Senegal National Assembly Rejects Budget Jeopardizing IMF Program
Senegal's National Assembly rejected a revised budget bill on Tuesday, threatening a 2.2-billion-dollar debt stabilization program with the International Monetary Fund.
The National Assembly of Senegal rejected a revised budget bill on Tuesday in a 109-to-20 vote, with three lawmakers abstaining. The legislation was designed to address declining tax revenues, rising hydrocarbon prices, and increasing debt-servicing costs.
The rejection jeopardizes a 2.2-billion-dollar debt stabilization program with the International Monetary Fund, which is currently awaiting executive board approval. The Ministry of the Economy of Senegal stated the vote occurred during a period of restricted access to financial markets and limited financial maneuvering.
The legislative defeat highlights an escalating political feud between President Bassirou Diomaye Faye and Ousmane Sonko, the leader of the Pastef party and Speaker of the National Assembly. The Pastef party, which dominates the legislature, led the opposition to the budget text.
