Senegal cuts budget revenue forecasts by 340.3 billion CFA francs
By the AFREEQUE newsroom, based on Dakaractu
Senegalese minister Cheikh Diba justified the supplementary finance bill by citing a 340.3 billion CFA franc drop in projected revenue linked to budget underperformance. Customs and tax revenues nevertheless exceeded their targets by 81.2 billion CFA francs at the end of September, according to the minister.
Senegal has cut its revenue forecasts by 340.3 billion CFA francs in a supplementary finance bill because of underperformance in the implementation of the initial budget. Economy, Finance and Planning Minister Cheikh Diba explained the revision to the press, according to Dakaractu.
Customs revenue and tax revenue nevertheless exceeded the targets set for the end of September by 81.2 billion CFA francs, limiting the scale of the decline. On the expenditure side, the initial budget was based on an oil price of $60 a barrel, while prices exceeded $110 from 28 February before returning to around $100, reports Dakaractu.
Cheikh Diba warned that without corrective measures, the deficit could have reached 10% of gross domestic product. The state’s financing requirement is already estimated at 6,734 billion CFA francs, he said, judging that covering it would have been extremely difficult without adjusting expenditure.
The minister also asked the General Inspectorate of Finance to re-examine all domestic arrears in order to assess their impact and organise their settlement, according to Dakaractu.
