Senegal: The African Development Bank approves a $35 million funding to reform public finances.
The African Development Bank has approved funding of 20 billion CFA francs, which is about 35.15 million USD, aimed at strengthening public finance management in Senegal. The announcement was made on Monday, August 3, by the institution in a statement.
This funding is intended to improve the collection of state revenues. It also aims to enhance transparency in the management and presentation of Senegal’s public accounts. The decision comes at a time when Senegal is experiencing a debt crisis. The West African country is also seeking to conclude a new program with the International Monetary Fund.
The support from the ADB is part of a context of reforms aimed at consolidating public finances. The institution did not specify, in the mentioned statement, the disbursement schedule or the detailed implementation modalities of the funding.
Strengthening revenue mobilization is one of the main objectives assigned to this fund. Better collection is expected to provide the state with more resources to finance its public policies and reduce its budgetary imbalances.
Transparency of public accounts is also central to the framework approved by the pan-African bank. This focus comes as Senegalese authorities negotiate with the IMF the details of a new financial program.
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