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Cover -- CONTENTS -- NATURAL RESOURCES IN SENEGAL BEFORE AND AFTER THE RECENT OIL AND GAS DISCOVERIES -- A. Introduction -- B. Senegal's Mineral Sector -- C. Oil and Gas in Senegal: History, Discoveries and Expectations -- D. Impact of Oil and Gas on Senegal's Economy -- E. Managing the New Oil and Gas Fiscal Revenues -- F. Conclusion -- BOX -- 1. Recent Changes to the Fiscal Framework in the Central African Economic and Monetary Community (CEMAC) -- FIGURES -- 1. Current Contribution of the Mining Sector to the Senegalese -- 2. Oil and Gas Fields in Senegal and Mauritania -- 3. Expected Oil and Gas Production in Senegal -- 4. Hydrocarbon Production, Value Added and Investment -- 5. Projected Revenues from SNE and GTA Fields -- 6. PIH, Modified PIH, and FSF Non-Resource Primary Balance and Resource Wealth -- TABLES -- 1. Overview of Recent Major Hydrocarbon Discoveries -- 2. Assumptions Guiding Integration of Hydrocarbons in Macro-Framework -- 3. Integrating Oil and Gas in the Macro-Framework, 2019-23 -- 4. Calculating Hydrocarbon Contributions to GDP via Income Approach -- 5. Impact of Hydrocarbons on Balance of Payments Items -- 6. Resource-Dependent Countries: Descriptive Statistics -- References -- GENDER GAPS IN SENEGAL: FROM EDUCATION TO LABOR MARKET -- A. The Economic and Social Context of Gender Inequality in Senegal -- B. Aggregate and Distributional Impacts of Reducing Gender Gaps in Senegal -- C. Conclusions and Recommendations -- FIGURES -- 1. Education in Senegal Relative to Peers -- 2. Education Gaps in Senegal: Enrollment and Completion Rates -- 3. Number of Kids and Females' Wages per Years of Education -- 4. Gender Gaps in the Labor Market -- 5 Comparing Education Policies -- 6. Reducing Gender Gaps in the Labor Market -- TABLE -- 1. Gender Inequalities in the Micro-Founded General Equilibrium Framework -- References

Cover -- CONTENTS -- RECENT DEVELOPMENTS AND OUTLOOK -- POLICY DISCUSSIONS -- A. Fiscal and Debt Policies -- B. Financial Sector Policies -- C. Structural Reforms -- D. Program Issues -- CAPACITY BUILDING -- STAFF APPRAISAL -- BOXES -- 1. Revisions of National Account -- 2. Shifting from Public Consumption to Private Investment -- 3. The Ups and Downs of Growth in Senegal -- 4. Tax Incentives and Attraction of Investment: Some Case Studies -- FIGURES -- 1. Recent Developments: High Frequency Indicators -- 2. Recent Developments -- 3. Near and Medium-Term Projections -- TABLES

Cover -- CONTENTS -- RECENT DEVELOPMENTS, OUTLOOK AND RISKS -- RECENT ECONOMIC DEVELOPMENTS -- MEDIUM-TERM OUTLOOK AND RISKS -- POLICY DISCUSSIONS -- A. Fiscal Policy: Strengthen Budget Implementation and Containing Financing Needs -- B. Strengthening Competitiveness and External Stability -- C. Making the Private Sector More Supportive of Growth -- D. Promoting Financial Sector Development and Stability -- E. Oil and Gas -- F. Inequality and Gender -- PROGRAM AND OTHER ISSUES -- STAFF APPRAISAL -- BOXES -- 1. Proposed Revenue Reforms -- 2. Main Results and Recommendations from the Public Investment Management Assessment -- 3. Main Results and Recommendations from the Fiscal Transparency Evaluation -- FIGURES -- 1. High Frequency Indicators, 2015-18 -- 2. Real and External Sectors, 2012-17 -- 3. Fiscal and Financial Indicators, 2012-17 -- 4. Outlook, 2017-23 -- 5. Indicators of Public and Publicly Guaranteed External Debt Under Alternative Scenarios, 2018-28 -- 6. Indicators of Public Debt Under Alternative Scenarios, 2018-28 -- TABLES -- 1. Selected Economic and Financial Indicators, 2015-23 -- 2. Balance of Payments, 2015-23 (Billions of CFAF) -- 3. Balance of Payments, 2015-23 (Percent of GDP) -- 4. Government and FSE Financial Operations, 2015-23 (Billions of CFAF) -- 5. Government and FSE Financial Operations, 2015-23 (Percent of GDP) -- 6. Monetary Survey, 2015-20 -- 7. Financial Soundness Indicators for the Banking Sector, 2010-17 -- ANNEXES -- I. External Sector Assessment -- II. Financial Sector Developments in Senegal -- III. Authorities' Response to the 2016 Article IV Policy Recommendations -- IV. Risk Assessment Matrix -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies, 2015-19 -- Attachment II. Technical Memorandum of Understanding -- CONTENTS -- RELATIONS WITH THE FUND

