; organization and process, WAEMU compliant standard, and central government balance sheet (4 visits: 2014-15) Financial regime of autonomous agencies DSA workshop Help the authorities produce a national borrowing policy document |
| 2014 | Tax administration Customs administration Government Finance Statistics Bank Supervision and Regulations Public Debt Public financial management |
Identification and registration of tax payers Risk analysis and audit Annual and Quarterly Government Finance Statistics BCEAO mission on Basel II & III Implementation Public Debt Management, Government securities policy issuance Payroll management: methods and model MTBF: articulation with the macroeconomic frame |
| 2015 | Tax administration Public financial management Bank Supervision and Regulations Public Debt Management National Accounts Government Finance Statistics |
Identification and registration of tax payers Budget execution; streamlining the chain of expenditure and decentralizing budget management (2 visits) BCEAO mission on Basel II & III Implementation Public Debt Management, Government securities policy issuance, Diversification of debt market instruments Updating National Accounting system GFS Workshop (International and Regional Methodology training) |
| 2016 | Bank Supervision and Regulations Public Debt management National Accounts Government Finance Statistics Transfer pricing Public Expenditure Management |
BCEAO mission on Basel II & III Implementation Public Debt Management, Government securities policy issuance Updating National Accounting system; ONA TOFE implementation/GFS update A workshop on transfer prices with a focus on telecommunication sector General Balance of Government accounts |
B. Headquarters
| Department | Date | Form | Purpose |
|---|---|---|---|
| Fiscal Affairs | Jan. 2010 | FAD expert | Review of the expenditure chain |
| Feb. 2010 | Staff/AFRITAC | Public financial management | |
| Jul. 10 | 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 11 | FAD expert | Public financial management | |
| Sep. 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 | |
| May & Sep. 2012, and Feb. 2013 | FAD staff/Experts | TPA multi-Module Missions on tax reform and revenue administration | |
| Mar. 2012 | FAD experts | PIT and Taxation of the Banking and Telecoms Sectors | |
| Jul. 2012 | FAD experts | Budget Execution, Fiscal Reporting, and Cash Management | |
| Jan. 2013 | FAD expert | Strengthening Cash Management and Treasury Single Account | |
| Feb. 2013 | FAD expert | Decentralization of budget authority | |
| Feb. 2013 | FAD expert | VAT Credit Reimbursement System, Tax Exemptions and Reform Process | |
| Mar. 2013 | FAD experts | Wage Bill Budgeting and Execution Capital expenditure forecasting | |
| Mar. 2013 | FAD experts | Mining and tax exemptions VAT documents and exemptions | |
| Apr. 2013 | FAD experts | Customs diagnostics and administration | |
| Jun. 2013 | FAD experts | External grants budgeting | |
| Jul. 2013 | FAD experts | Government accounting, cash management | |
| Aug. 2013 | FAD experts | Tax policy administration | |
| Sep. 2013 | FAD staff/Experts | Tax policy administration | |
| Oct. 2013 | FAD experts | Public financial management | |
| Nov. 2013 | FAD experts | Customs administration | |
| Dec. 2013 | FAD experts | Government accounting, cash | |
| Feb. 2014 | FAD experts | Implementing WAEMU directives | |
| Feb. 2014 | FAD experts | Expenditure rationalization | |
| Mar. 2014 | FAD experts | Tax administration | |
| Mar. 2014 | FAD experts | Public financial management | |
| Apr. 2014 | FAD experts | Tax administration, develop IT system to improve tax administration | |
| Apr. 2014 | FAD experts | Tax administration, tax arrears management | |
| Apr. 2014 | FAD experts | Module 1 Regional Workshop (WAEMU Regional Workshop) | |
