SENEGAL: Senegal Secures $2.2 Billion IMF Deal After Hidden Debt Scandal
Senegal has signed a new $2.2 billion agreement with the IMF, almost two years after its last programme was suspended.
The previous deal collapsed after authorities discovered billions of dollars in public debt that had not been reported. The current government says the hidden debt was left behind by former President Macky Sall’s administration.
By the end of 2024, Senegal’s total public-sector debt was estimated at 132% of GDP. The IMF says Senegal has since conducted audits and made progress on financial transparency.
The new three-year programme is designed to back economic reforms through 2029. It still requires final approval from the IMF Executive Board before it takes effect.
Parliament Speaker Ousmane Sonko is calling for full disclosure of the agreement, including details on any potential debt restructuring and what it could mean for Senegal’s economy.