Knapp gefaßte Darstellung über die Republik Senegal der Gegenwart: innenpolitische Strukturen und außenpolitische Ambitionen; wichtige ökonomische Eckdaten und Wirtschaftsprobleme; Außenhandel; Bankwesen; Investitionsziele und -möglichkeiten. ALs bevorzugte Investitionsbereiche schälen sich heraus: verarbeitende Industrie, insbesondere Kleinindustrie; Straßen- und Wohnungsbau; Wasser- und Energieversorgung; Bewässerung; Telekommunikation; landwirtschaftliche Großprojekte und Fischerei. (DÜI-Hlb)

Cover -- CONTENTS -- ACRONYMS AND ABBREVIATIONS -- PREFACE -- EXECUTIVE SUMMARY -- I. FISCAL REPORTING -- II. FISCAL FORECASTING AND BUDGETING -- III. FISCAL RISK ANALYSIS AND MANAGEMENT -- BOXES -- 2.1. The Use of Letters of Comfort (lettres de confort) -- 2.2. Best Practice Examples of Public Participation in Budgeting and Country Case Studies -- 2.3. Analysis of Deviations from Forecasts -- 3.1. Rules Governing the Use of Budgetary Contingency Reserve in South Africa -- 3.2. The Deposit and Consignment Office -- 3.3. Publication of an Annual Report on the Monitoring of Public Enterprises -- FIGURES -- 1.1. Composition of the Public Sector -- 1.2. Coverage of the Public Sector in Statistical Reports, 2016 -- 1.3. Balance Sheet and Coverage in Fiscal Reports, 2016 -- 1.4. Public Sector Gross Liabilities, 2016 -- 1.5. Regional Comparison of Revenue Forgone Due to Tax Expenditure -- 1.6. Gap Between Calculations of the Deficit and its Financing -- 1.7. Explanation of Changes in Outstanding Debt Between 2014 and 2016 -- 2.1. Real GDP Growth: Gaps Between Forecasts Used for the Budget Proposal and Outturn -- 2.2. Quality of, and Access to, Public Infrastructure -- 2.3. Successive Revisions of the Real GDP and Tax Revenue Growth Under in Consecutive Forecasting Exercises -- 3.1. Sources of Fiscal Risks -- 3.2. Regional Comparison of the Volatility of Nominal GDP Growth Rate -- 3.3. Central Government-Guaranteed Liabilities -- 3.4. Development of PPPs -- 3.5. Contribution of Natural Resources to the Economy -- 3.6. Central Government Transfers to Subnational Governments -- 3.7. Types of Government Participation in Public Corporations -- 3.8. Distribution of Selected Transfers Between General Government and Public Enterprises -- 3.9. Summary of Sources of Fiscal Vulnerability for Public Enterprises

Cover -- TABLE DES MATIÈRES -- ABRÉVIATIONS -- PRÉFACE -- PRINCIPALES CONCLUSIONS DE LA MISSION -- I. INFORMATION FINANCIERE -- II. PRÉVISION FINANCIÈRE ET BUDGÉTISATION -- III. ANALYSE ET GESTION DES RISQUES BUDGETAIRES -- ENCADRES -- 2.1. La pratique des lettres de confort -- 2.2. Exemples de bonne pratique pour la participation du public au processus budgétaire et cas pays -- 2.3. Analyse des écarts de prévision -- 3.1. Les règles d'utilisation de la réserve budgétaire en Afrique du Sud -- 3.2. La Caisse des dépôts et consignations -- 3.3. La publication d'un rapport annuel sur le suivi des entreprises publiques -- GRAPHIQUES -- 1.1. Composition du secteur public, 2016 -- 1.2. Champ de couverture du secteur public dans les rapports statistiques, 2016 -- 1.3. Bilan financier et champs de couverture dans les rapports financiers, 2016 -- 1.4. Dette brute du secteur public, 2016 -- 1.5. Comparaison régionale des pertes de recettes liées aux dépenses fiscales -- 1.6. Ecart entre calculs du déficit et de son financement -- 1.7. Explication des variations du stock de dette entre 2014 et 2016 -- 2.1. Croissance du PIB réel : écarts entre prévision sous-jacente au PLF -- 2.2. Qualité et accès aux infrastructures publiques -- 2.3. Révisions successives de la croissance du PIB réel et des recettes -- 3.1. Sources des risques budgétaires -- 3.2. Comparaison régionale de la volatilité de la croissance du PIB nominal -- 3.3. Passifs garantis de l'Etat -- 3.4. Développement des PPP -- 3.5. Contribution des ressources naturelles dans l'économie -- 3.6. Transferts de l'administration centrale aux collectivités locales -- 3.7. Types de participation de l'Etat dans les entreprises -- 3.8 Répartition de certains transferts entre les administrations publiques et les entreprises publiques

This paper discusses Senegalâ??s Seventh Review Under the Policy Support Instrument (PSI) and Request for Modification of Assessment Criteria. GDP growth was lower than expected in 2013 but would increase to 4.9 percent in 2014 with a rebound in agriculture, mining, and industry. All quantitative assessment criteria and indicative targets for end-2013 were met, including on the budget deficit despite a significant revenue shortfall. Structural reform implementation has been slow, with many benchmarks met after their respective deadlines. Despite challenging prospects for 2014, the authorities