Relations with the Fund

(As of October 31, 2018)

Membership Status: Joined: August 31, 1962;			Article VIII
General Resources Account:		SDR Million	%Quota
	Quota	323.60	100.00
	IMF’s holdings of currency (Holdings 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	16.11	10.41
Outstanding Purchases and Loans:		SDR Million	%Quota
	ESF Arrangements	31.55	9.75

View Table

Membership Status: Joined: August 31, 1962;			Article VIII
General Resources Account:		SDR Million	%Quota
	Quota	323.60	100.00
	IMF’s holdings of currency (Holdings 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	16.11	10.41
Outstanding Purchases and Loans:		SDR Million	%Quota
	ESF Arrangements	31.55	9.75

Latest Financial Arrangements:

¹ Formerly PRGF.

Type	Date of Arrangement	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
ESF	Dec 19, 2008	Jun 10, 2010	121.35	121.35
ECF 1	Apr 28, 2003	Apr 27, 2006	24.27	24.27
ECF 1	Apr 20, 1998	Apr 19, 2002	107.01	96.47

¹ Formerly PRGF.

View Table

Type	Date of Arrangement	Expiration Date	Amount Approved (SDR Million)	Amount Drawn (SDR Million)
ESF	Dec 19, 2008	Jun 10, 2010	121.35	121.35
ECF 1	Apr 28, 2003	Apr 27, 2006	24.27	24.27
ECF 1	Apr 20, 1998	Apr 19, 2002	107.01	96.47

¹ Formerly PRGF.

Projected Payments to Fund²

	Forthcoming
	2018	2019	2020	2021	2022
Principal	12.14	16.18	3.24
Charges/Interest	0.37	1.47	1.44	1.43	1.43
Total	12.50	17.65	4.67	1.43	1.43

View Table

	Forthcoming
	2018	2019	2020	2021	2022
Principal	12.14	16.18	3.24
Charges/Interest	0.37	1.47	1.44	1.43	1.43
Total	12.50	17.65	4.67	1.43	1.43

Implementation of HIPC Initiative:

¹ 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.

² 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

¹ 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.

² 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.

View Table

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

¹ 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.

² 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):

¹ 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	PRGT	Total
January 2006		N/A	100.32	100.32

¹ 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.

View Table

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	PRGT	Total
January 2006		N/A	100.32	100.32

¹ 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. 18/106).

Article IV Consultations:

The previous consultation discussions were held during August 17–30, 2016. The Article IV consultation was completed by the Executive Board on December 2, 2016 and the staff report was published on January 4, 2017 (Country Report No. 17/1).

In completing the third review of Senegal’s economic performance under the program supported by the PSI and concluding the 2016 Article IV consultation with Senegal, Executive Directors endorsed staff’s appraisal, as follows: Implementation of the first set of PSE projects has helped move Senegal to a higher growth path, but sustaining this growth over the medium term requires steadfast implementation of reforms that would enable SMEs to thrive and attract FDI for globally competitive production. Continued efforts to increase the competitiveness of the private sector, including through making tax collection more transparent, lowering electricity costs and improving service distribution, and creating an environment where SMEs and FDI can contribute to broad-based growth, will allow the private sector to take the reins of growth over the medium term. Staff welcomes efforts to revamp the rules for the SEZ, drawing on the experience of China and Mauritius, and with input from organizations representing the investors from China, Europe and the US. It will be important, however, for the SEZ to move away from tax holidays and to have a transparent, rules-based tax regime that is easy to comply with and has reasonable rates.

The authorities are committed to preserving macroeconomic stability. Efforts to increase revenue collection and rationalize public consumption have helped control budget deficits. However, these efforts need to be pursued with further vigilance, particularly with respect to the wage bill, a more transparent and fairer public sector wage remuneration system and a more equitable and efficient collection of taxes, where tax expenditures are significantly reduced. Reforms to ensure everyone pays their fair share of taxes in a transparent system, should make it possible to raise more revenue, whilst removing tax disincentives facing SMEs and FDI in globally competitive activities. The use of comfort letters to encourage bank financing of projects in advance of budget appropriations can undercut fiscal discipline and create contingent liabilities, and should be kept to the absolute minimum.

The financial sector should play a stronger role in supporting private-sector led growth. Financial indicators are improving, but from a low level. Regional supervision should be strengthened, including with a view to further reducing non-performing loans. Domestic reforms are needed to improve incentives for extending credit.

