Senegal's president faces budget challenge after likely parliamentary win
World
Senegal's president faces budget challenge after likely parliamentary win
DAKAR (Reuters) - A likely absolute majority for President Bassirou Diomaye Faye's Pastef party in Senegal's legislative election would empower him to pursue his ambitious 25-year agenda, though his first challenge will be coming up with a budget amid a fiscal crisis.
Faye sought a clear parliamentary majority in Sunday's vote to implement the reform agenda that helped sweep him to power in a landslide election victory in March.
But analysts say creating a budget catering both to his voters' needs and to the International Monetary Fund (IMF), with which his government is currently in talks, will be challenging.
Former president Macky Sall, who headed an opposition coalition, on Monday congratulated Pastef on its win. Former prime minister Amadou Ba, who ran against Faye in the presidential election, also conceded defeat, as did other opposition leaders.
Senegal's sovereign debt rose in price on Monday, Tradeweb data showed, while most other African nations' bonds lost ground. The yield on its 2033 dollar bond was down about 10 basis points by 1145 GMT at 9.28%.
"If confirmed by the electoral bodies, Pastef's victory could give a free hand in passing budgets and implementing its programmatic reforms," said Wendyam Lankoande, a consultant at Africa Practice.
Voters headed to the polls in Gabon on Saturday to vote in a referendum on a new constitution.
But, he noted, voters are "looking for quick solutions to unemployment, rising cost of living, and limited reach of public services in remote rural areas in the hinterland".
