Senegal is at a crossroads as it chooses between the Emerging Senegal Plan’s vision and the goals of the recently elected administration of President Bassirou Diomaye Faye. The adoption of the 2024 budget on December 15th, 2023, just months before the presidential election, sets the stage for a challenging transition.
The approval of the budget by the Senegal National Assembly was significant, as it reflected the economic direction set forth by Macky Sall’s administration. However, with Macky Sall ineligible to run for re-election, uncertainties loomed over the fate of his plan. The emergence of political parties with opposing ideologies further complicated matters, raising questions about the sustainability of the existing economic framework.
The culmination of these tensions led to the election of President Bassirou Diomaye Faye, propelled into office by the popular support garnered by his proposals for a new economic trajectory. His election symbolized a rejection of the status quo and a desire for change among Senegalese citizens, particularly the youth.
President Faye’s administration, anchored by the principles espoused by the PASTEF party, aims to chart a course for economic development that prioritizes national resources and seeks equitable partnerships on the global stage. This departure from Macky Sall’s reliance on external debt marks a significant shift in policy orientation.
However, transitioning between these divergent economic plans poses a formidable challenge for the new government. While the 2024 budget is already in motion, the postponement of elections, concerns over debt sustainability, and ongoing global crises add layers of complexity to the situation.
Navigating this transition requires delicate balance and strategic decision-making. While the option of amending the budget through a rectifying finance act exists, it risks exacerbating economic fragility. Instead, fostering good governance practices and ensuring transparent management of public finances offer a pathway towards revitalizing the economy.
As Senegal embarks on this journey of transition, the actions taken by the new administration will shape the country’s economic landscape for years to come. The world watches with anticipation to see how Senegal navigates these challenges and emerges stronger on the other side.
Elhadj Amadou Samb BudgIT Senegal Country Lead