Senegal to host IMF mission to discuss economic reforms and debt

An International Monetary Fund (IMF) mission, led by Mercedes Vera Martin, is scheduled to visit Dakar from August 19 to September 1, 2026. The visit aims to continue discussions between the IMF and Senegalese authorities regarding economic policies and reforms that could be supported by a new financing agreement.

The mission follows the suspension of a $1.8 billion Extended Credit Facility program in October 2024, after it was discovered that public debt levels were significantly higher than previously reported by the former administration. The IMF estimated Senegal's public debt reached approximately 132% of GDP in 2024.

Financial pressures remain high, with total debt service projected to reach approximately 5.5 trillion FCFA (nearly $9.7 billion) by 2026. This fiscal situation has impacted international credit ratings, with S&P assigning a CCC+ rating with a negative outlook and Moody’s assigning a Caa1 rating. To address these challenges, Senegal launched the ‘SEN-FINTRAC 2025-2029’ reform program to improve budgetary transparency and increase revenue.