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Senegal’s Prime Minister Ousmane Sonko waved through next year’s budget, bypassing a parliamentary vote on the 6.4 trillion CFA-franc ($10.2 billion) package.
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Bloomberg News
Katarina Höije
Published Dec 28, 2024 • 1 minute read
(Bloomberg) — Senegal’s Prime Minister Ousmane Sonko waved through next year’s budget, bypassing a parliamentary vote on the 6.4 trillion CFA-franc ($10.2 billion) package.
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The plan is considered adopted unless a motion of censure is submitted in the next 24 hours, according to a letter from President Bassirou Diomaye Faye read out to lawmakers on Saturday.
The prime minister, “after deliberation by the council of ministers, has held the government responsible before the National Assembly for the vote on a draft finance bill,” the letter said.
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Revenue is estimated at 5 trillion CFA francs in 2025, an increase of 2% compared to the previous year, while outlays are estimated 15% higher at 6.6 trillion CFA francs.
Tensions surrounding the presidential election in early 2024, exacerbated by a continued slowdown in economic activity excluding the energy sector, paved the way for a prudent budget, the finance ministry said.
It comes as the government awaits the result of an audit of Senegal’s public finances after concluding that its debt measured more than 80% of economic output at the end of last year, higher than the 73% previously announced.
The audit also showed that the budget deficit averaged more than 10% of gross domestic product from 2019 to 2023, almost double the 5.5% reported under former President Macky Sall. That prompted the International Monetary Fund to freeze $1.8 billion in loans to the West African nation earlier this year.
The Washington-based lender is set to discuss a new loan program in January.
The auditor review, expected this month, will lead to “an upward revision of the outstanding debt and debt service” for 2024 and 2025, the finance ministry said.
It has projected a budget deficit exceeding 11% for this year and a shortfall of 7.8% next year.
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