IMF praises Senegal’s growth plan

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The IMF has ended a successful trip in Senegal, says Christine Lagarde, managing director of the International Monetary Fund (IMF).

Lagarde praised authorities for the country’s determined development plan, the Plan Senegal Emergent (PSE). The PSE hopes to double the country’s growth in the medium-term.

“The vision and objectives of the PSE are very ambitious, but achievable if there is a radical break with the past.”

(READ MORE: Senegal’s ‘New Plan’ seeks to exit low growth trap)

“We agreed that reforms needed to be accelerated and broadened to create economic space for SMEs and foreign direct investment, to diversify and expand exports and create jobs that are the foundation for inclusive growth. The efforts to improve the efficiency of public spending must be reinforced,” added Lagarde.

She also highlighted her experience with Tiémoko Meyliet Koné, Governor of the Central Bank of West African States, and her interaction at the roundtable with bankers from the region where the topic of discussion was ‘Harnessing Financial Integration for Inclusive Growth’.

(READ MORE: Investment in Senegal unaffected by Ebola)

Lagarde mentions that although sub-Saharan Africa is one of the fastest growing regions of the world one of its limitations is the lack of financial inclusion.

“The region needs to leverage its well-functioning and integrated regional financial system to improve financial inclusion. The opportunities provided by information and communications technology could be better leveraged,” she concluded.