Latest news with #OusmaneSonko
Reuters
a day ago
- Business
- Reuters
IMF welcomes Senegal's self-reliance plan, says no impact on misreporting case
NAIROBI, June 4 (Reuters) - The International Monetary Fund said on Wednesday it views Senegal's plan to enhance tax compliance and cut reliance on external financing as a positive step, but it will have no bearing on the handling of a misreporting case. The West African nation, which is engaging with the IMF to find a resolution after misreporting debt and deficit levels, has had a year without any disbursements from the Fund after its $1.8 billion programme was suspended. The experience has shown the country can manage its finances and the economy without external help, domestic media on Tuesday cited Prime Minister Ousmane Sonko as saying. The prime minister's office has not responded to a request for comment. "The IMF welcomes the Senegalese government's efforts to enhance domestic revenue mobilization. These initiatives can support fiscal sustainability and strengthen economic resilience," an IMF spokesperson said. "While the reported ambition to fund expenditures through internal resources is a positive step, it does not directly impact the ongoing process to resolve the misreporting case." The Fund said it was committed to working with the government to secure an acceptable resolution to the misreporting case as soon as possible. The government will make all Senegalese pay their fair share of taxes, the prime minister was quoted as saying by the Le Soleil newspaper, to avoid raising taxes. The revelations of Senegal's hidden debt have hammered its assets, with its dollar bonds ranking as the worst performer among African issuers this year. They have also forced the government to increase borrowing from the regional debt market, angering the opposition, which has called for government transparency over debt.
Reuters
2 days ago
- Business
- Reuters
Senegal aims to raise tax collection to cut reliance on external funding
DAKAR, June 3 (Reuters) - Senegal plans to boost tax compliance to increase revenue and reduce reliance on financing from external sources like the International Monetary Fund, its Prime Minister Ousmane Sonko has said. The West African nation is engaging with the IMF to craft a resolution following a case of misreporting of debt and deficit levels, which led to the suspension of its $1.8 billion financing programme with the Fund. "Good tax reform... can help us withstand the 250 billion CFA francs ($437.64 million) that the IMF gives us every year," Sonko was quoted as telling Senegalese nationals living in Guinea by Le Soleil newspaper on Tuesday. Sonko's office did not respond immediately to a request for comment. Senegal has not received any disbursements from the IMF for a year, the paper quoted the prime minister as saying. "Senegal is still standing... a country does not develop by being held by the hand, but by building on its own strengths, its own resources, and its own budgetary discipline," he said. The government will make all Senegalese pay their fair share of taxes, the paper reported the prime minister as saying, to avoid raising taxes. The revelations of Senegal's understated debt have pummelled its assets. Senegal's dollar bonds have made losses of 7.3% for investors this year so far, according to a JPMorgan bond index, compared with the average gains of 3% for its Africa peers in the same time. The losses are also double the second worst performing African sovereign, Angola, whose bonds have handed investors losses of 1.5% since the start of this year. Senegal has resorted to increased debt issuance at the regional debt market, including a 405 billion CFA francs ($708.97 million) bond issued in April, attracting criticism from the opposition, which is demanding more debt transparency from the government. ($1 = 571.2500 CFA francs)
Zawya
28-05-2025
- Business
- Zawya
Official Launch of the 2nd Edition of the Forum Invest in Senegal (FII Sénégal 2025)
Prime Minister Mr. Ousmane Sonko officially launched the second edition of the Forum Invest in Senegal (FII Sénégal 2025) on Tuesday. The event will take place on October 7 and 8, 2025, at the Abdou Diouf International Conference Center (CICAD) in Diamniadio, located 20 km from Dakar. This major gathering is part of Senegal Vision 2050 and represents a decisive step in the structural transformation of Senegal's economy. In his speech, the Head of Government reaffirmed the will to break away from old growth models based on debt, to establish a new economic paradigm focused on local resource transformation, private sector promotion, and strengthened territorial equity. The strategic axes of the Forum were revealed, notably: - Making Senegal a reference industrial and logistics platform; - Promoting a strong, competitive, and attractive private sector; - Creating a technological and financial hub in Dakar; - Deep reform of the legislative and tax framework, through a new Investment Code, ambitious tax reform, and a new law on public-private partnerships (PPP). He also announced the launch of the Program to Improve the Competitiveness of Territories and Enterprises (PACTE), a key instrument to stimulate investment and enhance regional attractiveness. The Prime Minister praised APIX's commitment to organizing the Forum and called for collective, national and international mobilization around sustainable and equitable investments. Taking the floor, Mr. Bakary Séga Bathily, Director General of APIX, highlighted Senegal's resilience in the face of a volatile global context, underlining the country's major assets: political stability, dynamic youth, sustained growth estimated at 8.8% in 2025, and a privileged geostrategic position. He emphasized the new ambition of President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko to build a competitive, inclusive, and sovereign Senegal. The APIX Director General detailed the ongoing reforms, including modernization of the Investment Code, digitization of procedures through APIX, and implementation of the PACTE. He also stated that the Forum will feature thematic panels, boardrooms, dealrooms, and side events, with the goal of realizing investment projects in strategic sectors: agriculture, health, natural resources, artificial intelligence, industrialization, among others. More than 3,000 economic decision-makers and institutional partners are expected to attend this event, which aims to position Senegal as an immediate, transparent, competitive, and sustainable investment destination. Distributed by APO Group on behalf of APIX S.A.
