Although Senegal's finances are recorded as being in balance each year, in fact the country has run persistent deficits since 1976, generally covered by foreign aid which represented 32% of the budget in 2000. Senegal qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) Intiative. Progress on the structural reforms required for the program is on track, but slow. From 1987 to 1998, Senegal's fiscal deficit fell from 12% of GDP to 7% of GDP. Donor mandated economic reforms have helped the government to restrain spending while the closing of tax loopholes has increased revenues helping Senegal to reduce the deficit.
The US Central Intelligence Agency (CIA) estimates that in 2002 Senegal's central government took in revenues of approximately $1.4 billion and had expenditures of $1.4 billion including capital expenditures of $357 million. External debt totaled $3.1 billion.
The following table shows an itemized breakdown of government revenues. The percentages were calculated from data reported by the International Monetary Fund. The dollar amounts (millions) are based on the CIA estimates provided above.
|REVENUE AND GRANTS||100.0%||1,373|