Senegal pursues 200 billion FCFA bond issuance and IMF agreement

Senegal is undertaking significant fiscal measures to stabilize its economy, involving both regional market fundraising and an agreement in principle with the International Monetary Fund (IMF).

The government has launched its second public savings appeal of 2026, aiming to raise 200 billion FCFA from the regional market. The operation, running from September 17 to October 8, 2026, consists of four bond issuances with maturities ranging from three to ten years. These funds are intended to cover 2026 budgetary needs, including investment expenditures and priority actions. The operation is arranged by Invictus Capital & Finance and co-led by CGF Bourse.

Simultaneously, Senegal has reached an agreement in principle with the IMF for a 36-month program valued at approximately 2.2 billion dollars (nearly 1,243 billion FCFA) under the Extended Fund Facility. This financing is subject to approval by the IMF's board and the implementation of corrective measures regarding previously erroneous financial data. The program focuses on restoring macroeconomic stability, improving debt sustainability, and strengthening public finances through increased domestic revenue mobilization and expenditure rationalization. While the government has promised to strengthen social safety nets, the reforms may impact households through subsidy reductions and tax reforms.