Senegal - Policies and Strategies for Accelerated Growth and Poverty Reduction : A Country Economic Memorandum
This Country Economic Memorandum (CEM) finalized as the implementation period of the Poverty Reduction Strategy (PRSP) began, undertaken in a context of other significant investigations on PRSP themes. One of the main macroeconomic variables affect...
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| Format: | Country Economic Memorandum |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/04/3055293/senegal-policies-strategies-accelerated-growth-poverty-reduction-country-economic-memorandum http://hdl.handle.net/10986/14716 |
| Summary: | This Country Economic Memorandum (CEM)
finalized as the implementation period of the Poverty
Reduction Strategy (PRSP) began, undertaken in a context of
other significant investigations on PRSP themes. One of the
main macroeconomic variables affecting growth and
competitiveness of the Senegalese economy, is the nominal
exchange rate, which, as a member of the West Africa
Economic and Monetary Union (WAEMU), its currency, the CFA
franc, has a fixed parity to the Euro, and its issuance is
governed for all members, by a single central bank, where
the nominal exchange rate is not a policy variable under
Senegal's direct control. This is why the CEM does not
take up issues concerning the nominal exchange rate,
however, several measures of the real exchange rate are
examined. CEM chapters on human capital include treatment of
PRSP-related issues in health and education. The chapters
present a portrait of constraints hindering progress toward
PRSP targets, and the main interrelated points, first,
between health and education, and second, between the public
expenditure system and the delivery of health and education
services to the poorest citizens. On social protection, the
CEM analyzes important topics in tax incidence and pensions.
Recommendations suggest Senegal should foster cooperation
between unions, firms, and government, so as to shift all
parties' focus away from dividing rents, toward the
expansion of employment and production, creating a
profitable business environment, with long term commitment
to the marketplace, and, where the labor force is more
likely to stimulate appropriate human capital formation.
This calls for improvements in the overall efficiency of the
education system, while systems of fiscal decentralization
must b e adequate to the delivery of social services in all regions. |
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