| Oct. 2013 | FAD experts | Fiscal Reform | |
| Apr. 2014 | FAD experts | Public expenditure and public investment | |
| Apr. 2014 | FAD experts | Budget management | |
| Mar. 2015 | FAD experts | Growth strategy development | |
| Jan. 2015 | FAD experts | Tax administration reform | |
| Sep. 2015 | FAD experts | Public expenditure and public investment | |
| Nov. 2015 | FAD experts | Tax reforms and Directorate General | |
| Feb. 2016 | FAD experts | Tax reforms | |
| Mar. 2016 | FAD experts | Budget framework | |
| Jun. 2016 | FAD experts | Tax assessment | |
| Jul. 2016 | FAD experts | Customs administration | |
| Jul.2016 | FAD experts | Review of the TPA-TTF program and the design of a draft project under the RMTF | |
| Aug.2016 | FAD experts | Assessment of the IT system to identify its strengths and weaknesses and advise on the preparation of the hackathon | |
| Sep. 2016 | Senegal technical delegation visit to French Ministry of Finance in the area of Information Management and Public Financial Management | ||
| Statistics | Jul. 2015 | Staff | Public debt management |
| Jan. 2016 | Staff | Bank supervision | |
| Mar. 2016 | Staff | Public debt management | |
| Mar. 2012 | Staff | Monetary and financial statistics | |
| Sep. 2013 | Staff | Financial monetary statistics | |
| Dec. 2013 | Staff | Government finance statistics | |
| Oct. 2014 | Staff | Monetary and financial statistics | |
| 2015-16 | STA Expert | National Accounts (multiple visits) | |
| Legal | Jan.-Feb. 2012 | LEG staff/Expert | Tax law (general, VAT) |
| Jan.-Feb. 2012 | LEG expert | VAT | |
| May 2012 | LEG staff/Expert | Tax law (general, tax procedures) | |
| Jun. 2012 | LEG expert | Tax procedures | |
| Monetary and Capital Markets | Sep. 2010 | Staff | Needs assessment |
| Jan.-Feb. 2011 | Staff/World Bank | Medium-Term Debt Strategy (MDTS) | |
| Jan. 2013 | Staff | Regional bank supervision | |
| Apr. 2013 | Staff | Public debt | |
| Nov. 2013 | Staff | Public debt management | |
| Nov. 2013 | Staff | Bank restructuring | |
| Jan. 2014 | Staff | Bank Supervision | |
| Feb. 2014 | Staff | BCEAO mission on Basel II implementation | |
| Apr. 2014 | Staff | Government securities policy issuance | |
| Jul. 2014 | Staff | Public debt management | |
| Sep. 2014-Feb 2015 | Staff | BCEAO mission on Basel II implementation | |
| Jul. 2015 | Staff | Public debt management | |
| Jan. 2016 | Staff | Bank supervision | |
| Mar. 2016 | Staff | Public debt management |
| Department | Date | Form | Purpose |
|---|---|---|---|
| Fiscal Affairs | Jan. 2010 | FAD expert | Review of the expenditure chain |
| Feb. 2010 | Staff/AFRITAC | Public financial management | |
| Jul. 10 | 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 11 | FAD expert | Public financial management | |
| Sep. 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 | |
| May & Sep. 2012, and Feb. 2013 | FAD staff/Experts | TPA multi-Module Missions on tax reform and revenue administration | |
| Mar. 2012 | FAD experts | PIT and Taxation of the Banking and Telecoms Sectors | |
| Jul. 2012 | FAD experts | Budget Execution, Fiscal Reporting, and Cash Management | |
| Jan. 2013 | FAD expert | Strengthening Cash Management and Treasury Single Account | |
| Feb. 2013 | FAD expert | Decentralization of budget authority | |
| Feb. 2013 | FAD expert | VAT Credit Reimbursement System, Tax Exemptions and Reform Process | |
| Mar. 2013 | FAD experts | Wage Bill Budgeting and Execution Capital expenditure forecasting | |
| Mar. 2013 | FAD experts | Mining and tax exemptions VAT documents and exemptions | |
| Apr. 2013 | FAD experts | Customs diagnostics and administration | |
| Jun. 2013 | FAD experts | External grants budgeting | |
| Jul. 2013 | FAD experts | Government accounting, cash management | |
| Aug. 2013 | FAD experts | Tax policy administration | |
