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Home Africa

Senegal growth – IMF sees 6% in 2019 and higher 2022 with oil & gas exports

FurtherAfrica by FurtherAfrica
September 27, 2019
in Africa, Commodities, Economy, Senegal
Reading Time: 1 min read
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Senegal is expected to achieve a 6% growth this year, the International Monetary Fund announced this week stressing that the figure should accelerate from 2022 thanks to the start of commercial production of hydrocarbons.

Between 2020 and 2021, the West African country’s GDP is expected to grow by 7% driven by private investment, and inflation is forecasted to remain low in the mid-term. However, the current account deficit is first expected to increase until 2021, as a result of imports needed for the construction of hydrocarbon projects, before declining once oil and gas production and exports begin.

As part of a 3-year program supported by the Policy Coordination Instrument (PCI), IMF wants to assist Senegalese authorities in the implementation of a “sustainable and transparent governance framework for newly-discovered hydrocarbon resources.” Let’s note the country is currently in the middle of a corruption scandal over the illegal allocation of two oil and gas fields to businessman Franck Timis by Aliou Sall, President Macky Sall’s brother.

Source: EcoFin

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Tags: Aliou SallFeatureFranck TimisGasGrowthhydrocarbonIMFinflationInternational Monetary FundMacky SalloilPCIPolicy Coordination InstrumentSenegalСенегалالسنغالセネガル塞内加尔
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