Analysts are keeping a close eye on political and financial temperature in the run up to the vote.
FILE PHOTO: Supporters celebrate after Senegal's Newly elected President Bassirou Diomaye Faye took the oath of office as president during the inauguration ceremony in Dakar, Senegal April 2, 2024.Senegal’s slower economic growth, its widening fiscal deficit and a potential delay in International Monetary Fund financing could cloud the outlook ahead of the November 17 parliamentary elections, analysts say.
“Senegal is unlikely to have its next review approved by the IMF board before December,” Barclays analyst Michael Kafe said in a note to clients. “This slowdown reflects weaker activity in the mining, construction and agro-industrial sectors,” the fund said. “Consequently, the fiscal deficit widened, and amid lower-than-expected liquidity buffers, the authorities relied on costly external commercial borrowing with short maturities.”
He won the presidential election in March with 54% of the vote, driven by discontent among youth voters. But his Pastef party only had 26 seats in the now-dissolved 165-member parliament. It was part of a coalition that had a total of 56 lawmakers.
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