Gambiaj.com – (Dakar, Senegal) – President Bassirou Diomaye Faye has announced a series of urgent reforms to restore transparency and accountability in Senegal’s public finances following the release of a damning audit report by the Court of Auditors. The report uncovered nearly 2,500 billion CFA francs in banking debts unaccounted for in state financial records, as well as an unchecked rise in the national wage bill.

During a cabinet meeting on Wednesday, President Faye expressed deep concern over the country’s worsening budget deficit, which has escalated from 9.85% in 2019 to a staggering 12.30% in 2023. He called for immediate corrective measures to ensure fiscal responsibility, particularly in the management of special Treasury accounts and state debt.

Urgent Fiscal Reforms

To address these challenges, President Faye ordered a comprehensive overhaul of the management of special public Treasury accounts to ensure budget transfers are conducted transparently and in compliance with regulations. He stressed the need to review Senegal’s debt policy to curb excessive borrowing and improve oversight of financial commitments.

“Rigorous monitoring of borrowings must be established to ensure that funds are allocated according to real budgetary needs,” the President stated. He further emphasized the necessity of producing and publishing tax expenditure reports within legal deadlines to guarantee transparent fiscal management in line with UEMOA (West African Economic and Monetary Union) directives.

Ensuring Accountability and Stability

In addition to these reforms, President Faye called for an overall audit of the country’s external debt to restore accurate financial figures. He underscored the importance of transparent revenue and expenditure accounting, signaling a shift in Senegal’s debt management approach to prevent over-financing.

“These reforms are essential to restore confidence, guarantee transparency, and ensure economic stability,” he asserted. He also tasked Prime Minister Ousmane Sonko with overseeing the full implementation of these measures to prevent further fiscal mismanagement.

With these decisive steps, President Faye aims to strengthen public trust in Senegal’s financial institutions and lay the groundwork for a more sustainable economic future.

Lastly, Bassirou Diomaye Faye said he is concerned about the obstacles to the delivery of the mineralier and truquier port of Bargny, particularly in relation to administrative hold-ups and unresolved matters. In order to “lift these obstacles and respect the delivery times,” he so requests that the ministries take action.