Senegal is continuing discussions with the International Monetary Fund on a new programme, “with the best interests of our country and our people in mind,” a senior adviser to President Bassirou Diomaye Faye told Reuters on Wednesday.
Aminata Toure, High Representative of the President and a former prime minister, said the suspension of a previous IMF programme had slowed agreements with other donors, but Senegal remains “committed to all its payment engagements.”
She added, “So far we didn’t default, and we don’t intend to default at all.”
Senegal is dealing with a debt burden that reached 132% of gross domestic product at the end of 2024, according to IMF data, after the government uncovered billions of dollars in misreported borrowing by the previous administration.
The IMF subsequently froze a $1.8 billion lending programme, and both sides have been negotiating for months on a replacement.
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“Senegal is willing to have a deal, but at the same time, Senegal is very strong on defending its own interests,” Toure said.
“The discussions are going on; they are not blocked.” The country owes more than $480 million to Eurobond holders next month and expects to make the payments on time.
“Sometimes you have to focus on priorities; that doesn’t mean that you are not interested in the rest,” she added.
University students have recently protested over claims of unpaid financial aid, with one student dying last week following a campus raid.
The higher education minister stated that Senegal is not currently in arrears to students.
Senegal’s prime minister said in November that the IMF had proposed a debt restructuring, but the government would not agree to it.
Toure said on Wednesday that debt restructuring is “a very complex issue.” She added, “Some decisions can have long-term impacts, including even blocking, sometimes, your growth prospects.”
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