Uemoa et Fmi : quand même les pays “anti-impérialistes ” y vont… et le Sénégal hésite (Pr. Amath NDIAYE)
Today, almost all WAEMU countries work with the International Monetary Fund.
Ivory Coast: approximately $4.8 billion program
Benin: $635 million
Burkina Faso: $425 million
Togo: $390 million
Niger: $320 million
These programs make it possible to obtain financing at very low rates, sometimes even at 0%, while reassuring investors and international partners.
Interestingly, even countries that present themselves as revolutionary or anti-imperialist, such as Burkina Faso, Mali, or Niger, also work with the IMF when it comes to stabilizing their public finances.
Meanwhile, Senegal finds itself in a particular situation: the previous program is suspended after the audit revealed a much higher level of debt than expected (around 132% of GDP).
The strategic question thus becomes clear:
Does Senegal have an interest in remaining without a program when all its neighbors benefit from concessional financing and a signal of credibility for the markets?
A program with the IMF does not mean surrendering one's sovereignty. On the contrary, it can allow:
to reduce the cost of debt,
to mobilize other international funding,
and to restore investor confidence.
In a context of high debt and strong social expectations, the real question is not ideological.
The question is simple: what strategy will allow Senegal to regain budgetary flexibility to finance its development?
Professor Amath Ndiaye
FASEG-UCAD
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