Senegal's Prime Minister, Ousmane Sonko, announced a comprehensive economic recovery plan on Friday, aiming to stabilize the nation's finances and reduce reliance on external debt. The plan commits to financing 90% of its initiatives through domestic resources, marking a strategic shift towards self-sufficiency.

Facing a budget deficit of 14% and public debt exceeding 119% of GDP, the government aims to stabilise finances by cutting public spending, increasing taxes in sectors such as digital services, land, and mining, and renegotiating contracts in the oil and mining industries. These measures are expected to generate roughly 5.7 trillion CFA francs ($9.9 billion), aligning with the 2025 budget.

The plan sets an ambitious target to narrow the budget deficit to 3% of GDP by 2027, down from an estimated 12% this year. It also includes reforms to attract investment, such as easing land title access and raising the age limit for imported vehicles, addressing longstanding concerns of the Senegalese diaspora.

The announcement precedes a scheduled International Monetary Fund mission, with the government seeking to restore confidence after the IMF suspended disbursements over concerns about inaccurate fiscal reporting.