The World Bank will grant Senegal a budget support of nearly FCFA 29 billion (or US$ 55 million) in 2012, and pledged to make available additional FCFA 45 billion (or US$ 85 million) to enable the West African nation deal with its nagging energy crisis,
This indication was given here Tuesday by Makhtar Diop, the World Bank Vice President for the Africa region.
“We met with the Senegalese authorities. We agreed with them for a financial transaction of US$ 55 million. This funding should enable the government of Senegal to fill a gap in its current budget,” Mr. Diop said during a press briefing held after an audience with President Macky Sall.
“The International Monetary Fund has noticed a funding gap in Senegal and the World Bank decided to fund this gap to allow the Senegalese government to balance its budget in 2012,” he said, adding that the Bank could still grant new budget support to the country in 2013 and 2014.
“If the conditions are met and if we successfully assess the country’s macroeconomic framework, we might extend this budget support in 2013 and 2014,” he said.
On Senegal’s energy crisis, Mr. Diop said the definitive answers to energy problems go through a comprehensive management of all links in the energy sector.
A former Minister of Economy and Finance in the regime of President Abdoulaye Wade from April 2000 to March 2001, Mr. Diop was elected vice president of the World Bank for Africa in January.