IMF says no talks on new Senegal program until misreporting addressed

Record ID: 1986891

  • Title: IMF says no talks on new Senegal program until misreporting addressed
  • Date: 24th March 2025
  • Summary: DAKAR, SENEGAL (MARCH 24, 2025) (REUTERS) (SOUNDBITE) (English) IMF AFRICAN DEPARTMENT DIVISION CHIEF, EDWARD R. GEMAYEL, SAYING: "We think subsidy is an essential part of the reform program, together with other reforms on the CAPEX. They need to review, and they want to review the current CAPEX program, which is big, and so prioritize all these CAPEX. On the revenue side,
  • Embargoed:
  • Keywords: Debt Economy IMF africa senegal west
  • Location: DAKAR, SENEGAL
  • City: DAKAR, SENEGAL
  • Country: Senegal
  • Topics: Africa,Government/Politics
  • Reuters ID: LVA005128224032025RP1
  • Aspect Ratio: 16:9
  • Story Text: The International Monetary Fund said on Monday that talks on a new programme for Senegal could not go ahead until the government addressed the misreporting of key economic data under the previous government.
    The IMF suspended its existing $1.8 billion credit facility to Senegal pending a review of state finances, which confirmed last month that the debt and budget deficit were much wider than former President Macky Sall's administration had reported.
    Finance Minister Cheikh Diba said Senegal was hoping for a new IMF programme by June.
    In an interview with Reuters in Dakar on Monday (March 24), IMF mission chief Edward Gemayel said "everything is possible" but did not commit to that timeline.
    Gemayel said it was also "too early to make that call" when asked if Senegal was heading for a credit event such as a debt restructuring, rescheduling or default.
    Senegal's Court of Auditors last month released a long-awaited review of the country's finances that confirmed the previous government misreported key economic data including debt and deficit figures.
    At the end of 2023, the total outstanding debt represented 99.67% of gross domestic product, the court's report said. That compared with a previously recorded figure of 74.41%.
    (Production: Ngouda Dione)
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