The International Monetary Fund (IMF) has concluded its latest mission to Senegal without finalizing a new lending programme, though discussions are still ongoing.
Mission Chief Edward Gemayel confirmed that negotiations would continue in the coming weeks, noting that Senegal’s government was committed to restoring fiscal discipline after uncovering billions of dollars in unreported debt left by the previous administration.
“We still need some more discussions. Hopefully, in the coming weeks, we can reach a conclusion,” Gemayel said.
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Senegal’s previous $1.8 billion IMF programme was frozen last year after hidden debts now estimated to exceed $11 billion came to light. The IMF says the country’s total public debt reached 132% of GDP by the end of 2024, including 4% in domestic arrears.
The government is now seeking a new lending arrangement and a debt misreporting waiver, both of which are under IMF consideration. However, the Fund cautioned that Senegal’s ambitious fiscal deficit targets—set to drop from 13.4% of GDP in 2024 to 5.4% by 2026 may rely on overly optimistic revenue projections.
An IMF team has been in Dakar since October 22 to review the country’s debt sustainability and determine whether restructuring or re-profiling will be required to restore balance.
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Senegal’s finance ministry said it remains committed to “conventional active debt management operations” aimed at reducing vulnerabilities, while investors await clarity on whether the IMF will recommend debt restructuring or maturity extensions.
“They are very serious about putting in place the consolidation path,” Gemayel added. “That shows how determined they are to bring debt on a downward trajectory.”
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
