DAKAR: Senegal’s President Bassirou Diomaye Faye has warned in his annual state of the nation speech that the country faces a challenging financial future that would need sacrifices.
Faye spoke after authorities and the International Monetary Fund said the previous government had underestimated the West African nation’s debt levels.
“The state of our country’s public finances, as revealed by the audit, means that we must count first of all on ourselves to redress the situation,” said Faye, who took office one year ago.
He said “collective sacrifices” would be needed but added: “We are very capable, and we will succeed with the mobilization of everyone.”
Social tensions have risen in recent months, and the government’s financial watchdog said in a report released in February that Senegal’s debt was at more than 99 percent of its gross domestic product, higher than the figure given by the last government.
It said the 2023 budget deficit was 12.3 percent of the GDP, when the last government said it was 4.9 percent.
The IMF said in March that there were “significant” errors in Senegal’s public debt figures for 2019-23 and called for “corrective measures.”
Faye called for “active solidarity” to confront the “numerous challenges” facing the country but said that “budget discipline is not negotiable.”