| Sep. 2013 | FAD staff/Experts | Tax policy administration | |
| Oct. 2013 | FAD experts | Public financial management | |
| Nov. 2013 | FAD experts | Customs administration | |
| Dec. 2013 | FAD experts | Government accounting, cash | |
| Feb. 2014 | FAD experts | Implementing WAEMU directives | |
| Feb. 2014 | FAD experts | Expenditure rationalization | |
| Mar. 2014 | FAD experts | Tax administration | |
| Mar. 2014 | FAD experts | Public financial management | |
| Apr. 2014 | FAD experts | Tax administration, develop IT system to improve tax administration | |
| Apr. 2014 | FAD experts | Tax administration, tax arrears management | |
| Apr. 2014 | FAD experts | Module 1 Regional Workshop (WAEMU Regional Workshop) | |
| Oct. 2013 | FAD experts | Fiscal Reform | |
| Apr. 2014 | FAD experts | Public expenditure and public investment | |
| Apr. 2014 | FAD experts | Budget management | |
| Mar. 2015 | FAD experts | Growth strategy development | |
| Jan. 2015 | FAD experts | Tax administration reform | |
| Sep. 2015 | FAD experts | Public expenditure and public investment | |
| Nov. 2015 | FAD experts | Tax reforms and Directorate General | |
| Feb. 2016 | FAD experts | Tax reforms | |
| Mar. 2016 | FAD experts | Budget framework | |
| Jun. 2016 | FAD experts | Tax assessment | |
| Jul. 2016 | FAD experts | Customs administration | |
| Jul.2016 | FAD experts | Review of the TPA-TTF program and the design of a draft project under the RMTF | |
| Aug.2016 | FAD experts | Assessment of the IT system to identify its strengths and weaknesses and advise on the preparation of the hackathon | |
| Sep. 2016 | Senegal technical delegation visit to French Ministry of Finance in the area of Information Management and Public Financial Management | ||
| Statistics | Jul. 2015 | Staff | Public debt management |
| Jan. 2016 | Staff | Bank supervision | |
| Mar. 2016 | Staff | Public debt management | |
| Mar. 2012 | Staff | Monetary and financial statistics | |
| Sep. 2013 | Staff | Financial monetary statistics | |
| Dec. 2013 | Staff | Government finance statistics | |
| Oct. 2014 | Staff | Monetary and financial statistics | |
| 2015-16 | STA Expert | National Accounts (multiple visits) | |
| Legal | Jan.-Feb. 2012 | LEG staff/Expert | Tax law (general, VAT) |
| Jan.-Feb. 2012 | LEG expert | VAT | |
| May 2012 | LEG staff/Expert | Tax law (general, tax procedures) | |
| Jun. 2012 | LEG expert | Tax procedures | |
| Monetary and Capital Markets | Sep. 2010 | Staff | Needs assessment |
| Jan.-Feb. 2011 | Staff/World Bank | Medium-Term Debt Strategy (MDTS) | |
| Jan. 2013 | Staff | Regional bank supervision | |
| Apr. 2013 | Staff | Public debt | |
| Nov. 2013 | Staff | Public debt management | |
| Nov. 2013 | Staff | Bank restructuring | |
| Jan. 2014 | Staff | Bank Supervision | |
| Feb. 2014 | Staff | BCEAO mission on Basel II implementation | |
| Apr. 2014 | Staff | Government securities policy issuance | |
| Jul. 2014 | Staff | Public debt management | |
| Sep. 2014-Feb 2015 | Staff | BCEAO mission on Basel II implementation | |
| Jul. 2015 | Staff | Public debt management | |
| Jan. 2016 | Staff | Bank supervision | |
| Mar. 2016 | Staff | Public debt management |
C. Resident Representative
Stationed in Dakar since July 24, 1984; the position has been held by Mr. Boileau Loko since September 2013.
D. 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 eighth follow-up report was discussed at GIABA’s May 2016 Plenary. It acknowledged the progress achieved in its legal, regulatory and institutional framework, including the efforts to revise the AML/CFT legal framework in line with the 2012 FATF standard, and encouraged Senegal to continue making improvements. Senegal was removed from the follow-up process and will be assessed under the 2012 FATF standard in early 2017.
