Senegal joins the ranks of PSI countries (Bretton Woods Project)

Senegal joins the ranks of PSI countries

The West African nation of Senegal became the first francophone country to sign up to a Policy Support Instrument (PSI), a Fund programme for low-income countries that involves oversight and conditionality but no financing. So far only African countries – Nigeria, Uganda, Mozambique, Tanzania and Cape Verde – have signed up for the programme. NGO ActionAid International issued a policy brief questioning whether the PSI offers a break from the PRGF and enables countries to pursue policies for long-term development and growth. It concludes: “In its two and a half years of existence, the PSI has proven itself to be a continuation of the PRGF … insist[ing] on highly restrictive monetary and fiscal policies and refusing to endorse much-needed state investments in development”.

Related resources

The IMF's Policy Support Instrument: Expanded fiscal space or continued belt-tightening? Briefing|ActionAid International|15 October 2007|PDF|URL
IMF executive board approves three-year Policy Support Instrument for Senegal Press release|IMF|2 November 2007|Web page|URL

Reading from the script the IMF’s PSI invades Africa News|Bretton Woods Project|31 January 2007|update 54|url
The decisions by Ghana and Tanzania to use the Policy Support Instrument (PSI) reflect the IMF’s success in convincing countries to accept conditionality without any financing, despite the evidence from Uganda and elsewhere that PSI conditions are numerous and will be enforced. read article...
Senegal entra a formar parte de los países PSI News|Bretton Woods Project|19 December 2007|update 58|url
Senegal es el primer país francófilo en firmar un Instrumento de Ayuda a la Política (PSI - Policy Support Instrument), un programa del Fondo para países de bajos ingresos que incluye vigilancia y condicionalidad pero no financiación. read article...