By Redaction ARPS Media with Reuters
Senegal’s Prime Minister, Ousmane Sonko, has announced plans to enhance tax compliance to raise revenue and reduce the country’s reliance on funding from the International Monetary Fund (IMF).
Senegal is working with the IMF to address issues with misreported debt and deficit levels, which led to the suspension of a $1.8 billion financing program.
Sonko highlighted the need for effective tax reform and encouraged all Senegalese to contribute fairly to prevent tax increases. Underreporting of debt has hurt Senegal’s dollar bonds, which have dropped by 7.3% this year.
The government has increased the issuance of debt, including a major bond in April, and has faced criticism for a lack of transparency regarding debt.
Read original article at: Senegal aims to raise tax collection to cut reliance on external funding | Reuters
