"To take a break from the heat, Abdoulaye Ba sits on one of the benches that adorn Dakar's West Corniche. The promenade is just a few feet away from the sea. Over the past two decades, this coastal avenue, where thousands of young people play sports in the evening, has been a symbol of the dynamic construction industry in Senegal's capital. Dozens of half-finished buildings rise here and there, from the Plateau administrative center to the Almadies nightlife district."
"However, lately, all construction work has come to a standstill. Ba, who runs a family-run ironworks company, laments: I used to have 20 workers. And now, they're all sitting at home, idly. And here, you know, people live day to day. On top of that, I have a debt that I don't know how I'm going to pay. It's a disaster."
"Not surprisingly, the appearance of a staggering $6 billion hole in the public accounts has officially made Senegal the most indebted country in Africa. Specifically, the country owes 119% of its GDP. This has caused its credit rating to plummet to B-, just one step away from the abyss of default. On August 1, President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko appeared before the nation to deliver a difficult message."
Construction activity in Dakar has stalled, leaving many small businesses and workers idle and exacerbating daily hardship for families. A $6 billion shortfall pushed national debt to 119% of GDP and caused the credit rating to fall to B-, nearing default. The government led by President Bassirou Diomaye Faye and Prime Minister Ousmane Sonko announced an emergency plan on August 1 to address the crisis. The plan includes austerity measures, higher taxes, and sales of public land as authorities seek to stabilize public finances and restore investor confidence.
Read at english.elpais.com
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