Joint Management Action Plan Implementation World Bank and IMF Collaboration
| Title | Products | Topic | Expected delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| World Bank | Public financial management strengthening technical assistance project | Budget management information systems, internal and external audit, debt management, agency and SOE supervision | On-going with additional financing approved in July 2014 |
| Energy sector dialogue | Financial and operationalmanagement of Senelec, investment planning | Ongoing | |
| Mining sector TA | EITI and regulatory framework | Ongoing | |
| Higher education project | Includes performance contracts for universities and scholarship reforms | Ongoing | |
| Social protection project | Support social safety nets system and access to targeted cash transfer programs | Approved, April 2014 | |
| Health project | Support to universal health coverage | Signed, April 2014 | |
| Statistics for Results project | Labor market, services, construction data and capacity building | Approved, May 2014 | |
| Tobacco tax technical assistance | Impact of the 2013 increase of tobacco taxes on fiscal revenues and health | Approved, October 2015 | |
| Structural Reform Development Policy Operation | Enhance coverage, quality and governance in energy and ICT sectors | CN approved, July 2016 | |
| Skills for jobs andcompetitivenessproject | Strengthen technical and vocational education to improve youth employability in priority sectors | Ongoing, approved December 2014 | |
| IMF | IMF-supported program | ||
| Third PSI Review and 2016 Article IV Consultations | December 1, 2016 (Board) | ||
| Peer learning on political economy of reform | January 2016 Washington | ||
| B. Requests for work program inputs | |||
| Fund request to Bank | World Bank Assessment Letter on Senegal’s Medium-Term Development | Note | 2016 |
| WB programs in the social sector and education | Information sharing | Continuous | |
| Energy sector reforms | Information sharing, estimation of the tariff gap, expertise of the investment plan | Continuous | |
| Bankrequest to Fund | Set of macro tables | Updates on macro developments | Continuous |
| C. Agreement on joint products and missions | |||
| Joint products | Debt sustainability | Debt management | 2016 |
| Title | Products | Topic | Expected delivery date |
|---|---|---|---|
| A. Mutual information on relevant work programs | |||
| World Bank | Public financial management strengthening technical assistance project | Budget management information systems, internal and external audit, debt management, agency and SOE supervision | On-going with additional financing approved in July 2014 |
| Energy sector dialogue | Financial and operationalmanagement of Senelec, investment planning | Ongoing | |
| Mining sector TA | EITI and regulatory framework | Ongoing | |
| Higher education project | Includes performance contracts for universities and scholarship reforms | Ongoing | |
| Social protection project | Support social safety nets system and access to targeted cash transfer programs | Approved, April 2014 | |
| Health project | Support to universal health coverage | Signed, April 2014 | |
| Statistics for Results project | Labor market, services, construction data and capacity building | Approved, May 2014 | |
| Tobacco tax technical assistance | Impact of the 2013 increase of tobacco taxes on fiscal revenues and health | Approved, October 2015 | |
| Structural Reform Development Policy Operation | Enhance coverage, quality and governance in energy and ICT sectors | CN approved, July 2016 | |
| Skills for jobs andcompetitivenessproject | Strengthen technical and vocational education to improve youth employability in priority sectors | Ongoing, approved December 2014 | |
| IMF | IMF-supported program | ||
| Third PSI Review and 2016 Article IV Consultations | December 1, 2016 (Board) | ||
| Peer learning on political economy of reform | January 2016 Washington | ||
| B. Requests for work program inputs | |||
| Fund request to Bank | World Bank Assessment Letter on Senegal’s Medium-Term Development | Note | 2016 |
| WB programs in the social sector and education | Information sharing | Continuous | |
| Energy sector reforms | Information sharing, estimation of the tariff gap, expertise of the investment plan | Continuous | |
| Bankrequest to Fund | Set of macro tables | Updates on macro developments | Continuous |
| C. Agreement on joint products and missions | |||
| Joint products | Debt sustainability | Debt management | 2016 |
Statistical Issues
Statistical Issues Appendix
