Le Sénégal vient de lever 450 milliards FCFA sur le marché financier régional, bien au-delà des 300 milliards initialement prévus pour le troisième Appel Public à l’Épargne (APE 3).
Le ministère des Finances s’en félicite, parle de souveraineté, de confiance et de succès historique.
Cependant, depuis quand un État célèbre-t-il un emprunt à près de 7 % d’intérêt comme une victoire nationale ? Quand la dette devient un motif de réjouissance, c’est que la rigueur budgétaire a quitté le sommet.
Lever 450 milliards n’est pas un exploit, c’est un aveu. Un aveu d’asphyxie budgétaire et de dépendance financière. L’État aurait pu s’en tenir à son objectif initial de 300 milliards, comme il l’avait fait lors d’opérations précédentes. Il a préféré prolonger l’émission et en augmenter le volume, signe que les besoins de trésorerie dépassent ce qui avait été prévu dans la Loi de Finances rectificative.
Emprunter plus que prévu, à des taux élevés, sans préciser la destination des fonds, n’est pas un signe de confiance du marché. Il s’agit d’un symptôme d’urgence budgétaire.
Le plus troublant, c’est que les documents officiels précisent l’objet de l’opération : « le financement des besoins de trésorerie prévus dans la Loi de Finances Rectificative 2025 et le financement des projets stratégiques de l’Agenda Sénégal 2050. » En d’autres termes, une grande partie de cet emprunt servira à payer les charges courantes de l’État. La mention de l’Agenda 2050, projet à long terme, n’est qu’un habillage rhétorique destiné à maquiller la réalité d’un financement de court terme. On finance la survie administrative sous couvert de vision stratégique.
Cette confusion entre fonctionnement et développement révèle le véritable mal. La dette est devenue un mode de gestion, non un levier de croissance. La communication triomphe, les comptes dérapent.
Pendant que le gouvernement célèbre son « succès », personne n’explique à quel secteur productif ces 450 milliards profiteront. On se réjouit d’avoir trouvé des prêteurs, sans se demander comment produire la richesse nécessaire pour rembourser. À ce rythme, le pays devra réemprunter encore et encore, alourdissant une dette déjà supérieure à 118 % du PIB.
Ce n’est pas le volume mobilisé qu’il faut saluer mais la rigueur qu’on aurait dû imposer à son usage. Aucun pays ne s’est développé par la dette seule. La souveraineté budgétaire se construit par la transparence, la discipline et l’investissement productif.
L’État doit conditionner chaque nouvel emprunt à un projet identifiable, publier l’usage des fonds levés, réduire les dépenses improductives, encadrer les privilèges politiques et institutionnaliser une règle d’or budgétaire interdisant le recours à la dette pour financer le fonctionnement.
Tant que le pays se réjouira d’une respiration artificielle, il confondra encore l’oxygène d’urgence avec le souffle de la vie.
Thierno Bocoum
Président AGIR-LES LEADERS
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