Dakar, Dec 17 (APS) — The National Credit Council of Senegal on Thursday stressed the need to pay particular attention in public policies to the removal of constraints that may hinder the ability of credit institutions and financial institutions to finance the economic recovery of credit institutions and financial institutions.

“In view of the marked uncertainties regarding the evolution of the Covid-19 pandemic as well as the downside risks weighing on economic activity, the Council recommended that particular attention be paid, in public policies, to the removal of constraints that may hinder the ability of credit institutions and microfinance institutions to finance economic recovery.” rsquo;, reports the structure in a

At the same time, the document sanctioning the 30th meeting of the CNC of Senegal, a structure under the national management of the Central Bank of West African States (BCEAO), mentions the importance of accelerating structural reforms, in particular in terms of resolving commercial disputes, capable of guaranteeing the consolidation of the business climate in relations between the financial sector

The CNC, organized by videoconference, also took note of the recent situation of the banking system and the microfinance sector, marked by the good resilience of credit institutions in the face of the impacts induced by the Covid-19 pandemic on economic activity

On the other hand, microfinance institutions, despite reassuring credit indicators, are characterized by a high sensitivity to the impact of the pandemic, reports the

It indicates that the financing of economic activities has been maintained relatively well, mainly for the benefit of the public sector, in conjunction with the support measures taken by the BCEAO and the National Authorities to mitigate the impact of the deceleration in economic growth on financial sector customers

“Compared to the end of December 2019, jobs in credit institutions grew by 8.2% at the end of October 2020 and those in microfinance institutions stagnated at the end of September 2020,” noted the CNC.

He thus welcomed “the controlled impact of the crisis on the compliance, with the standards set, of taxable banking institutions and large microfinance

The CNC of Senegal held its thirtieth meeting by videoconference, under the chairmanship of Moussa Touré, Director of Money and Credit, member of the BCEAO Monetary Policy Committee (CPM), representing the Minister of Finance and Budget, Statutory President of the