Russia Today
21-05-2025
- Politics
- Russia Today
Senegal to expel all foreign troops
Senegalese Prime Minister Ousmane Sonko has declared that all foreign military personnel stationed in the country must withdraw by the end of July. French troops remain the only foreign military presence in Senegal, operating under a 2012 defense partnership agreement. As part of a phased withdrawal, France officially transferred control of the Rear Admiral Protet naval base in Dakar to Senegalese authorities on May 15. This follows the earlier handover of the Marshall and Saint-Exupéry facilities in March. The remaining bases are scheduled to be transferred in subsequent phases. Speaking to Burkina Faso's national broadcaster RTB on Monday, Sonko said that since his administration came to power nearly a year ago, it had taken a number of steps to assert national sovereignty. 'We have notified all countries that have military bases in Senegal that we demand a complete withdrawal. There will be no more foreign military bases on Senegalese territory,' he stated. According to the prime minister, the withdrawal process is already underway. He confirmed that one foreign military base was vacated just two days prior to the interview and stressed that the handover of another facility would be completed by the end of July. Sonko framed the move as a normal assertion of sovereignty, stating that Senegal has 'a national army, defense and security forces. We think we are able to ensure our own safety.' He also called on other African nations to take greater control of their own destinies. In November 2023, Senegalese President Bassirou Diomaye Faye called the presence of French troops 'incompatible' with national sovereignty. His newly elected administration has taken a firm stance on scaling back France's military footprint in the country. Several West African nations, including Burkina Faso, Mali, and Niger, have severed all military ties with France in recent years, citing frustration with French-led counterterrorism efforts and a desire to seek out alternative partners like Russia.
Business Insider
19-05-2025
- Politics
- Business Insider
Burkina Faso links up with Senegal to launch joint front against terrorism
Burkina Faso and Senegal have taken a significant step toward strengthening regional security with the launch of a joint initiative to combat terrorism and transnational crime. Burkina Faso and Senegal launched a joint initiative to combat terrorism and transnational crime. The strategic pact focuses on intelligence sharing and enhanced security operations. This effort aligns with broader regional strategies like the Alliance of Sahel States seeking security independence. Burkina Faso and Senegal, two prominent nations in West Africa, share deep-rooted historical, cultural, and geopolitical ties that continue to shape their bilateral relations. Despite not sharing a direct border, both nations remain linked by their shared location in the Sahel and common security concerns. In recent years, growing regional instability, driven by terrorism, organized crime, and arms trafficking has further galvanized their partnership. During an official visit to Ouagadougou by Senegalese Prime Minister Ousmane Sonko, the two governments announced a strategic pact aimed at deepening intelligence sharing and enhancing joint security operations. According to the joint statement, both Burkina Faso and Senegal stressed the need to pool efforts and enhance information sharing to combat terrorism, illicit arms trafficking, cross-border crime, and other regional threats. They recognized terrorism and violent extremism as major challenges to stability and sustainable development, calling for coordinated actions and greater international support for local initiatives. Acknowledging the persistence of terrorism and violent extremism as major threats to stability and sustainable development, the two delegations called for coordinated actions and increased mobilization of the international community in support of local efforts. 'Both parties also welcomed the convergence of views between Their Excellencies Captain Ibrahim Traoré, President of Faso and Head of State, and Mr. Bassirou Diomaye Diakhar Faye, President of the Republic of Senegal, on respecting state sovereignty and the control of their own destinies without foreign interference.' the statement added. Former French colonies prioritize security Historically part of French West Africa, both countries inherited similar legal and administrative systems, as well as French as an official language. These commonalities have laid a strong foundation for diplomatic engagement and facilitated seamless intergovernmental cooperation. Former French colonies in West Africa are increasingly asserting their desire for security independence as regional threats escalate and confidence in traditional alliances wanes. Countries such as Burkina Faso, Mali, and Niger—now aligned under the Alliance of Sahel States (AES)—have begun reshaping their defense strategies, prioritizing national sovereignty over external military partnerships. In March 2024, Burkina Faso, Mali, and Niger announced the formation of a joint military force under the Alliance of Sahel States (AES) to combat escalating terrorist threats in the Sahel region. The 5,000-strong force will integrate air, land, and intelligence capabilities and is expected to be operational imminently . Similarly, nations like Senegal are turning to bilateral and regional pacts, such as the recent security agreement with Burkina Faso, to strengthen homegrown responses to terrorism, arms trafficking, and cross-border crime
