Senegal Ruling Party Close to Parliamentary Majority for Reform Agenda

TLDR

Senegalese President Bassirou Diomaye Faye’s Pastef party projected to secure majority in National Assembly with 84 seats Anticipated win enables Faye to push ambitious reform agenda for fiscal stability and increased state revenue from oil and gas contracts Victory aligns executive and legislative branches, facilitating implementation of fiscal reforms and next year’s budget to address fiscal deficit

Senegalese President Bassirou Diomaye Faye’s Pastef party is set to secure a majority in the National Assembly, gaining 84 seats in Sunday’s election, according to projections.

With 83 seats required for control, the anticipated win positions Faye to push through his ambitious reform agenda aimed at stabilizing Senegal’s finances and increasing state revenue from oil and gas contracts.

The victory aligns the executive and legislative branches, allowing Faye to implement fiscal reforms and pass next year’s budget to address a fiscal deficit exceeding 10% of GDP. The 44-year-old president, elected in a landslide eight months ago, pledged economic and judicial reforms as well as greater transparency in natural resource management.

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Key Takeaways

A parliamentary majority for Pastef is expected to strengthen investor confidence, reflected in Senegal’s bonds, which saw yields on May 2033 securities drop to their lowest since late October. Faye’s victory signals a turning point for reforms, but allegations of election irregularities from the opposition underscore lingering political challenges. With financial markets closely watching, Faye’s ability to deliver on promises could determine Senegal’s economic trajectory.

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