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IMF Completes Seventh PSI Review for Senegal
DAKAR — The Executive Board of the International Monetary Fund (IMF) completed today the seventh review of Senegal’s economic performance under the program supported by the Policy Support Instrument (PSI).
The Board’s decision was taken on a lapse of time basis.
The PSI was approved by the Executive Board on December 3, 2010. The IMF’s framework for PSIs is designed for low-income countries that may not need, or want, IMF financial assistance, but still seek IMF advice, monitoring and endorsement of their policies. PSIs are voluntary and demand driven.
GDP growth was lower than expected in 2013, with a preliminary estimate by the authorities of 3.5 percent, reflecting lower agricultural production and temporary problems in the industrial sector and mining. In contrast, activity in the telecommunications and construction sectors was buoyant. Inflation declined to 0.7 percent on average owing to softer agricultural commodity prices in international markets. Growth is projected to increase to 4.9 percent in 2014, because of stronger activity in agriculture, mining, and industry. Inflation would remain subdued.
Program implementation has been mixed. All quantitative assessment criteria and all but one indicative targets for end-2013 were met, including on the budget deficit despite a significant revenue shortfall. However, structural reform implementation has been slow, with a number of benchmarks met after their respective deadlines.
The authorities’ intention to continue reducing the fiscal deficit from 5.5 percent of GDP in 2013 to 5.1 percent in 2014 is welcome. Strong efforts will be needed on the revenue side to offset part of the 2013 revenue shortfalls. The recent review of current and capital expenditures, with a view to identifying less productive spending to be streamlined, is welcome and a step towards increasing the efficiency of public spending and aligning the budget with the priorities of the new growth strategy. Efforts should be made to improve fiscal transparency and make fiscal accounts more meaningful. From this perspective, it is highly desirable to accelerate the implementation of the WAEMU directives on public financial management and of the plan to reform public agencies, which was approved in late 2013. The authorities’ commitment to improve transparency by being more explicit about the cost of certain transfers and subsidies, including those in favor of the energy sector, and by reporting on the implementation of the reform of public agencies is welcome.
The authorities’ new growth strategy—the Plan Sénégal Emergent— offers a good diagnostic and a vision for Senegal. Ownership of the plan at the highest level and strong support from the international community should facilitate implementation. The renewed strong commitment to preserving fiscal sustainability is welcome. In light of the poor productivity performance in recent years, the focus should be on raising economic efficiency more than increasing the volume of investment. Accelerating reforms to improve the business environment and a deep reform of the state are critical for this purpose. Reforming the state would also help create the fiscal space needed to raise public investment without jeopardizing debt sustainability.
The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
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Music Icon Quincy Jones Passes Away At 91
Quincy Jones, the legendary music producer, composer, and cultural icon whose career spanned over seven decades, has passed away at the age of 91.
Jones died peacefully on Sunday night at his Bel Air home, surrounded by family, according to his publicist, Arnold Robinson.
“Tonight, with full but broken hearts, we must share the news of our father and brother Quincy Jones’ passing,” his family said in a statement. “And although this is an incredible loss for our family, we celebrate the great life that he lived and know there will never be another like him.”
Renowned for his unmatched versatility, Jones collaborated with some of the greatest musical talents of the 20th and 21st centuries, including Michael Jackson, Frank Sinatra, Aretha Franklin, and Will Smith. He played an integral role in producing Jackson’s groundbreaking albums Off the Wall, Thriller, and Bad, which catapulted the pop star to global superstardom and earned Jones worldwide acclaim.
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Born in Chicago in 1933, Jones’ journey into music began early. His childhood introduction came from a neighbor’s piano playing and his mother’s singing. After moving to Washington state following his parents’ divorce, he honed his skills in his high school band and began playing with a young Ray Charles in Seattle’s vibrant club scene.
Jones’ career took off in New York, where he played trumpet in Elvis Presley’s early TV performances and worked with bebop legends like Charlie Parker and Miles Davis. By 1958, he was working with Frank Sinatra, arranging for the singer’s band at the request of Princess Grace Kelly. Their partnership flourished, spanning several projects including Sinatra’s final album LA Is My Lady in 1984.
Throughout the 1960s and 70s, Jones’ talents extended into film and television scores, composing music for films such as The Italian Job, In the Heat of the Night, and the acclaimed The Color Purple, for which he earned three Oscar nominations. He also scored hit TV shows including The Bill Cosby Show and Roots.
In 1985, Jones produced and co-conducted the charity anthem “We Are the World” alongside Michael Jackson and Lionel Richie, raising millions for Ethiopian famine relief. Despite personal and professional challenges—including surviving a near-fatal brain aneurysm in 1974—Jones’s career continued to thrive.
Jones’ influence wasn’t limited to music. In 1990, he founded Quincy Jones Entertainment, the company behind the popular sitcom The Fresh Prince of Bel-Air, which launched the career of Will Smith. His media ventures also included the creation of Qwest TV, an on-demand music streaming service, and the magazine Vibe, which celebrated Black music and culture.
Over his career, Jones earned 80 Grammy nominations, winning 28—making him one of the most decorated artists in the award’s history. Tributes poured in following news of his death. Actor Michael Caine, who shared Jones’ birthdate, called him “a wonderful and unique human being.” Music artists such as LL Cool J expressed gratitude, saying, “You were a father and example at a time when I truly needed one. Music would not be music without you.”
Jones is survived by his seven children, leaving behind an indelible legacy that will resonate through generations to come. His life’s work transformed music, television, and culture, proving that there truly was no limit to what Quincy Jones could accomplish.
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Prayers Won’t Build Roads, Fund Children’s Education – Jesse Jagz To Nigerians
Singer and rapper Jesse Jagz has called on Nigerians to rethink their approach to religion.
Jagz suggested that African traditional religious gods have become ineffective, attributing this to the excessive alcohol given to them during rituals, which, according to him, has made them obese, diabetic, and unable to aid their worshipers.
Speaking on the ‘Big Talk’ podcast, the rapper also criticized followers of foreign religions for relying solely on prayer and expecting miracles without putting in the necessary effort. He stressed that prayers alone cannot provide essential social services or infrastructure.
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“When you go to a shrine and you see the priest pouring gin on the gods, Google how much a bottle of gin was in slavery. 40 slaves.
“Our gods are drunk on alcohol and meat. They are obese and diabetic.
“They can’t help us do anything. Prayers do not build roads or buy books for children. We have forgotten humanity,” he said.
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Presidents Invite Me To Dinner Wherever I Go – Davido Boasts
Renowned Nigerian singer, David Adeleke, known by his stage name Davido, has stated that he receives special treatment globally due to his celebrity status.
The Afrobeats sensation mentioned that he is frequently invited to presidential dinners in nearly every country he visits, with the exception of the United States and the United Kingdom.
In a recent interview with Kiss Fresh London, Davido confidently shared that his fanbase includes influential figures such as the World Bank president, presidents of powerful nations, and other notable personalities.
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“Every country we go to, the President invites us for dinner except London [United Kingdom] and the United States of America.
“It’s beautiful to see. I mean, leaving my country, Nigeria, and people welcoming me like the president in other countries, shows how well Nigeria is doing around the world in terms of music and cultural impacts,” he said.
Davido has expressed that he feels most respected in Africa, which is why he cherishes his African tours more than those in Europe and America, even though the latter bring him greater financial rewards.
He shared that his Jamaican collaborator, YG Marley, was astonished by the immense admiration from fans when he visited Nigeria for the video shoot of their joint hit, ‘Awuke.’