Senegal Steps Forward: Lazard Tapped for Debt Advisory Role

Senegal is set to appoint Lazard as its financial advisor to address its significant debt challenges. The country's newly disclosed debts surpassed $13 billion, more than a quarter of its GDP. A selection process has been underway, with Lazard emerging as the frontrunner.

Senegal is poised to name Lazard as its financial advisor to help navigate its debt difficulties, reported a source familiar with the situation. This move comes as investors closely observe Senegal's strategy to manage its substantial debt.

In 2024, Senegal's government revealed previously unreported debts amounting to over $13 billion, exceeding a quarter of the nation's GDP. Since then, the West African country has been striving to strengthen its public finances.

Sources informed Reuters of an ongoing selection process for a financial advisor. While Lazard did not provide a comment, Senegal's finance ministry also did not immediately respond to inquiries.