Senegal uses 10 percent of budget to fight inflation

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Inflation
Inflation

The Senegalese government has mobilized 620 billion CFA francs (about 922 million U.S. dollars), or 10 percent of its national budget, to cope with inflation since March, according to the country’s Minister of Trade and SMEs Abdou Karim Fofana.

Of this overall amount, “300 billion CFA francs in fuel, electricity and gas subsidies by Sept. 30, 2022, have been injected into the country,” he said Thursday at the 21st Session of the annual economic meeting of the Senegalese Business Movement (MEDS) in Dakar, the capital of Senegal. MEDS is an organization that represents more than 1,000 companies of all sizes and from all sectors of the economy.

Fofana also said that the 157 billion CFA francs in tax revenue were waived to avoid the increase in the cost of rice, wheat, corn and sugar, the 120 billion CFA francs to increase the salaries of public servants, and the 43 billion CFA francs in cash transfers to support 543,000 vulnerable families.

According to him, the government is aware that more action will be needed with the support of the private sector and businesses, to achieve recovery and adapt to the global crisis. Enditem

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