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Senegal program assistance approval document economic support fund, 685-0288 (685-K-604)
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Senegal program assistance approval document economic support fund, 685-0288 (685-K-604)
Program to provide the Government of Senegal (GOS) with budgetary support (a $15 million cash grant) in return for a series of policy reforms which will substantially reduce GOS involvement in the agricultural sector and encourage private sector growth.
1985
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Abstract
These reforms will be undertaken in four areas: (1) privatization/reorganization of the imported rice sector; (2) phasing-out of price equalization; (3) improved credit and pricing systems, and reduction of GOS subsidies in the agro-industry sector; and (4) privatization of fertilizer distribution. The GOS will deposit an equivalent amount of local currency in a special account. Illustrative uses of the local currency include: (1) support for withdrawal of groundnuts and vegetable oil from the Price Equalization and Stabilization Fund (CPSP); (2) liquidity to the banking sector for use in providing credit to private enterprises; (3) support for expenditures of Regional Development Agencies (RDA"s) related to extension and planning services; and (4) payment of GOS financial obligations to the private sector to stimulate economic activity.
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