President Bassirou Diomaye Faye is personally leading negotiations with the International Monetary Fund to resolve a financial crisis triggered by the discovery of previously unreported liabilities in 2024.
Faye’s office disclosed this on Tuesday in statements published on social media following his meeting with IMF Managing Director Kristalina Georgieva on the sidelines of the Africa Forward Summit in Nairobi.
The discussions focused on possible solutions to Senegal’s growing debt challenges after the IMF suspended a $1.8bn programme in 2024 when the financial misreporting surfaced.
Senegal is currently seeking a new lending arrangement with the IMF to address a debt burden that has reportedly exceeded 130 per cent of the country’s gross domestic product.
According to the presidency, Faye and Georgieva agreed to continue negotiations as efforts intensify to stabilise the country’s economy.
“This is an issue the President is personally committed to and to which he is dedicating all his energy,” the statement from Faye’s office said.
Last year, Prime Minister Ousmane Sonko disclosed that the IMF had proposed debt restructuring measures, a move the government strongly opposed.
Sonko described the idea of restructuring Senegal’s debt as “a disgrace,” insisting that the government would resist such proposals.
The talks between Faye and Georgieva also covered the broader economic impact of instability in the Middle East, particularly rising global energy costs and their effect on Senegal’s economy.
According to the presidency, both leaders discussed strategies for addressing economic shocks linked to the conflict, especially the increasing cost of energy imports.
The IMF has recently revised downward its economic growth projections for Senegal and warned that the country’s current account deficit could widen further this year.
The financial institution cited mounting fiscal pressures and economic uncertainty as key concerns facing the West African nation.
