World
IMF Lauds Senegal’s Strong Economic Growth
By Modupe Gbadeyanka
The government of Senegal has been applauded by the International Monetary Fund (IMF) for its strong economic growth.
This commendation was given after a staff team from the IMF led by Mr Michel Lazare visited Dakar from April 26 to May 11, 2018.
The team was in the tiny West African country to engaged authorities in discussions as part of the sixth review of the IMF’s Policy Support Instrument (PSI) approved in June 2015.
The IMF team met with President Macky Sall, the ministers for the economy, finance and planning, Amadou Ba, the civil service, Mariama Sarr, petroleum and energy, Mansour Elimane Kane, the BCEAO National Director, Ahmadou Lo, and other senior government officials as well as the development partner representatives.
Speaking after the meeting, Mr Lazare said economic growth in Senegal has continued to be strong, while inflation has remained low.
He said growth is estimated at 7.2 percent in 2017, and inflation remained contained at 1.3 percent.
Through rebasing, GDP was revised upwards by approximately 30 percent.
The current account deficit of the balance of payments has, however, increased, reflecting higher global commodity prices, including energy prices, and a higher demand for imports.
“Implementation of the PSI program has encountered difficulties in 2017 in the context of a sustained increase in global oil prices while domestic energy prices remained stable. While the target for the fiscal deficit for end-2017 was met, a shortfall in revenue mobilization resulted in reduced public spending and payment delays to the state-owned electricity company and the private sector.
“The target on overall net financing of the central government was missed. Three of the five structural benchmarks were completed. Furthermore, the government has made significant progress on the remaining two structural benchmarks: (i) it has substantially reduced the financing of the Post Office through the Treasury in the first quarter of 2018; and (ii) the integrated project bank is operational, and only one new project in the 2018 Budget did not come from the project bank. These reforms are helping improve revenue administration, increase the efficiency of capital spending, and reduce the demands on the Treasury.
“As retail domestic energy prices have remained stable, continued global oil price increases are adversely impacting the budget in 2018. Fiscal pressures have further increased given lower-than-anticipated revenues and increases in the wage bill, interest bill, and security-related spending. While the authorities have proposed a package of measures in 2018 to increase revenues and curtail spending pressure, the fiscal deficit target in the program will be widened in 2018 from 2.7 percent of GDP to 3.5 percent of GDP to help address payment delays in 2017 and create additional space for security-related spending. This package will include measures to: (i) accelerate tax policy and revenue administration reforms (0.8 percent of GDP); (ii) contain non-priority domestically-financed capital spending (1.0 percent of GDP); and (iii) contain current spending (0.1 percent of GDP),” he said.
Commenting further, he said, “Senegal continues to manage its debt carefully, including saving the 1.8 percent of GDP overfinancing in the recent $2.2 billion Eurobond issuance for financing of the 2019 Budget and repurchase of some costly external loans. Recent developments have contributed to an improvement in certain debt indicators including (i) a sizable downward shift in the debt-to-GDP ratio path due to GDP rebasing, bringing central government debt to under 50 percent of GDP at end-2017, and (ii) a noticeable smoothing of the debt service following the repurchase of 40 percent of the 2011 Eurobond debt using the 2018 Eurobond proceeds.
“The sixth review under the PSI is scheduled to be taken up by the IMF Executive Board in July 2018.”
World
Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
World
UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
World
AXIAN Energy Secures $60m for Expansion Across Africa
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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