Crise de la dette : Alioune Tine expose ses vérités crues au tandem Faye-Sonko
The debate on Senegal's economic trajectory is taking a decisive turn. Alioune Tine, founder of Afrikajom Center, has taken a firm stance on the social network X, urging the country's highest authorities to make a radical change of course.
Based on the work of the Agora/Penc of Afrikajom Center, he believes that the President of the Republic Bassirou Diomaye Faye, the Prime Minister Ousmane Sonko and the government "must absolutely choose the option of debt restructuring and negotiate with the IMF".
This recommendation is based on the findings of a report produced by Abdoulaye Ndiaye, a professor at New York University, and Martin Kessler, director of Finance Lab. This document, described as a "strategic compass for navigating Senegal's debt," examined the two options available to the state: the restructuring proposed by the IMF or maintaining the government's current policy of no restructuring. According to Alioune Tine, the risks and vulnerabilities of each scenario were presented with "Swiss-watch precision and conciseness."
The assessment of the 2024-2026 period is alarming. Alioune Tine points out that the situation is marked by the suspension of the IMF program since October 2024, the cessation of disbursements from multilateral donors, the collapse of Senegalese Eurobonds, and the loss of access to international markets. This forced shift towards the WAEMU market is leading to a rapid increase in domestic and regional debt, resulting in an inescapable conclusion: the unlikely sustainability of Senegal's debt. This assessment directly contradicts the recent assurances given by the Minister of Finance before the National Assembly.
Faced with this impasse, the founder of Afrikajom Center calls on the government to "face the facts and be pragmatic" by opting for restructuring. He invokes the authority of leading economists such as Joseph Stiglitz, Thomas Piketty, and Esther Duflo, emphasizing that restructuring is the standard response to a crisis of this nature. He also points out that experts and organizations, supported by the Pope within the "Jubilee Commission," are even advocating for debt relief or outright cancellation for poor countries.
For Alioune Tine, correcting the current course should not be seen as an admission of weakness. "It's not shameful to change course while there's still time. Making mistakes and changing is a sign of courage and a sense of responsibility," he asserts, while warning that persisting in rejecting the restructuring poses threats to national companies and the CFA franc.
Finally, emphasizing that debt is a burden weighing on current and future generations, he advocates for greater democratic transparency. He suggests that governments organize a consultation to prepare the population for the proposed solutions, because, in his view, "it is good for governments, on an issue so important to people's lives, to organize a consultation to gather public opinion" and prepare them to "better bear the sacrifices together."
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