Bassirou Diomaye Faye holds a press conference after winning the presidential elections in Dakar, Senegal, Monday, March 25, 2024. (AP Photo/Mosa’ab Elshamy)
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Senegal
The IMF praised Senegal for acting to own interplay reforms to reinforce its economy, while also working with the IMF to elaborate and amend it’s debt position after it uncovered misreporting of how a lot the African country owed collectors, Kozack said citing feedback by the Fund’s First Deputy Managing Director Gita Gopinath.
The IMF, a key financier for the debt-encumbered country, froze disbursements on its program with Senegal last year after an audit under new President Bassirou Diomaye Faye chanced on the outdated administration had understated deficits, pushing its extinguish-2023 debt ratio to roughly 100 per cent of GDP, versus the beforehand reported 74 per cent.
At the time, the IMF had a loan programme underway with Senegal to note the country’s monetary topic.
The IMF also praised efforts by Ghana to shore up its fiscal positions as it unveiled its funds proposals Thursday.
“With respect to the funds, right here I’m able to divulge, that, the IMF has welcomed the authorities’s corrective actions, in conjunction with a resounding 2025 funds and an audit of payables to quantify and handle the pre-election fiscal slippages. The authorities own currently performed modifications to their public monetary management and public procurement acts. And this helps lend a hand the overall fiscal accountability framework in Ghana. And the authorities own also adopted a technique to handle concerns within the vitality sector. I’m able so that you just can add that the mid-year funds, review is entirely basically based totally on parameters and targets of the IMF, supported program,” said Kozack.
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