The Senegalese government is set to release a comprehensive review of the country’s financial situation on Thursday, six months after taking office on a platform of radical change.
President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko, who were elected in March on a promise of social justice, sovereignty, and leftist pan-Africanism, have been facing significant economic challenges in the West African nation.
After assuming power in April, President Faye tasked Prime Minister Sonko with conducting a thorough assessment of Senegal’s financial health. The government will now share the findings of this review with the public, including any identified shortcomings and proposed mitigation measures.
The government’s ability to implement its policy agenda has been hampered by an opposition-dominated parliament until recently. President Faye dissolved the national assembly in September and called for new legislative elections in November, hoping to gain the necessary support for his reforms.
In the meantime, the International Monetary Fund (IMF) has warned that Senegal’s economic prospects remain challenging due to lower revenue collections, increased expenditure on energy subsidies and interest payments, and rising public debt.
The government’s review will be followed by the launch of a new economic reference framework, “Senegal 2050 – National Agenda for Transformation,” on October 7. This plan aims to transform the Senegalese economy and build a sovereign, fair, and prosperous nation.
Additionally, the government has unveiled a national development strategy for 2025-2029, outlining a new economic model that is less dependent on foreign aid and sets targets for average growth of 6.5 percent and debt control.