IMF confirms Senegal concealed $7bn in debt under former government

The head of the IMF's Africa Division, Edward Gemayel, pointed out the "serious shortcomings in budgetary control" of the country's previous presidency.

In Senegal, the confirmation by the International Monetary Fund (IMF) that part of the country's debt has been knowingly underestimated and concealed by the previous administration – for an amount of about $7 billion – continues to make a response. How has Senegal come to such a situation? And how can the country emerge from this extremely fragile financial crisis?

IMF confirms Senegal concealed $7bn in debt under former government

The International Monetary Fund (IMF) has confirmed that the administration of former Senegalese President Macky Sall deliberately concealed up to ...

Never before had the situation of public finances been so passionate about the Senegalese, the latter holding their breath on the consequences it could have on the political and economic life of the country.

IMF Confirms Senegal Concealed $7bn In Debt Under Former Government – The Standard Newspaper

The International Monetary Fund (IMF) has confirmed that the administration of former Senegalese President Macky Sall deliberately concealed up to $7bn in public debt between 2019 and 2024, following an audit commissioned by the new government. The IMF’s validation of the findings, reported by APA News, supports earlier claims made by President Bassirou Diomaye Faye shortly after taking office. In response to the reported discrepancies, the IMF …

IMF cautions Senegal over ex-regime’s $7bn misrepresentation

The financial institution announced that it had identified a misrepresentation of $7 billion (over 4,000 billion CFA francs). Compared to GDP, the outstanding amount, including the amount of "misreporting," significantly exceeds the 74% initially stated as of December 31, 2023. It is actually 99.67%, according to the auditing body. What are the consequences of this situation? In an interview published this Tuesday, March 25, in Le Soleil, the Fu…