Support economic growth, job creation and poverty reduction
WASHINGTON, February 19, 2013 - The World Bank Group’s Board of Directors today discussed the Joint Country Partnership Strategy (CPS) for Senegal for the period 2013 -2017 focused on economic growth, job creation and poverty reduction for an emerging Senegal.
“This new CPS is the translation of the change desired by the Senegalese people who by their votes in 2012 demanded public policies resulting in sustainable economic growth capable of generating employment especially for the youth and opportunities to significantly reduce poverty in Senegal”, said Vera Songwe, World Bank Country Director for Senegal.
The Country Partnership Strategy of the World Bank, IFC and MIGA, intends to support the National Social and Economic Development Strategy (SNDES) priorities and Senegal's efforts to engage in a recovery and a higher growth and inclusive growth path over the medium-term, she added.
This CPS is focused on one foundation and two pillars. It proposes to leverage substantial amounts of resources from collaboration with the IFC, MIGA, Trust Funds, and also by favoring more regional projects and donor coordination. The overarching focus of the CPS will be on improving governance, building resilience, accelerating growth and creating jobs and improving service delivery.
The Foundation “Strengthening the governance framework and building resilience”, will focus the CPS interventions on strengthening governance systems and processes to enhance the predictability, credibility and accountability of the government, indicated Vera Songwe. In addition, the CPS will also have specific activities in the area of Disaster Risk and Sustainable Land Management to enhance resilience across the whole economy.
To be an emerging country, Senegal needs a significant improvement in its private sector environment and its macro-economic and fiscal framework and the way the CPS is dealing with this challenge is concentrated in its first pillar: “Accelerating inclusive growth and creating employment”. “Given fiscal constraints, the thrust of work will focus on activities which help reduce government spending by further involving the private sector and leveraging regional and international markets”, explained Ms. Songwe.
The Government of Senegal will be supported to improve the allocation and effectiveness of expenditures and the impact on results, particularly in the social sectors with the third pillar of the CPS “Improving service delivery”. This pillar will focus on improving governance, access and equity in the social sectors.
The country partnership strategy for Senegal is a shared document formulated as a result of intensive and broad consultations with all stakeholders, including private sector, the parliament, academics, youth movements, civil society organizations, and donor’s community. It has been validated by the Government of Senegal at the highest level, recognizing its alignment with the National Social and Economic Development Strategy.
The World Bank Group (IDA, IFC, MIGA) portfolio in Senegal is $1,190 million, including 17 IDA active operations and 8 Recipient Executed trust funds totaling $958 million in net commitments, of which $562 million remains undisbursed.