Senegal remains at low risk of debt distress, but debt levels are rising. Increased nonconcessional borrowing, including on the regional market, has raised the debt service burden on the budget. Maintaining its low risk of debt distress is predicated on sustaining the high levels of growth envisaged under the PSE while adhering to the planned fiscal consolidation path, which will require rapid progress in fostering private investment. Better selection, evaluation and monitoring of investment projects to ensure a strong economic return and accessing concessional and semi-concessional borrowing whenever possible as part of a comprehensive debt management strategy will contribute to keeping debt on a sustainable path while ensuring efficient implementation of the public investment program envisaged under the PSE. Moreover, there is an urgent need to strengthen Treasury operations that are under pressure from legacy arrears and financial difficulties of the postal system. Staff welcomes the authorities’ intention to take stock of the pressures on the Treasury by conducting an audit by end-March 2017 and formulate an action plan as soon as possible.

The outlook for the Senegalese economy is positive and risks are manageable, provided there is a concerted effort to continue improving economic governance. PSE success depends on rapidly implementing the critical mass of reforms which have been identified, including from the peer learning catalyzed by the Fund. An explicit review of the political economy of reforms should facilitate implementation of these reforms. However, risks, mainly domestic, relate to the entrenched rent seeking and patronage that may hinder opening up economic space and ensuring that everyone pays their fair share of taxes in a transparent system.

Failure to overcome these lobbies for the status quo would, as has happened four times since 1990, result in the current growth momentum being lost. External risks include possible increases in the cost of public borrowing and slow growth in key partner countries. Security risks in the region could also adversely affect investment and, hence, growth and exports.

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 (2010–18):

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 Statistics Annual 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 Revenue administration	BCEAO mission on Basel II & III Implementation Public Debt Management, support to Government securities issuing policies Updating National Accounting system (SCN 2008); ONA TOFE implementation/GFS update A workshop on transfer pricing with a focus on telecommunication sector General Balance of Government accounts, support to implementing decentralization of PFM functions Strengthening customs and tax center for medium-sized enterprises
2017	National accounts Revenue administration Public Debt management Government Finance Statistics Public Financial Management	Support to rebasing GDP using 2008 SNA Support to customs (risk management) and tax institutions Development of Medium-term debt strategy Support to implementation of GFS2001 Support to financial management in line ministries (AE/CP)
2018	Bank supervision Revenue Administration Public Financial Management Public Debt management Macro-fiscal National Accounts Government Finance Statistics	Workshop on international standards regarding credit risk supervision Strengthening research activities of tax institutions, customs: control of value at douane Implementation of accrual accounting; Support to improving documentation related to budget; Support to implementation of AE/CP Training on the use of the revised debt sustainability framework; Training on debt portfolio risk management Strengthening technical capacity related to macroframework Strengthening quarterly national accounts systems GFS: Consolidation of statistics (notably related to increasing statistics beyond central government

View Table

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 Statistics Annual 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 Revenue administration	BCEAO mission on Basel II & III Implementation Public Debt Management, support to Government securities issuing policies Updating National Accounting system (SCN 2008); ONA TOFE implementation/GFS update A workshop on transfer pricing with a focus on telecommunication sector General Balance of Government accounts, support to implementing decentralization of PFM functions Strengthening customs and tax center for medium-sized enterprises
2017	National accounts Revenue administration Public Debt management Government Finance Statistics Public Financial Management	Support to rebasing GDP using 2008 SNA Support to customs (risk management) and tax institutions Development of Medium-term debt strategy Support to implementation of GFS2001 Support to financial management in line ministries (AE/CP)
2018	Bank supervision Revenue Administration Public Financial Management Public Debt management Macro-fiscal National Accounts Government Finance Statistics	Workshop on international standards regarding credit risk supervision Strengthening research activities of tax institutions, customs: control of value at douane Implementation of accrual accounting; Support to improving documentation related to budget; Support to implementation of AE/CP Training on the use of the revised debt sustainability framework; Training on debt portfolio risk management Strengthening technical capacity related to macroframework Strengthening quarterly national accounts systems GFS: Consolidation of statistics (notably related to increasing statistics beyond central government

