• Monday, May 27, 2024
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BusinessDay

IMF cuts Senegal’s 2014 growth forecast

Visitors are silhouetted against the logo of the International Monetary Fund (IMF) in Tokyo

The International Monetary Fund lowered Senegal’s 2014 economic growth forecast to 4.5 percent on Friday, from a projection of 4.9 percent earlier this year, citing a late start to the rainy season and low tourist numbers.

The Fund, however, said the outlook for the rest of this year remains positive for one of Africa’s most stable democracies.

“Economic performance during the first half of the year was satisfactory. Economic growth picked up and inflation remained low,” IMF head of mission Ali Mansoor said in a statement.

Senegal’s President Macky Sall secured pledges worth about $7.8 billion at a donor conference in February to help kick-start a development plan aimed at diversifying the economy and doubling economic growth rates over the next decade.