Dette cachée : «Le Fmi doit rendre compte» (magistrate à la Cour des comptes)
Speaking in her individual capacity at a workshop of the NGO International Budget Partnership (IBP) on exits from the public debt crisis, the magistrate at the Court of Auditors, Khady Ndao Diagne, delivered an uncompromising diagnosis of Senegal's budgetary impasse.
An "artificial" adjustment at the expense of transparency
According to the expert, whose remarks were reported by Les Échos, "the root cause of the hidden debt lies in a desire for artificial adjustment to international standards." To maintain Senegal's program with the IMF and comply with the 3% deficit ceiling set by the WAEMU, the previous government resorted to off-balance-sheet financing. She laments that this strategy, aimed at avoiding withdrawal from the IMF while meeting the country's needs, completely disregarded "accountability to the Senegalese people."
The responsibility of the Bretton Woods institutions
The former Director of the Budget (2014-2017) also questions the vigilance of the oversight bodies. She considers it "impossible that financial flows of such magnitude could have escaped the Central Bank or the IMF." For the magistrate, establishing the share of responsibility of these institutions is an essential prerequisite for any credible resolution to the crisis.
Moving beyond short-term solutions
To break the deadlock, Khady Ndao Diagne advocates abandoning piecemeal measures. "As long as the need for financing remains unchecked, the debt will accumulate indefinitely," she warns. The magistrate also emphasizes the necessity of broadening the tax base through a thorough reform of the informal sector, so that the burden of the budget no longer falls on a handful of operators.
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