Senegal: The Descent Into the Abyss With the IMF and World Bank Structural Adjustment Programs

This chapter argues that the crisis of the neocolonial economic model in Senegal opened the door to the neoliberal agenda of the International Monetary Fund (IMF) and the World Bank. Their policies literally destroyed the gains accumulated during the first two decades of independence, through the dismantling of the public sector and the weakening of the State through the drastic restriction of its intervention in economic and social areas. As a result, after more than 20 years of implementing these policies, Senegal ended up joining the list of the ‘least developed countries’ (LDCs), considered as the ‘poorest’ countries in the world, according to the United Nations. However, Senegal is not alone. It is just one example of the destructive agenda of the IMF and World Bank imposed on many other countries in Africa and beyond. One major lesson to be learnt from the experience of Senegal and other African countries is the huge economic, social and even political costs associated with neoliberal prescriptions. The other major lesson is the collapse of market fundamentalism, which was already exposed during the 2007–2008 international financial crisis. A collapse made more glaring during the COVID-19 pandemic. In light of this, this chapter calls for a paradigm shift for Senegal and other African countries, by reclaiming their right to development and moving away from failed policies and models. A goal made easier by the new international context characterized by the shift of economic power to the Global South.