Senegal |

IMF Says Senegal’s Economic Risks Increased, Remain Manageable

DAKAR (Capital Markets in Africa) – While risks to Senegal’s economy have increased, they remain manageable, the Washington-based International Monetary Fund said. “Lack of progress on structural fiscal issues such as revenue mobilization, energy subsidies, and reforms to further reduce the treasury’s additional financing needs could undermine fiscal sustainability,” the lender said Monday in an emailed statement. “On the external side, security risks in the region could adversely affect investment and growth.” The West African nation’s economy…

Senegal Is Said to Attract Almost $10 Billion in Eurobond Bids

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DAKAR (Capital Markets in Africa) – Senegal received more than $10 billion of orders for a $2.2 billion Eurobond on Tuesday as debt from African governments remains in hot demand with yield-hungry investors. The West African nation sold 1 billion euros ($1.2 billion) of notes with an average life of nine years and a separate $1 billion 29-year tranche, the Finance Ministry said in a statement Wednesday. The euro notes yielded 4.75 percent and the dollar…

Moody’s: Senegal’s credit profile balances economic and political stability

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DAKAR (Capital Markets in Africa) – Moody’s Investors Service (“Moody’s”) said in a report today, the Government of Senegal’s (Ba3 stable) credit profile is supported by its record of macroeconomic and political stability and policy aimed at improving economic governance and infrastructure. High government debt represents the country’s main source of credit challenges. The annual update, “Government of Senegal — Ba3 Stable, Annual credit analysis”, is now available on www.moodys.com. Moody’s subscribers can access this…

IMF Sees `Subdued’ Growth Outlook for Sub-Saharan Africa

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LAGOS (Capital Markets in Africa) – Sub-Saharan Africa’s economic growth outlook is “subdued” as the region’s oil producers delay policy adjustments needed to trigger and sustain expansion momentum, the International Monetary Fund said. The area’s gross domestic product will probably expand 2.6 percent this year from 1.4 percent in 2016, the IMF said in an emailed copy of its Regional Economic Outlook. The modest recovery from the worst performance in more than two decades last year will…

Senegal to issue Eurobond in April, Finance Minister Says

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ABIDJAN (Capital Markets in Africa) – Senegal will issue a Eurobond this month in order to finance a series of infrastructure and power production projects that it hopes will push economic growth above 7 percent from next year, Finance Minister Amadou Ba said on Friday. Ba declined to give the amount of the issuance or its maturity. The West African nation is rated B1 by Moody’s and B+ by Standard & Poor’s. “I think that the…

Francophone Africa: Reality and Opportunities in Real Estate

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ABIDJAN (Capital Markets in Africa) – Africa and its potential have been on every investor’s lips for some time now. This interest is especially relevant when strong trends are emerging across cities of Africa, whether French, English or Portuguese-speaking, including an emerging middle class and rapid urbanization. Early 2000, commodities-driven economies with impressive growth rates such as Nigeria and Angola were the first targets of international investors. However, with the recent fall in commodities price,…

West African CFA franc zone to see strong growth, increased risks, Says IMF

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ABIDJAN (Capital Markets in Africa) – Countries in the West African Economic and Monetary Union (WAEMU) are on track to see medium-term economic growth of about 6 percent after recording 6.5 percent growth last year, the International Monetary Fund (IMF) said on Thursday. However, the eight-nation currency zone is “subject to significant downside risks”, including global uncertainties, sluggish structural reforms and falling cocoa prices, it said in a statement. Member countries using the West African…

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