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DAKAR: Senegal’s economic growth is expected to accelerate in 2023 but still be lower than expected, IMF mission chief Edward Gemayel said on Tuesday following a staff visit.
He said in November that the West African country’s economy was expected to grow by 8.3% in 2023 on the back of a temporary boost from oil and gas production.
“If oil production starts at the end of the year as expected, economic growth is around 8%, but if it is postponed until next year, economic growth is forecast at 5% or 5.3%,” Gemayel told reporters.
The International Monetary Fund has also lowered Senegal’s 2022 plan to 4% from 4.7% due to the decline in agricultural and industrial production, Gemayel said.
No formal talks have begun on a new Senegal plan, Gemayel said, adding that negotiations would begin on the sidelines of the IMF’s spring meeting.
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Gemayel said the fund and Senegal’s government exchanged ideas on a three-year plan that would focus on three key areas, including strengthening the West African nation’s finances.
“There is a need to consolidate public finances and reduce Senegal’s debt.” The debt is currently sustainable at a moderate level,” said the head of the IMF delegation.
He added that Senegal was also in talks to benefit from a new IMF program focused on climate resilience.
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