As of October 31, 2016
Statistical Issues Appendix
As of October 31, 2016
| 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. The lack of adequate financial resources has constrained efforts to collect and process data. Because of financial constraints, surveys of businesses 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). Senegal started releasing the QNA in 2012 and integrated economic accounts (IEA) in 2014. Senegal has also put in place a plan for rebasing its national accounts to 2014; the plan includes the implementation of the 2008 SNA. The rebased series will be available in June 2017. |
| 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: Monetary and financial statistics are compiled and disseminated by the Central Bank of West African States (BCEAO). In August 2016, BCEAO completed the migration of Senegal’s MFS to the standardized report forms (SRFs) for the central bank and other depository corporations. These SRF-based data are being processed by the IMF Statistics Department for publication in the November 2016 issue of International Financial Statistics (IFS). framework. |
| Financial sector surveillance: Senegal does not report financial soundness indicators (FSIs) to the IMF. A technical assistance mission on FSIs is scheduled to visit the BCEAO headquarters in Dakar, Senegal in 2017. This mission will assist the authorities in their efforts to develop a set of core and encouraged FSIs for deposit taking institutions for WAEMU member countries, including Senegal. |
| External sector statistics: As one of the eight WAEMU member states, the National Directorate of BCEAO for Senegal has been collecting data following BPM6 since 2013. The BCEAO compiles quarterly BOP statistics for internal purposes but reports only annual data to STA (latest data reported–2014). Senegal equally report annual IIP to STA. Since Senegal has committed to subscribe to the SDDS, ESS compilation needs improvements, including the compilation of the monthly international reserves and foreign currency liquidity data template. The three-year JSA-AFR project, recently launched and which goes through 2019, is aimed at improving adequacy, timeliness and frequency of ESS in Senegal; a TA mission is considered for January 2017. With STA support, steps will be undertaken to address certain shortcomings, including: (i) better estimation of general merchandise trade to include uncontrolled cross-border trade with neighboring countries. |
| II. Data Standards and Quality |
| The country participates in the enhanced General Data Dissemination System (e-GDDS), and its metadata were posted on the Fund’s Dissemination Standards Bulletin Board in 2001. The authorities have appointed a national e-GDDS coordinator. In 2016, an STA mission visited Senegal to help the authorities set up a National Summary Data Page where e-GDDS data are regularly disseminated to the public. A Data ROSC was published on the IMF website in 2002. |
Statistical Issues Appendix
As of October 31, 2016
| 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. The lack of adequate financial resources has constrained efforts to collect and process data. Because of financial constraints, surveys of businesses 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). Senegal started releasing the QNA in 2012 and integrated economic accounts (IEA) in 2014. Senegal has also put in place a plan for rebasing its national accounts to 2014; the plan includes the implementation of the 2008 SNA. The rebased series will be available in June 2017. |
| 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: Monetary and financial statistics are compiled and disseminated by the Central Bank of West African States (BCEAO). In August 2016, BCEAO completed the migration of Senegal’s MFS to the standardized report forms (SRFs) for the central bank and other depository corporations. These SRF-based data are being processed by the IMF Statistics Department for publication in the November 2016 issue of International Financial Statistics (IFS). framework. |
| Financial sector surveillance: Senegal does not report financial soundness indicators (FSIs) to the IMF. A technical assistance mission on FSIs is scheduled to visit the BCEAO headquarters in Dakar, Senegal in 2017. This mission will assist the authorities in their efforts to develop a set of core and encouraged FSIs for deposit taking institutions for WAEMU member countries, including Senegal. |
