Senegal 

Senegal country policy

Policy established 04 April 2011

• ILC, bank guarantee or central public guarantee (conditional)
• The country ceiling is 1000 mln euro
• Early warning signal 150 mln euro
• - of which was used as at 2011-12-31 0 mln euro
• Public buyers: ORIO facility

Country class: 6

Restrictions

• Extended DAL (Date of Ascertainment of Loss): 6 months
• Special conditions, consult your accountmanager

Senegal country facts

Atradius Dutch State Business Economic Research
Country Report last updated : 26 February 2010
Country :  SENEGAL

Political Situation
Stable

Head of state
Abdoulaye Wade (Parti Démocratique Sénégalais, PDS) since 2000.

Form of government
Government is made up of a mix of PDS and technocrats, PM is Cheikh Hadjibou Soumaré.

Internal Economic Situation
Weak Government Finances

General situation
Economic growth is expected to accelerate from 1.7% in 2009 to 2.7% in line with global recovery. Government investment in agriculture has resulted in increasing output in this sector. Government spending in large infrastructure projects will support activity in the construction sector. The services sector, banking and telecommunication, will continue to grow, but at a lower rate. In 2009 deflation of 1% and will turn in inflation this year (2.4%) as commodity and food prices are expected to rise again. Despite the high economic growth in recent years poverty is still high. More than half of the population is living under the poverty line. Unemployment is high. Structural problems are constraining a higher economic growth on medium term. The financial sector is rather weak with a large portfolio NPL.

 
External Economic Situation
Debt Increasing Rapidly

Main sources of foreign exchange
Fish, ground nuts, refined oil re-exports, phosphates

Main foreign markets
Mali (19%), France (6%), India (6%), Gambia (5%)

Main expenses of foreign exchange
food and beverages, capital goods, fuels

Balance of payments 
Lower oil and food prices contributed to a reduction in the  current account deficit, but is still very high.