{"id":161238,"date":"2025-09-14T23:05:52","date_gmt":"2025-09-14T23:05:52","guid":{"rendered":"https:\/\/www.nettali.com\/?p=161238"},"modified":"2025-09-16T07:07:21","modified_gmt":"2025-09-16T07:07:21","slug":"diaspora-bonds-%e2%80%8epape-malick-ndour-met-en-garde-contre-une-instrumentalisation-de-la-diaspora","status":"publish","type":"post","link":"https:\/\/www.nettali.com\/2025\/09\/14\/diaspora-bonds-%e2%80%8epape-malick-ndour-met-en-garde-contre-une-instrumentalisation-de-la-diaspora\/","title":{"rendered":"DIASPORA BONDS - \u200ePape Malick Ndour met en garde contre une instrumentalisation de la diaspora"},"content":{"rendered":"<p><strong>NETTALI.COM -\u200e Lors de sa visite en Italie, le Premier ministre Ousmane Sonko a invit\u00e9 la diaspora \u00e0 participer \u00e0 l\u2019effort \u00e9conomique national. L\u2019ancien ministre Pape Malick Ndour alerte sur les d\u00e9rives potentielles d\u2019un tel appel, notamment le transfert du risque de change aux citoyens de l\u2019ext\u00e9rieur.<\/strong><\/p>\n<p>En marge de sa visite en Italie, Ousmane Sonko a lanc\u00e9 un appel appuy\u00e9 \u00e0 l\u2019endroit de la diaspora s\u00e9n\u00e9galaise : participer activement au financement du d\u00e9veloppement du pays \u00e0 travers des m\u00e9canismes innovants comme les diaspora bonds. Ce message, port\u00e9 par un \u00e9lan patriotique assum\u00e9, n\u2019a pas manqu\u00e9 de faire r\u00e9agir l\u2019ancien ministre Pape Malick Ndour, qui voit dans cette proposition une approche \u00e9conomiquement injuste et politiquement discutable. Dans une tribune partag\u00e9e sur ses canaux, il d\u00e9monte les m\u00e9canismes financiers sous-jacents \u00e0 ces instruments de dette, en d\u00e9non\u00e7ant le fait que le risque de change soit enti\u00e8rement transf\u00e9r\u00e9 aux membres de la diaspora.<\/p>\n<p>\"<em>Imaginez un \u00c9tat qui tend la main \u00e0 sa diaspora et lui demande un pr\u00eat pour financer ses projets nationaux<\/em>\", \u00e9crit-il en introduction. Il prend l\u2019exemple d\u2019un citoyen de la diaspora qui pr\u00eate 100 dollars \u00e0 l\u2019\u00c9tat alors que le taux de change est de 1 dollar pour 500 francs CFA, soit un pr\u00eat \u00e9quivalent \u00e0 50 000 francs CFA. Mais lorsque l\u2019heure du remboursement arrive, le dollar s\u2019est appr\u00e9ci\u00e9 : il faut d\u00e9sormais 600 francs CFA pour en obtenir un. Or, l\u2019\u00c9tat rembourse toujours les 50 000 francs CFA emprunt\u00e9s, ce qui, converti au nouveau taux, ne repr\u00e9sente plus que 83 dollars. Le pr\u00eateur perd ainsi 17 % de son investissement initial.<\/p>\n<p>Pour Pape Malick Ndour, ce m\u00e9canisme est une man\u0153uvre d\u00e9s\u00e9quilibr\u00e9e et irresponsable. \"<em>Le risque de change, jadis hypoth\u00e9tique pour l\u2019\u00c9tat, s\u2019est transform\u00e9 en une r\u00e9alit\u00e9 tangible et support\u00e9e directement par les populations pr\u00eateuses. Encore une logique de l\u2019\u00c9tat Tok Mouy Dokh<\/em>\", \u00e9crit-il, reprenant une expression populaire pour d\u00e9signer un \u00c9tat qui prend sans rendre \u00e9quitablement. En d\u2019autres termes, l\u2019\u00c9tat se prot\u00e8ge des al\u00e9as du march\u00e9 des devises au d\u00e9triment de ses propres citoyens vivant \u00e0 l\u2019\u00e9tranger, qui ne disposent ni des outils ni de la formation pour anticiper ou couvrir ce type de risque.