| External sector statistics: As one of the eight WAEMU member states, the National Directorate of BCEAO for Senegal has been collecting data following BPM6 since 2013. The BCEAO compiles quarterly BOP statistics for internal purposes but reports only annual data to STA (latest data reported–2014). Senegal equally report annual IIP to STA. Since Senegal has committed to subscribe to the SDDS, ESS compilation needs improvements, including the compilation of the monthly international reserves and foreign currency liquidity data template. The three-year JSA-AFR project, recently launched and which goes through 2019, is aimed at improving adequacy, timeliness and frequency of ESS in Senegal; a TA mission is considered for January 2017. With STA support, steps will be undertaken to address certain shortcomings, including: (i) better estimation of general merchandise trade to include uncontrolled cross-border trade with neighboring countries. |
| II. Data Standards and Quality |
| The country participates in the enhanced General Data Dissemination System (e-GDDS), and its metadata were posted on the Fund’s Dissemination Standards Bulletin Board in 2001. The authorities have appointed a national e-GDDS coordinator. In 2016, an STA mission visited Senegal to help the authorities set up a National Summary Data Page where e-GDDS data are regularly disseminated to the public. A Data ROSC was published on the IMF website in 2002. |
Senegal: Table of Common Indicators Required for Surveillance
(As of October 31, 2016)
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 October 31, 2016)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items | ||
|---|---|---|---|---|---|---|---|
| Data Quality | Data Quality | ||||||
| Exchange Rates | Current | Current | D | D | D | Methodological Soundness8 | Accuracy and Reliability9 |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 05/2016 | 09/2016 | M | M | M | ||
| Reserve/Base Money | 08/2016 | 11/2016 | M | M | M | ||
| Broad Money | 07/2016 | 11/2016 | M | M | M | ||
| Central Bank Balance Sheet | 08/2016 | 11/2016 | M | M | M | LO, LO, O, O | LO, O, O, LO |
| Consolidated Balance Sheet of the Banking System | 07/2016 | 11/2016 | M | M | M | ||
| Interest Rates2 | 08/2016 | 8/2016 | M | M | M | ||
| Consumer Price Index | 09/2016 | 10/2016 | M | M | M | O, LO, O, O | LO, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | N/A | N/A | |||||
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 06/2014 | 09/2014 | Q | Q | Q | O, LNO, LO, O | LO, LO, O, LO |
| Stocks of Central Government and Central Government-Guaranteed Debt5/11 | 2013 | 10/2014 | |||||
| External Current Account Balance10/11 | 2015 | 10/2016 | A | A | A | ||
| Exports and Imports of Goods and Services10/11 | 2015 | 10/2015 | A | A | A | O, O, O, O | O, O, O, O |
| GDP/GNP10/11 | 2014 | 09/2016 | A | I | A | LO, LO, LO, LNO | LNO, LNO, LNO, LNO |
| Gross External Debt11 | 2013 | 04/2014 | A | I | A | ||
| International Investment Position6 | 2014 | 10/2016 | 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 October 31, 2016)
| Date of latest observation | Date received | Frequency of Data7 | Frequency of Reporting7 | Frequency of Publication7 | Memo Items | ||
|---|---|---|---|---|---|---|---|
| Data Quality | Data Quality | ||||||
| Exchange Rates | Current | Current | D | D | D | Methodological Soundness8 | Accuracy and Reliability9 |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities1 | 05/2016 | 09/2016 | M | M | M | ||
| Reserve/Base Money | 08/2016 | 11/2016 | M | M | M | ||
| Broad Money | 07/2016 | 11/2016 | M | M | M | ||
| Central Bank Balance Sheet | 08/2016 | 11/2016 | M | M | M | LO, LO, O, O | LO, O, O, LO |
| Consolidated Balance Sheet of the Banking System | 07/2016 | 11/2016 | M | M | M | ||
| Interest Rates2 | 08/2016 | 8/2016 | M | M | M | ||
| Consumer Price Index | 09/2016 | 10/2016 | M | M | M | O, LO, O, O | LO, O, O, NA |
| Revenue, Expenditure, Balance and Composition of Financing3 – General Government4 | N/A | N/A | |||||
| Revenue, Expenditure, Balance and Composition of Financing3– Central Government | 06/2014 | 09/2014 | Q | Q | Q | O, LNO, LO, O | LO, LO, O, LO |
| Stocks of Central Government and Central Government-Guaranteed Debt5/11 | 2013 | 10/2014 | |||||
| External Current Account Balance10/11 | 2015 | 10/2016 | A | A | A | ||
| Exports and Imports of Goods and Services10/11 | 2015 | 10/2015 | A | A | A | O, O, O, O | O, O, O, O |
| GDP/GNP10/11 | 2014 | 09/2016 | A | I | A | LO, LO, LO, LNO | LNO, LNO, LNO, LNO |
| Gross External Debt11 | 2013 | 04/2014 | A | I | A | ||
| International Investment Position6 | 2014 | 10/2016 | 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.