IMF Probes Senegal's Financial Reporting After Audit Revelations

The IMF is assessing financial data from Senegal following an audit revealing a higher deficit than previously reported. The audit, ordered by President Bassirou Diomaye Faye, showed a 2023 deficit over 10% of GDP. Ongoing collaboration aims to evaluate macroeconomic impacts and consider corrective measures.

The International Monetary Fund (IMF) has initiated an inquiry into Senegal's financial reporting after a government audit indicated inconsistencies in previously reported data. The audit, commissioned by President Bassirou Diomaye Faye, revealed that Senegal's deficit at the end of 2023 was over 10% of GDP, nearly double the initially reported figures.

In response to these findings, Senegal has retracted its request for an IMF disbursement initially planned for July, pending a comprehensive review by the IMF. The decision came after a June review by the Fund and subsequent findings that necessitated further scrutiny.

A team from the IMF visited Senegal from October 9 to October 16 to discuss the audit's initial findings and examine whether misreporting occurred during previous and ongoing IMF-supported programs. The IMF aims to work closely with Senegalese authorities in outlining the next steps following this review.

(With inputs from agencies.)