Senegal: FCFA 2,850 Billion Targeted At Donors’ Conference

The second roundtable in Paris, France from December 17-18, 2018 is to raise funds for emergence projects.

Senegalese President, Macky Sall has turned to the international community for funds to continue implementing his ambitious Emergent Senegal Plan, PSE, a development strategy put in place in 2014 to enable the country attain emergent status by 2035. Jeune Afrique magazine reported that Senegal hopes to raise 4.3 billion Euros (2,850 billion FCFA) at a Consultative Group roundtable holding in the French capital, Paris from December 17-18, 2018.

The money will be used to implement the second PSE phase from 2019-2023. Earlier in February 2014, the country raised almost 5.7 billion Euros (3,729 billion FCFA) at the same gathering from international public and private donors. According to the Senegalese government, much progress was recorded in the first year of implementing the programme that began in 2015.

Macroeconomic stability returned, accompanied by unprecedented growth rates - 4.5 per cent in 2014, 6.5 per cent in 2015, 6.6 per cent in 2016, and 6.8 per cent in 2017 and 2018. Between 2010 and 2014, economic growth remained above 5 per cent. However, more robust economic growth over a longer period is required to make a significant difference in the lives of ordinary Senegalese, experts warn.

In spite of progress at the macroeconomic level, youth unemployment is still a major problem, with nearly 50 per cent of them not receiving any medical cover. In order to respond to the challenges, government has put in place a universal health coverage scheme, family security scholarships, and a fast track entrepreneurship programme for youth and women. There have also been huge investments in power production like solar and wind, and the refurbishment of production and transmission equipment.

Worthy of note is Diamniadio Industrial Park and other special economic zones. In the area of infrastructure, a new airport has been constructed. The Blaise-Diagne, Diass International Airport, AIBD, is located 47 km from the capital, Dakar. The Dakar-Diamniadio and Thiès-Touba expressways have been expanded, while the country’s first high-speed rail line between Dakar and Diamniadio is being built.

Accelerated economic growth is expected with the start of oil and gas production. Meanwhile, Senegal plans to boost growth in seven priority areas - agriculture, horticulture and agribusiness, construction, energy (oil, gas and mining) industries, digital economy, tourism and finance.

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