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.	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 management
	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 management
	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
	Nov. 2016	FAD experts	Hackaton meeting: trying to identify projects with new technology to help improve Tax and PFM functions
	Apr. 2017	FAD experts	Public-Private Partnership (PPP) peer learning event
	Apr. 2018	FAD experts	Support to the revision of the Code Petrolier
	Nov. 2018	FAD experts	Public Investment Management Assessment (PIMA) mission
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	STA Expert	National Accounts (multiple visits)
	Jul. 2016	STA expert	National accounts (rebasing)
	Aug. 2016	Staff	Monetary and financial statistics
	Nov. 2016	STA expert	National accounts (rebasing)
	Dec. 2016	STA experts	Government Finance Statistics
	Apr. 2017	Staff	Support to review mission on Government Finance Statistics
	Nov. 2017	Staff	National accounts
	Mar. 2018	Staff	Financial Soundness Indicators
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

View Table

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.	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 management
	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 management
	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
	Nov. 2016	FAD experts	Hackaton meeting: trying to identify projects with new technology to help improve Tax and PFM functions
	Apr. 2017	FAD experts	Public-Private Partnership (PPP) peer learning event
	Apr. 2018	FAD experts	Support to the revision of the Code Petrolier
	Nov. 2018	FAD experts	Public Investment Management Assessment (PIMA) mission
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	STA Expert	National Accounts (multiple visits)
	Jul. 2016	STA expert	National accounts (rebasing)
	Aug. 2016	Staff	Monetary and financial statistics
	Nov. 2016	STA expert	National accounts (rebasing)
	Dec. 2016	STA experts	Government Finance Statistics
	Apr. 2017	Staff	Support to review mission on Government Finance Statistics
	Nov. 2017	Staff	National accounts
	Mar. 2018	Staff	Financial Soundness Indicators
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

Relations with Other Financial Institutions

Statistical Issues

(As of October 31, 2018)

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: Since the rebasing in 2018 that changed the base year from 1999 to 2014, the compilation of the national accounts generally follows the System of National Accounts, 2008. Rebased series are now available from 2007 to 2016, with quarterly series also available up to 2018Q2 except for the demand side. Nevertheless, because of financial constraints, surveys of businesses and households are not conducted regularly. While there are no regular (annual or quarterly) surveys for household consumption and gross fixed capital, Senegal is actually implementing a turnover index that will provide information on household consumption (with some assumptions). In terms of production, ANSD has also implemented new standards to compile an Industrial Production Index with the producer price indices. The producer prices indices for services are released. For the primary sector, sector prices for agriculture are released on a monthly basis (but with concerns about the concept for producer prices), as is the case for the fishing industries. For other sectors like forestry and farming, coverage needs to be improved (e.g. production, prices). 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 rebasing exercise and with the improvement of real sector statistics more generally. With help from IMF TA, Senegal is also starting to capture better activities related to natural resources, which will be important in the context of recent substantial oil and gas discoveries.

Government finance statistics (GFS): GFS are compiled by the Ministry of Economy and Finance from customs, tax, and treasury directorate sources, and disseminated quarterly as government financial operations tables (TOFE) in the ministry’s publications. Afritac West has been conducting technical assistance missions aimed at improving the consistency of fiscal reporting and migrating to the methodology of the Government Finance Statistics Manual 2001/2014, in accordance with the WAEMU TOFE Directive. The authorities resumed reporting of annual data for GFS Yearbook and report higher frequency data for budgetary central government for publication in International Financial Statistics (IFS). More recently, the authorities, with assistance from the IMF, have improved coverage of the fiscal accounts from central government to general government. However, data for this coverage have only been reported for 2015. Currently, data gathering happens in an ad hoc way (mostly depending on the immediate need, e.g. extending the DSA perimeter), so structures will need to be put in place to make sure that the necessary information is captured regularly.

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. Since Senegal’s subscription to the SDDS in November 2017, the BCEAO has been disseminating quarterly BOP and IIP statistics on the National Summary Data Page of Senegal (http://nso.senegal.opendataforafrica.org/rarkwmf/national-summary-data-page-nsdp); the latest available reference periods are the first and second quarters of 2018, respectively. Under the three-year JSA-AFR project (May 2016-April 2019), aimed at improving adequacy, timeliness and frequency of ESS in 17 Francophone countries in West and Central Africa, Senegal has benefited from three TA missions, the latest one in June 2018. That mission found that the coverage of quarterly transactions is already satisfactory since the main sources of data are available on a quarterly basis (foreign trade data, tourism data, migrant remittances, external borrowing, monetary and banking statistics, estimates of trade credits). The other coverage issues (especially on services and revenues) should be solved for the most part by the ongoing overhaul of the international transactions reporting system currently conducted by the BCEAO Headquarters, which will be implemented in member countries in 2020. Several participants from the National Directorate of BCEAO for Senegal as well as from BCEAO Headquarters, and the ANSD attended a JSA-AFR regional workshop on Goods Services and Secondary Income in Dakar, during October 12-16, 2018. This should contribute to the improvement of the coverage of informal cross-border transactions.

