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- Title
SENEGAL: Relaunching the Economy.
- Abstract
Senegal's new president, Bassirou Diomaye Faye, has ordered his prime minister to develop an urgent action plan to revive the country's struggling economy and finances. Faye, who was elected on a platform of radical reform, aims to bring about a transformation in all aspects of economic and social life. Senegal faces high levels of poverty, unemployment, debt, and inflation, exacerbated by the COVID-19 pandemic and the Ukraine war. The government's priorities include addressing youth unemployment, reducing the cost of living, and protecting human rights. Faye also plans to withdraw from the French-backed CFA monetary zone, restructure public debt, and renegotiate oil, gas, and mining contracts. However, the government will need to balance these goals with maintaining stability, attracting international support and investment, and preserving Senegal's investment credibility. Currency reform and moving away from the CFA franc are also being considered, but progress is expected to be gradual.
- Subjects
SENEGAL; YOUNG adults; GOVERNMENT policy; FOREIGN exchange reserves; PUBLIC finance; COST of living
- Publication
Africa Research Bulletin: Economic, Financial & Technical Series, 2024, Vol 61, Issue 3, p24651A
- ISSN
2053-227X
- Publication type
Article
- DOI
10.1111/j.1467-6346.2024.11555.x