Senegal's Bid for IMF Support Amid Burgeoning Debt

Senegal seeks to finalize a new lending programme with the IMF after uncovering previously unreported debts which have grown significantly. The IMF aims to establish a new programme while discussing a debt misreporting waiver. Technical work on debt sustainability remains essential to the discussions.

The International Monetary Fund (IMF) mission to Senegal has concluded without securing a new lending programme, an IMF official reported this week. Despite the absence of a finalized programme, discussions aim to conclude as swiftly as possible.

Mission Chief Edward Gemayel noted ongoing talks, pointing to Senegal's commitments in managing its debts discovered from a prior administration. These debts, initially $1.8 billion, have escalated to over $11 billion, leading to the IMF freezing Senegal's previous lending arrangement.

The IMF is concurrently addressing a debt misreporting waiver critical to Senegal's financial standing. Analytical work on debt sustainability is pending, an essential factor in determining potential debt restructuring requirements necessary for securing new financial support. An IMF delegation, present in Dakar since October 22, continues negotiations.

(With inputs from agencies.)