世界发展银行-Country-Partnership-Framework-for-the-Republic-of-Senegal-for-the-Period-FY20-FY24_117页_2mb

Summary of the Country Partnership Framework for the Republic of Senegal (FY20-FY24)

Core Content

This document outlines the Country Partnership Framework (CPF) for Senegal for the period FY20-FY24, developed by the World Bank Group (WBG), including the International Development Association (IDA), International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA). The CPF aims to support Senegal's path toward achieving middle-income status by 2035, aligning with the Plan Sénégal Emergent (PSE) and the second Priority Action Plan (PAP 2) for 2019-2023.

Main Objectives

The CPF is structured around three focus areas:

1. Building human capital to enhance productivity and leverage the demographic dividend.
2. Boosting competitiveness and job creation through private sector-led growth.
3. Increasing resilience and sustainability in the face of growing risks, including climate change.

It also incorporates three cross-cutting themes:

• Digital transformation to support leapfrogging into a modern, inclusive economy.
• Gender inclusion to improve female agency and reduce gender gaps.
• Climate mitigation to address environmental vulnerabilities.

Key Viewpoints

• Senegal has experienced sustained GDP growth above 6% over the past five years, driven by structural reforms and favorable external conditions.
• The country faces challenges in maintaining growth, including inequalities, governance weaknesses, tax mobilization, and climate change.
• The offshore oil and gas discoveries (Grand Tortue/Ahmeyim Gas Field) are expected to boost fiscal stability and economic growth by 2022-2023.
• Senegal is a strategic gateway to the Sahel, with strong regional and international connections, including the West African Economic and Monetary Union (WAEMU) and ECOWAS.
• The CPF emphasizes scaling impact through selective and larger IDA operations, results-based financing (RBF), and citizen engagement.
• Private sector development is a key priority, with a focus on SMEs, financial inclusion, and market-oriented reforms.
• Public-private partnerships (PPPs) and digital infrastructure are central to achieving inclusive growth.
• Gender and climate are integrated across all CPF initiatives to ensure equity and sustainability.

Key Information

Country Context

• Geographic location: Westernmost point of Africa, bordering Guinea, Guinea Bissau, Mali, Mauritania, and The Gambia.
• Population: ~15.7 million, with a large youth population (over 60% under 25).
• Economic structure: Relies on fisheries, phosphates, groundnuts, tourism, and services.
• GDP per capita: ~US$1,410 (2018) and is now classified as a Lower Middle-Income Country (LMIC).
• Political stability: Senegal has had three peaceful political transitions and no military coup since independence in 1960.
• Regional role: Acts as a hub for regional banking, shipping, and transport.

CPF Implementation Strategy

• The CPF is informed by the 2018 Systematic Country Diagnostic (SCD) and the 2019 Country Private Sector Diagnostic (CPSD).
• It emphasizes strategic alignment with national development goals and collaboration between IDA, IFC, and MIGA.
• Cascade principles are applied to ensure that private sector growth is supported through capacity building and financial inclusion.
• A spatial approach is used to target investments in areas with the highest needs.
• The CPF includes a focus on digital economy, with initiatives such as the Digital Economy Country Assessment (DECA) and Digital Economy for Africa (DE4A).
• Gender inclusion is a cross-cutting theme, aiming to enhance female agency and reduce gender gaps.
• Climate resilience is promoted through projects like climate mitigation, disease surveillance, and sustainable development.

Economic Outlook

• GDP growth is expected to remain robust, with a projected 6% in 2019, and 7% by 2021, supported by private investment and hydrocarbon production.
• Fiscal deficit is targeted at 3% of GDP, with the 2019 deficit at 3.7% due to one-off transfers to SENELEC.
• Current account deficit has widened due to rising energy and capital imports, despite strong remittance flows.
• The real effective exchange rate (REER) appreciated in 2018, and the monetary policy is managed by the BCEAO.
• The Government is working to reduce debt vulnerabilities and improve financial conditions through diversification of financing sources and concessional rates.

Key Projects and Programs

• Dakar-Bamako corridor: A key transport and trade link, with WBG support to improve freight costs, transit times, and service reliability.
• JCAP (Joint Capital Markets Development Program): Aims to deepen capital markets and promote local currency financing.
• ACE (Africa Centers of Excellence): Focuses on youth education, market relevance, and governance in higher education.
• PAP 2: The second Priority Action Plan outlines the country's development goals for 2019-2023.
• Digital Economy Initiatives: Include digital infrastructure, financial services, and ICT development.
• Private Sector Support: Includes financial inclusion, SME development, and investment in agribusiness.

Conclusion

The CPF for Senegal represents a strategic effort to support inclusive and sustainable growth through a combination of human capital development, private sector engagement, and digital transformation, while addressing fiscal, governance, and climate-related challenges. The WBG aims to deepen its partnership with the Government, leverage regional connectivity, and mainstream results-based financing to ensure greater impact and efficiency in development interventions.