Senegal’s efforts to secure a new loan programme from the International Monetary Fund (IMF) appear to be slowing, despite high expectations ahead of last week’s Spring Meetings in Washington.
The country’s delegation was notably absent from key investor briefings and largely stayed away from high-profile discussions typically used to court financial backing, according to participants at the meetings.
This comes after months of limited communication between Dakar and the IMF, raising concerns among observers about the pace of negotiations.
The West African nation, whose economy is valued at around $40bn, has been grappling with a deepening fiscal crisis since 2024, when the new administration revealed previously undisclosed debts estimated at about $13bn.
The revelation led the IMF to suspend financing to the country pending further clarification and resolution of the discrepancies.
Senegal is now negotiating both a waiver on the debt misreporting issue—which would prevent repayment of previous loans—and a new bailout programme to stabilise its economy.
During the Spring Meetings, Senegalese officials met with representatives of both the World Bank and the IMF, but investor engagement was limited to a single technical briefing led by IMF Mission Chief Mercedes Vera-Martin and other staff.
About 100 investors attended the closed-door session, but there were no broader investor presentations from Senegalese authorities.
IMF Managing Director Kristalina Georgieva described the discussions as “productive,” sharing a photo with Senegal’s Finance Minister Cheikh Diba and Economy Minister Abdourahmane Sarr.
However, sources familiar with the negotiations told Reuters that both sides remain far apart on key issues.
Analysts say the slower-than-expected progress reflects the complexity of resolving Senegal’s debt misreporting case while simultaneously negotiating fresh financial support.
The situation has raised uncertainty among investors, with concerns that delays in reaching a deal could further strain Senegal’s fiscal position and limit access to external financing.
Despite continued dialogue, expectations for a near-term breakthrough appear increasingly muted as both sides work through technical and policy disagreements.
