{"id":182047,"date":"2025-11-15T12:54:12","date_gmt":"2025-11-15T12:54:12","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/182047\/"},"modified":"2025-11-15T12:54:12","modified_gmt":"2025-11-15T12:54:12","slug":"senegal-will-pay-debts-committed-to-imf-talks-says-finance-ministry","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/182047\/","title":{"rendered":"Senegal will pay debts, committed to IMF talks, says finance ministry"},"content":{"rendered":"<ul data-testid=\"Summary\" class=\"summary-module__summary__QjADA\">\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">Debt concerns rise in sub-Saharan Africa<\/li>\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">Political tensions could complicate Senegal&#8217;s IMF negotiations<\/li>\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">Senegal&#8217;s debt-to-GDP ratio surpasses 130%<\/li>\n<li data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf summary-module__point__UgXPz\">Senegal&#8217;s bonds hit record-low prices as IMF talks drag<\/li>\n<\/ul>\n<p>Nov 14 (Reuters) &#8211; Senegal&#8217;s finance ministry told investors it will pay back its debts and continue talks with the International Monetary Fund as the nation braced for a key credit rating decision from S&amp;P Global later on Friday.<\/p>\n<p>The IMF suspended Senegal&#8217;s lending program last year after the then-new government flagged unreported debts that have since grown to more than $11 billion, leaving the West African country in a precarious financial situation with debt-to-GDP above 130%.<\/p>\n<p data-testid=\"promo-box\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__promo-box__hVl8h\"> Sign up  <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/africa\/senegal-will-pay-its-debts-committed-imf-talks-says-finance-ministry-2025-11-14\/undefined?location=article-paragraph&amp;redirectUrl=%2Fworld%2Fafrica%2Fsenegal-will-pay-its-debts-committed-imf-talks-says-finance-ministry-2025-11-14%2F\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">here.<\/a><\/p>\n<p>The Ministry of Finance and Budget, in a statement sent to investors on Thursday and seen by Reuters, said it was &#8220;resolutely committed to its dialogue&#8221; with the Fund.<\/p>\n<p>&#8220;Senegal reiterates that it will continue to honor its obligations as they fall due and is progressing adequately on the implementation of its financing plan for 2026,&#8221; the statement read.<\/p>\n<p>The finance ministry did not immediately respond to a request for comment.<\/p>\n<p>PUSHING AHEAD WITH BOOSTING REVENUE<\/p>\n<p>The statement said the government was pursuing efforts to strengthen public finances by boosting revenue, managing expenditures and aligning budget execution with its 2025 targets.<\/p>\n<p>By end-September, revenues excluding grants and current expenditures had reached 73% of targets, the ministry said.<\/p>\n<p>The IMF, following its mission to Senegal earlier this month, said the &#8220;very high tax yield&#8221; assumed in the country&#8217;s revenue growth projections &#8220;poses a significant risk&#8221;.<\/p>\n<p>Since the IMF&#8217;s suspension of the lending program, talks on a debt misreporting waiver, crucial for a new lending program, have been slow, and the Fund left Dakar earlier this month without any concrete agreement for the waiver or a new lending programme.<\/p>\n<p>Prime Minister Ousmane Sonko said last weekend that the IMF <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/africa\/imfs-proposed-senegal-debt-restructure-disgrace-prime-minister-says-2025-11-09\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">wants the country to restructure<\/a> its debt, which he fervently rejected.DEBT CONCERNS ELSEWHERE IN AFRICA MOUNT<\/p>\n<p>Senegal&#8217;s troubles have kindled fresh concerns over sovereign solvency in sub-Saharan Africa just as the continent emerged from a default wave that saw Zambia, Ghana and Ethiopia forced to restructure their debt.<\/p>\n<p>In late October, Mozambique authorised consulting firm Alvarez &amp; Marsal to assist with the country&#8217;s &#8220;public debt restructuring plan&#8221;. <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/africa\/gabon-not-planning-debt-restructuring-focused-growth-vice-president-2025-10-22\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">Gabon<\/a> has also struggled with liquidity issues and arrears with the World Bank.<\/p>\n<p>In the statement, Senegal also said that the firm Global Sovereign Advisory was acting as the country&#8217;s sole financial adviser.