Senegal and IMF Strike $2.2bn Deal, Two Years After Debt Scandal Froze Funding
The 36-month arrangement will support Senegal’s reform program as the IMF seeks corrective measures and a waiver over past data misreporting.
- Senegal secured a new $2.2 billion agreement with the International Monetary Fund, supporting the country's "economic and financial reform program for the 2026-2029 period."
- This arrangement follows the suspension of a $1.8 billion aid program after Senegal President Bassirou Diomaye Faye's government accused former President Macky Sall of concealing the country's true budgetary situation.
- With total public sector debt estimated at 132 percent of GDP at the end of 2024, Senegal remains one of the most indebted countries in sub-Saharan Africa.
- The IMF requires "decisive corrective measures to support the authorities' request for a waiver regarding the misreporting of data," while National Assembly speaker Sonko complicates reform implementation.
- Global ratings agency Moody downgraded Senegal's long-term foreign-currency debt rating to Caa2 from Caa1 last week, reflecting financial strain mid-negotiations with the IMF.
21 Articles
21 Articles
The IMF and Dakar have reached agreement on a $2.2 billion loan to enable the country to regain a sustainable debt trajectory. In an interview, the IMF head of mission in Senegal details the next steps in this process over the long term.
After the failure of negotiations with the International Monetary Fund two years ago, Dakar had refused to restructure its debt, a position which the President finally abandoned, but which is still defended by the former Prime Minister.
IMF agrees $2.2B Senegal loan package
The IMF and Senegal agreed on a $2.2 billion loan package, with the West African country announcing a plan to restore “debt sustainability.” The developments mark key steps in tackling an economic crisis sparked by the discovery of previously unreported debt. The IMF suspended an earlier program after the government said it had uncovered billions of dollars in undisclosed debt left by the previous administration, causing the West African nation’…
Senegal and IMF Strike $2.2bn Deal, Two Years After Debt Scandal Froze Funding
Senegal and the International Monetary Fund have reached a staff-level agreement on a new $2.2 billion (€1.9 billion) lending programme, nearly two years after an earlier deal was suspended following the discovery of previously unreported public debt.
IMF reaches $2.2 billion staff-level deal with Senegal
The International Monetary Fund (IMF) has reached a staff-level agreement with Senegal on a new three-year financing programme worth about $2.2 billion, as the West African country seeks to restore debt sustainability and strengthen its public finances.
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