The International Monetary Fund (IMF) has approved Senegal’s Economic Policy Coordination Instruments (EPCI), the Ministry of Finance and Budget announced Friday.The programme was approved on Tuesday, January 5, under the no-objection procedure, i.e., without a formal meeting of the IMF Executive Board.
The Bretton Woods Institution “welcomed the good economic and financial performance achieved in the implementation of the programme (Senegal’s ICPE).
In a statement, the BWI stressed that this “exceptional decision reflects confidence in Senegal’s satisfactory ICPE implementation.
For 2020, despite the health and economic crisis, the year has seen intense activity, to the extent that the objectives of budget revenue collection are so far met or even exceeded. According to IMF, Senegal is also paying at a satisfactory pace for public spending.
“The main quantitative management indicators have been met: budget deficit target, tax revenue floor, ceiling for paying authorities, social expenditure floor, and outstanding public debt; relations with technical and financial partners are at a high level, as evidenced by the conclusive outcome of the second review of the BPI,” IMF noted, among other reasons.