{"id":9204,"date":"2026-09-02T14:10:26","date_gmt":"2026-09-02T14:10:26","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=9204"},"modified":"2026-09-02T14:11:36","modified_gmt":"2026-09-02T14:11:36","slug":"senegal-ptds-et-accord-avec-le-fmi-le-retour-au-realisme-economique-apres-deux-annees-perdues","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=9204","title":{"rendered":"S\u00c9N\u00c9GAL : PTDS ET ACCORD AVEC LE FMI, LE RETOUR AU R\u00c9ALISME \u00c9CONOMIQUE APR\u00c8S DEUX ANN\u00c9ES PERDUES"},"content":{"rendered":"

Par Pr Amath Ndiaye<\/strong><\/p>\n

Le lancement du Plan de traitement de la dette du S\u00e9n\u00e9gal (PTDS) et l’accord conclu au niveau des services avec le Fonds mon\u00e9taire international constituent un tournant majeur dans la gestion de la crise financi\u00e8re s\u00e9n\u00e9galaise. Elles consacrent surtout une rupture avec le \u00ab souverainisme \u00e9conomique utopique \u00bb qui avait marqu\u00e9 les premi\u00e8res orientations du r\u00e9gime du pr\u00e9sident Bassirou Diomaye Faye.<\/strong><\/p>\n

\u00a0Le retour au principe de r\u00e9alit\u00e9\u00a0<\/strong><\/p>\n

Le communiqu\u00e9 du FMI du 1er septembre 2026 marque un changement important. L’institution indique explicitement que \u00ab les autorit\u00e9s ont annonc\u00e9 leur intention de solliciter un traitement de la dette afin de r\u00e9tablir sa viabilit\u00e9 \u00bb. La question n’est donc plus simplement d’am\u00e9liorer la gestion des \u00e9ch\u00e9ances ou d’optimiser le portefeuille de dette : il s’agit d\u00e9sormais de restaurer sa soutenabilit\u00e9.<\/p>\n

Dans le m\u00eame temps, les autorit\u00e9s s\u00e9n\u00e9galaises et les services du FMI sont parvenus \u00e0 un accord technique sur un programme de 36 mois, pour un financement d’environ 2,2 milliards de dollars, soit quelque 1 245 milliards de FCFA. Cet accord reste soumis \u00e0 l’approbation de la direction puis du Conseil d’administration du FMI.<\/p>\n

Ce rapprochement constitue une rupture bienvenue avec le souverainisme \u00e9conomique utopique qui avait largement inspir\u00e9 le premier gouvernement du pr\u00e9sident Diomaye Faye. Cette approche, qui tendait \u00e0 sous-estimer les contraintes financi\u00e8res ext\u00e9rieures et la n\u00e9cessit\u00e9 de restaurer rapidement la confiance des partenaires, aura fait perdre au pays pr\u00e8s de deux pr\u00e9cieuses ann\u00e9es.<\/p>\n

La souverainet\u00e9 \u00e9conomique ne consiste pas \u00e0 se couper du FMI, de la Banque mondiale, des march\u00e9s ou des investisseurs internationaux. Elle consiste \u00e0 \u00eatre capable de n\u00e9gocier avec eux dans l’int\u00e9r\u00eat national tout en renfor\u00e7ant ses propres capacit\u00e9s \u00e9conomiques et financi\u00e8res.<\/p>\n

Les 1 245 milliards de FCFA sur trois ans ne doivent cependant pas faire illusion : ils restent tr\u00e8s inf\u00e9rieurs aux besoins de financement de l’\u00c9tat, qui d\u00e9passent 6 000 milliards de FCFA pour la seule ann\u00e9e 2026. L’int\u00e9r\u00eat strat\u00e9gique de l’accord r\u00e9side donc moins dans son montant que dans l’effet de confiance et de levier qu’il peut produire aupr\u00e8s des bailleurs, cr\u00e9anciers et investisseurs.<\/p>\n

\u00a0Un ajustement budg\u00e9taire in\u00e9vitable, mais pas un ajustement structurel\u00a0<\/strong><\/p>\n

Le traitement de la dette ne pourra produire des r\u00e9sultats durables sans un redressement parall\u00e8le des finances publiques. L’accord pr\u00e9voit une augmentation des ressources int\u00e9rieures et une rationalisation des d\u00e9penses publiques.<\/p>\n

L’\u00e9quation est simple : restructurer aujourd’hui une dette devenue difficilement soutenable tout en maintenant durablement des d\u00e9ficits excessifs conduirait \u00e0 reconstituer, quelques ann\u00e9es plus tard, un nouveau stock de dette insoutenable.<\/p>\n

Il faut toutefois \u00e9viter une confusion. Il ne s’agit pas d’un Programme d’ajustement structurel comparable \u00e0 ceux des ann\u00e9es 1980 et 1990. Nous sommes principalement dans une logique de stabilisation macro\u00e9conomique et financi\u00e8re : r\u00e9duction progressive du d\u00e9ficit budg\u00e9taire, restauration de la viabilit\u00e9 de la dette, am\u00e9lioration de la gestion des finances publiques et r\u00e9formes destin\u00e9es \u00e0 renforcer l’efficacit\u00e9 de l’\u00e9conomie.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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