In response to the media frenzy sparked by a Financial Times article concerning Senegal's financial operations, Cheikh Fatma Diop, Commissioner for the Economy and Planning (PASTEF), provides technical clarifications. According to him, there is complete transparency and the risks are under control.
In a recent article, the planning expert dismisses the idea of opaque management. According to him, the instruments used, although complex for the general public, are classic levers of budgetary management.
Cheikh Fatma Diop explains that the use of swaps is a pragmatic response to the difficulties in accessing international markets, inherited from past management. These tools have allowed the State to access essential foreign currency for its global operations, a task made complex by "the lack of access to the international bond market, precisely because of the legacy and hidden debt scandal of the previous regime." Contrary to criticism, he insists that the legal framework has been scrupulously respected: "Once Parliament has authorized [...], the funds raised can be used for all operations authorized by the Finance Law."
One of the points of contention raised by the international press concerns the nature of the assets involved. On this point, the Commissioner is categorical: the underlying assets are Treasury bonds trading in a stable sub-regional market. "In terms of transparency and parliamentary authorization, therefore, all the boxes are ticked," he affirms, adding that "you can't get more transparent than on the market."
When questioned about potential dangers, particularly the infamous "margin calls" (a mechanism obliging the State to pay out funds if the value of bonds falls), the expert remained calm: "Since the implementation of such an instrument, there have been no margin calls, and the financial technicians define the thresholds so that there are practically no margin calls."
Finally, Cheikh Fatma Diop expressed surprise at the media coverage of these operations, asserting that international institutions are fully informed of the situation. "We don't know what the Financial Times is up to; all the necessary information is shared with the IMF, particularly within the framework of the program currently under negotiation," he insisted.
According to PASTEF, the current government is demonstrating "ingenuity in finding solutions" to finance the Senegal 2050 Vision without sacrificing republican transparency.
Source: Adama Ndiaye / adama.ndiaye@seneweb.com
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