<\/p>\n<p>L\u2019ancien ministre reconna\u00eet qu\u2019un sc\u00e9nario inverse , comme la baisse du dollar aurait pu profiter \u00e0 la diaspora. Mais selon lui, cela ne change rien au fond du probl\u00e8me : \"<em>Le peuple n\u2019est pas suffisamment outill\u00e9 pour \u00eatre un acteur sur le march\u00e9 des changes, un espace complexe o\u00f9 l\u2019incertitude, les fluctuations rapides et les m\u00e9canismes financiers sophistiqu\u00e9s rendent toute man\u0153uvre risqu\u00e9e. Il ne doit jamais servir de bouclier face \u00e0 ces variations<\/em>\".<\/p>\n<p>En guise de solution, il propose que les pr\u00eats de la diaspora soient libell\u00e9s dans la monnaie de r\u00e9sidence du pr\u00eateur, une pratique courante sur les march\u00e9s internationaux et d\u00e9j\u00e0 accessible via les Eurobonds. Cela impliquerait que l\u2019\u00c9tat assume lui-m\u00eame le risque de change, comme le font les \u00e9metteurs souverains responsables. Ce choix, selon Pape Malick Ndour, est la condition minimale pour que les diaspora bonds soient une opportunit\u00e9 juste et \u00e9quitable, et non un pi\u00e8ge \u00e0 patriotisme.<\/p>\n<p>\u00c0 l\u2019heure o\u00f9 le gouvernement cherche \u00e0 renforcer ses liens avec la diaspora et \u00e0 diversifier ses sources de financement, cette mise en garde soul\u00e8ve une question essentielle : peut-on construire un engagement \u00e9conomique durable sur la base d\u2019une relation d\u00e9s\u00e9quilibr\u00e9e ? Pour Pape Malick Ndour, la r\u00e9ponse est claire : sans \u00e9quit\u00e9 mon\u00e9taire, l\u2019appel \u00e0 la solidarit\u00e9 nationale devient une forme de mise en danger silencieuse.<\/p>\n<p>Le d\u00e9bat est ouvert.<\/p>\n<div class='share-to-whatsapp-wrapper'><div class='share-on-whsp'>PARTAGER SUR : <\/div><a data-text='DIASPORA BONDS - \u200ePape Malick Ndour met en garde contre une instrumentalisation de la diaspora' data-link='https:\/\/www.nettali.com\/2025\/09\/14\/diaspora-bonds-%e2%80%8epape-malick-ndour-met-en-garde-contre-une-instrumentalisation-de-la-diaspora\/' class='whatsapp-button whatsapp-share'>WhatsApp<\/a><div class='clear '><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>NETTALI.COM -\u200e Lors de sa visite en Italie, le Premier ministre Ousmane Sonko a invit\u00e9 la diaspora \u00e0 participer \u00e0 l\u2019effort \u00e9conomique national. L\u2019ancien ministre Pape Malick Ndour alerte sur les d\u00e9rives potentielles d\u2019un tel appel, notamment le transfert du risque de change aux citoyens de l\u2019ext\u00e9rieur. En marge de sa visite en Italie, Ousmane [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":161236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.8 (Yoast SEO v17.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DIASPORA BONDS - \u200ePape Malick Ndour met en garde contre une instrumentalisation de la diaspora | Nettali.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nettali.com\/2025\/09\/14\/diaspora-bonds-\u200epape-malick-ndour-met-en-garde-contre-une-instrumentalisation-de-la-diaspora\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DIASPORA BONDS - \u200ePape Malick Ndour met en garde contre une instrumentalisation de la diaspora\" \/>\n<meta property=\"og:description\" content=\"NETTALI.COM -\u200e Lors de sa visite en Italie, le Premier ministre Ousmane Sonko a invit\u00e9 la diaspora \u00e0 participer \u00e0 l\u2019effort \u00e9conomique national. L\u2019ancien ministre Pape Malick Ndour alerte sur les d\u00e9rives potentielles d\u2019un tel appel, notamment le transfert du risque de change aux citoyens de l\u2019ext\u00e9rieur. 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