Senegal IMF Mission Highlights Fiscal Progress but Debt Scandal Blocks New Program

The International Monetary Fund (IMF) conducted a week‑long technical mission in Dakar from 15 June to 22 June 2024. The mission praised Senegal’s fiscal consolidation, noting that the public‑budget deficit fell from 13.4 % of GDP in 2024 to 6.4 % in 2025 and that real GDP growth reached 6.7 % in 2025, helped by the start of oil and gas production.

Nevertheless, the IMF warned that the hidden‑debt scandal uncovered in the previous administration – public debt now estimated at about 132 % of GDP – keeps the $1.8 billion financing programme suspended. The Fund said a waiver from its Executive Board on the debt‑misreporting case is the key prerequisite for any new program. Rising global oil prices, linked to the Middle‑East conflict, were also flagged as a risk to public finances.

Senegal sought to reassure markets by making an early payment of two Eurobond coupons totalling roughly €89 million before the IMF team arrived. The IMF described the discussions with finance minister Cheikh Diba and other senior officials as “open and constructive,” but stressed that further reforms and transparent debt accounting are needed before disbursements can resume.