Two years after the suspension of their agreement, the International Monetary Fund (IMF) and Senegal agreed on September 1st to resume their cooperation. The new technical agreement still needs to be approved by the IMF’s Executive Board. Running for thirty-six months, it would open up a program of approximately $2.2 billion (1,244 billion CFA francs and €1.9 billion) for Senegal. It should enable financing from the World Bank and other partners.
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The previous program was discontinued by the financial institution following Dakar’s revelation of a debt of approximately $7 billion, incurred during Macky Sall’s presidency (2012-2024) and « hidden » by the administration at the time. Senegal suddenly found itself one of the most indebted countries in Africa, with a public debt estimated at 132% of GDP.
Dakar also announced a « debt treatment plan »—a phrase that sounds very much like a euphemism for avoiding direct mention of restructuring. « The debt must be treated, » declared Cheikh Diba, Minister of Economy and Finance, who was tasked with announcing the conclusion of the agreement to the Senegalese people. “When deficits accumulate and debt maturities increase, the state’s financing capacity comes under pressure,” he said.