II. Data Standards and Quality

In late-2017, Senegal became the fourth country in sub-Saharan Africa to subscribe to the Fund’s Special Data Dissemination Standard (SDDS), which sets high standards for the timeliness and periodicity of dissemination of economic and financial data. A Data ROSC was published on the IMF website in 2002.

Monetary and financial statistics: Monetary and financial statistics (MFS) are compiled and disseminated on a monthly basis 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. Since November 2016, BCEAO has continuously transmitted Senegal’s SRF-based MFS to the IMF’s Statistics Department for publication in Financial sector surveillance: The BCEAO recently finalized the development of FSIs for deposit takers for Senegal. Regular reporting to the IMF’s Statistics Department is expected to begin by end-December 2018. international Financial Statistics (IFS).

View Table

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: Since the rebasing in 2018 that changed the base year from 1999 to 2014, the compilation of the national accounts generally follows the System of National Accounts, 2008. Rebased series are now available from 2007 to 2016, with quarterly series also available up to 2018Q2 except for the demand side. Nevertheless, because of financial constraints, surveys of businesses and households are not conducted regularly. While there are no regular (annual or quarterly) surveys for household consumption and gross fixed capital, Senegal is actually implementing a turnover index that will provide information on household consumption (with some assumptions). In terms of production, ANSD has also implemented new standards to compile an Industrial Production Index with the producer price indices. The producer prices indices for services are released. For the primary sector, sector prices for agriculture are released on a monthly basis (but with concerns about the concept for producer prices), as is the case for the fishing industries. For other sectors like forestry and farming, coverage needs to be improved (e.g. production, prices). 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 rebasing exercise and with the improvement of real sector statistics more generally. With help from IMF TA, Senegal is also starting to capture better activities related to natural resources, which will be important in the context of recent substantial oil and gas discoveries.

Government finance statistics (GFS): GFS are compiled by the Ministry of Economy and Finance from customs, tax, and treasury directorate sources, and disseminated quarterly as government financial operations tables (TOFE) in the ministry’s publications. Afritac West has been conducting technical assistance missions aimed at improving the consistency of fiscal reporting and migrating to the methodology of the Government Finance Statistics Manual 2001/2014, in accordance with the WAEMU TOFE Directive. The authorities resumed reporting of annual data for GFS Yearbook and report higher frequency data for budgetary central government for publication in International Financial Statistics (IFS). More recently, the authorities, with assistance from the IMF, have improved coverage of the fiscal accounts from central government to general government. However, data for this coverage have only been reported for 2015. Currently, data gathering happens in an ad hoc way (mostly depending on the immediate need, e.g. extending the DSA perimeter), so structures will need to be put in place to make sure that the necessary information is captured regularly.

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. Since Senegal’s subscription to the SDDS in November 2017, the BCEAO has been disseminating quarterly BOP and IIP statistics on the National Summary Data Page of Senegal (http://nso.senegal.opendataforafrica.org/rarkwmf/national-summary-data-page-nsdp); the latest available reference periods are the first and second quarters of 2018, respectively. Under the three-year JSA-AFR project (May 2016-April 2019), aimed at improving adequacy, timeliness and frequency of ESS in 17 Francophone countries in West and Central Africa, Senegal has benefited from three TA missions, the latest one in June 2018. That mission found that the coverage of quarterly transactions is already satisfactory since the main sources of data are available on a quarterly basis (foreign trade data, tourism data, migrant remittances, external borrowing, monetary and banking statistics, estimates of trade credits). The other coverage issues (especially on services and revenues) should be solved for the most part by the ongoing overhaul of the international transactions reporting system currently conducted by the BCEAO Headquarters, which will be implemented in member countries in 2020. Several participants from the National Directorate of BCEAO for Senegal as well as from BCEAO Headquarters, and the ANSD attended a JSA-AFR regional workshop on Goods Services and Secondary Income in Dakar, during October 12-16, 2018. This should contribute to the improvement of the coverage of informal cross-border transactions.

II. Data Standards and Quality

In late-2017, Senegal became the fourth country in sub-Saharan Africa to subscribe to the Fund’s Special Data Dissemination Standard (SDDS), which sets high standards for the timeliness and periodicity of dissemination of economic and financial data. A Data ROSC was published on the IMF website in 2002.

