By Mamadou Faye, General Director of BNDE / National Bank for Economic Development of Senegal.
The recent decision by Moody’s to downgrade Senegal’s sovereign rating is, in many ways, unjustified and disconnected from the reality of our economic fundamentals. Our country remains strong, reform-oriented, and firmly committed to maintaining its macroeconomic balances. But beyond the technical debate, this episode should lead us to a collective reflection on our dependence on external assessments and the need for a national awakening for endogenous financing of our development.
We must, more than ever, believe in our institutions, in our companies, and in our ability to mobilize our resources ourselves. And this involves strong and resolute support for national financial instruments, such as the BNDE (National Bank for Economic Development of Senegal), which have the mission of channeling and valorizing local savings for development.
BNDE, true to its vocation, reaffirms its commitment to:
- be the strong arm of national financial sovereignty;
- mobilize and direct the savings of Senegalese, wherever they may be;
- transform these resources into productive financing for the benefit of our SMEs, our territories, and the real economy.
Trust is not declared in New York or London. It is built here, through our actions, our solidarity, and our common commitment.
The time has come to rally around our national economy, support our local financial institutions, and strengthen our own financing mechanisms.
The development of Senegal will be primarily funded by Senegalese themselves.
Together, for Senegal. Together, shaping the future.
