Senegal’s financial future remains uncertain as the International Monetary Fund (IMF) announced it will need several more weeks before presenting the country’s debt misreporting case to its Executive Board.
The delay follows intensive discussions between IMF teams and Senegalese officials on corrective measures to address the discrepancies.
The case stems from a disclosure in September 2024 that Senegal’s hidden debts had climbed from $1.9 billion to more than $11 billion, a revelation that prompted the suspension of a $1.8 billion IMF lending program.
IMF mission chief Edward Gemayel said talks on corrective steps are ongoing. “Discussions on several corrective measures will continue over the next few weeks before the misreporting case can be presented,” he explained, adding that the Fund is ready to support Senegal with an ambitious reform agenda once reliable data is confirmed.
Prime Minister Ousmane Sonko has responded with a wide-ranging recovery plan aimed at stabilizing the economy through domestic financing. The program commits to funding 90 percent of its initiatives internally, with the goal of reducing reliance on external borrowing.
At the same time, Senegal is undertaking its first economic rebasing since 2018 to recalibrate its debt-to-GDP ratio and ease fiscal strain.
