Senegal's revised budget sees slightly wider fiscal deficit
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A street sellers are pictured walking at the fishing port of Yoff in Dakar, Senegal February 14, 2019. REUTERS/Zohra Bensemra/File Photo
DAKAR (Reuters) -Senegal has revised its 2025 budget deficit upward to 7.82% of gross domestic product from an initial forecast of 7.08%, according to the draft revised finance bill seen by Reuters on Thursday.
The increase is attributed to a drop in projected revenues and a downward revision of nominal GDP, the draft bill said. It cited global economic headwinds and domestic fiscal adjustments as key factors behind the revision.
"This development is mainly explained by a decline in budget revenues combined with a downward revision of the nominal GDP," the bill said.
Economic growth in the West African nation, which recently started producing oil and gas, is now expected at 8.0% compared with the previous forecast of 8.8% in 2025.
An audit in September revealed that Senegal's budget deficit exceeded 10% from 2019 to 2023, more than twice the figures reported by the previous administration.
The International Monetary Fund suspended disbursements under its program with Senegal last year after the country acknowledged misreporting debt and deficit figures, saying discussions on a new arrangement would not proceed until the issue was resolved.
(Reporting by Diadie Ba; Writing by Ayen Deng Bior; Editing by Bate Felix and Mark Porter)
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