Monetary and financial statistics: Monetary and financial statistics (MFS) are compiled and disseminated on a monthly basis 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. Since November 2016, BCEAO has continuously transmitted Senegal’s SRF-based MFS to the IMF’s Statistics Department for publication in Financial sector surveillance: The BCEAO recently finalized the development of FSIs for deposit takers for Senegal. Regular reporting to the IMF’s Statistics Department is expected to begin by end-December 2018. international Financial Statistics (IFS).

Senegal: Table of Common Indicators Required for Surveillance

(As of December 11, 2018)

¹ Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

² Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³ Foreign, domestic bank, and domestic nonbank financing.

⁴ The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵ Including currency and maturity composition.

⁶ Includes external gross financial asset and liability positions vis-à-vis nonresidents.

⁷ Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

⁸ Estimate.

⁹ Reported to staff during mission.

Senegal: Table of Common Indicators Required for Surveillance

(As of December 11, 2018)

	Date of Latest Observation	Date Received	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7
Exchange Rates	Current	Current	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	11/2018	12/2018	M	M	M
Reserve/Base Money	09/2018	11/2018	M	M	M
Broad Money	09/2018	11/2018	M	M	M
Central Bank Balance Sheet	09/2018	11/2018	M	M	M
Consolidated Balance Sheet of the Banking System	09/2018	11/2018	M	M	M
Interest Rates2	08/2018	08/2018	M	M	M
Consumer Price Index	09/2018	10/2018	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4	2017	10/2018	A
Revenue, Expenditure, Balance and Composition of Financing3 – Central Government	10/2018	11/2018	Q	Q	Q
Stocks of Central Government and Central Government-Guaranteed Debt5	2018	10/2018
External Current Account Balance8/9	2017	10/2018	A	A	A
Exports and Imports of Goods and Services8/9	2017	10/2018	A	A	A
GDP/GNP8/9	2017	10/2018	A	I	A
Gross External Debt9	2017	10/2018	A	I	A
International Investment Position6	2014	10/2016	A	A	A

¹ Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

² Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³ Foreign, domestic bank, and domestic nonbank financing.

⁴ The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵ Including currency and maturity composition.

⁶ Includes external gross financial asset and liability positions vis-à-vis nonresidents.

⁷ Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

⁸ Estimate.

⁹ Reported to staff during mission.

View Table

Senegal: Table of Common Indicators Required for Surveillance

(As of December 11, 2018)

	Date of Latest Observation	Date Received	Frequency of Data7	Frequency of Reporting7	Frequency of Publication7
Exchange Rates	Current	Current	D	D	D
International Reserve Assets and Reserve Liabilities of the Monetary Authorities1	11/2018	12/2018	M	M	M
Reserve/Base Money	09/2018	11/2018	M	M	M
Broad Money	09/2018	11/2018	M	M	M
Central Bank Balance Sheet	09/2018	11/2018	M	M	M
Consolidated Balance Sheet of the Banking System	09/2018	11/2018	M	M	M
Interest Rates2	08/2018	08/2018	M	M	M
Consumer Price Index	09/2018	10/2018	M	M	M
Revenue, Expenditure, Balance and Composition of Financing3 – General Government4	2017	10/2018	A
Revenue, Expenditure, Balance and Composition of Financing3 – Central Government	10/2018	11/2018	Q	Q	Q
Stocks of Central Government and Central Government-Guaranteed Debt5	2018	10/2018
External Current Account Balance8/9	2017	10/2018	A	A	A
Exports and Imports of Goods and Services8/9	2017	10/2018	A	A	A
GDP/GNP8/9	2017	10/2018	A	I	A
Gross External Debt9	2017	10/2018	A	I	A
International Investment Position6	2014	10/2016	A	A	A

¹ Includes reserve assets pledged or otherwise encumbered as well as net derivative positions.

² Both market-based and officially-determined, including discount rates, money market rates, rates on treasury bills, notes and bonds.

³ Foreign, domestic bank, and domestic nonbank financing.

⁴ The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.

⁵ Including currency and maturity composition.

⁶ Includes external gross financial asset and liability positions vis-à-vis nonresidents.

⁷ Daily (D); Weekly (W); Monthly (M); Quarterly (Q); Annually (A); Irregular (I); Not Available (NA).

⁸ Estimate.

⁹ Reported to staff during mission.