Senegal - Balance of payments





Since independence, as in colonial times, Senegal's balance of payments has generally run a deficit on current accounts, mainly covered by foreign aid from France (and, more recently, from other EU members). Remittances from Senegalese working in France, together with small inflows of private capital, have also helped cover the shortfalls.

The US Central Intelligence Agency (CIA) reports that in 2001 the purchasing power parity of Senegal's exports was $1 billion while imports totaled $1.3 billion resulting in a trade deficit of $300 million.

The International Monetary Fund (IMF) reports that in 1999 Senegal had exports of goods totaling $1.03 billion and imports totaling $1.37 billion. The services credit totaled $416 million and debit $430 million. The following table summarizes Senegal's balance of payments as reported by the IMF for 1999 in millions of US dollars.

Senegal

Current Account -320
Balance on goods -346
Balance on services -14
Balance on income -119
Current transfers 159
Capital Account 99
Financial Account -58
Direct investment abroad -15
Direct investment in Senegal 157
Portfolio investment assets -31
Portfolio investment liabilities
Other investment assets -62
Other investment liabilities -103
Net Errors and Omissions -8
Reserves and Related Items 268

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