<\/p>\n<p>The lack of progress between Dakar and the IMF has weighed heavily on Senegal&#8217;s international bonds, with some hitting <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/africa\/senegals-bonds-fall-record-lows-debt-concerns-build-2025-11-13\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">record-low prices<\/a> this week.Adding to woes, political tensions within Senegal&#8217;s ruling coalition, including reported <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/africa\/senegal-president-ruling-party-clash-over-leadership-post-2025-11-12\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">disagreements between President Bassirou Diomaye Faye<\/a><br \/>\n and Prime Minister Ousmane Sonko, have further rattled investors and could complicate the nation&#8217;s negotiating position with international institutions.BOND REPRIEVE ON FRIDAY<\/p>\n<p>On Friday, Senegal&#8217;s international bonds snapped their losing streak to trade around 2.5 cents higher across both euro- and dollar-denominated debt. However, that still leaves some bonds, such as the dollar-denominated 2031 maturity, down nearly 10 cents since the start of the week to bid at 66.5 cents.<\/p>\n<p>Later on Friday, S&amp;P Global is expected to publish its latest ratings decision. The agency <a data-testid=\"Link\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.reuters.com\/world\/africa\/sp-global-downgrades-senegals-rating-over-soaring-debt-levels-2025-07-15\/\" class=\"text-module__text__0GDob text-module__inherit-color__PhuPF text-module__inherit-font__1P1hv text-module__inherit-size__EyiQW link-module__link__INqxZ link-module__underline_default__-okuC\" rel=\"nofollow noopener\" target=\"_blank\">downgraded Senegal&#8217;s sovereign credit rating<\/a> to B- in July with a negative outlook due to growing concerns about its rising debt burden.<\/p>\n<p data-testid=\"SignOff\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__full_width__kCIGb body-module__extra_small_body__Bfz20 sign-off-module__text__LQAMP\">Reporting by Portia Crowe and Libby George; additional reporting by Robbie Corey-Boulet; writing by Colleen Goko, editing by Karin Strohecker and Mark Heinrich<\/p>\n<p data-testid=\"Body\" dir=\"ltr\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__small__sph8i body-module__base__o--Cl body-module__small_body__gOmDf article-body-module__element__5eCce article-body-module__trust-badge__5mS3f\">Our Standards: <a data-testid=\"Link\" target=\"_blank\" referrerpolicy=\"no-referrer-when-downgrade\" href=\"https:\/\/www.thomsonreuters.com\/en\/about-us\/trust-principles.html\" rel=\"noopener nofollow\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__medium__2Rl30 text-module__small__sph8i link-module__link__INqxZ link-module__underline_default__-okuC link-module__with-icon__qlg76\">The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n<p><a href=\"https:\/\/www.reutersagency.com\/en\/licensereuterscontent\/?utm_medium=rcom-article-media&amp;utm_campaign=rcom-rcp-lead\" target=\"_blank\" dir=\"ltr\" class=\"button-module__link__A3sD0 button-module__secondary__70gBu button-module__round__QDFgq button-module__w_auto__Sem-F\" data-testid=\"LicenceContentButton\" rel=\"nofollow noopener\">Purchase Licensing Rights<\/a><a data-testid=\"AuthorBioImageLink\" class=\"author-bio-module__author-image__jcaG3\" href=\"https:\/\/www.reuters.com\/authors\/libby-george\/\" referrerpolicy=\"no-referrer-when-downgrade\" tabindex=\"-1\" rel=\"nofollow noopener\" target=\"_blank\"><\/a><\/p>\n<p data-testid=\"Body\" class=\"text-module__text__0GDob text-module__dark-grey__UFC18 text-module__regular__qJJtA text-module__extra_small__8Buss body-module__base__o--Cl body-module__extra_small_body__Bfz20 author-bio-module__description__9ynkB\">Libby George is a London-based journalist on the Reuters emerging markets team. She was part of a team named as Pulitzer finalists in 2023, and who won the Selden Ring Award for International Investigative Reporting, for a series of stories revealing abuses by Nigeria\u2019s military. After launching her career as a political journalist in Washington, D.C., she joined Reuters in 2015 covering oil, and from 2019-2023, she was senior correspondent and acting bureau chief based in Lagos, Nigeria. <\/p>\n","protected":false},"excerpt":{"rendered":"Debt concerns rise in sub-Saharan Africa Political tensions could complicate Senegal&#8217;s IMF negotiations Senegal&#8217;s debt-to-GDP ratio surpasses 130%&hellip;\n","protected":false},"author":2,"featured_media":182048,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[82772,82499,36586,79,84893,84897,88447,83806,82763,3737,83116,179,18,55396,82578,95661,32356,45748,85214,88436,95662,19,13484,82765,17,83122,82507,82508,102782,3977,82967],"class_list":{"0":"post-182047","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-afr","9":"tag-bact","10":"tag-biz","11":"tag-business","12":"tag-cdm","13":"tag-dbt","14":"tag-destozabsm","15":"tag-destozatpm","16":"tag-devfin","17":"tag-dip","18":"tag-eco","19":"tag-economy","20":"tag-eire","21":"tag-emea","22":"tag-emrg","23":"tag-eub","24":"tag-fin","25":"tag-gen","26":"tag-gfin","27":"tag-gvd","28":"tag-hyd","29":"tag-ie","30":"tag-imf","31":"tag-intag","32":"tag-ireland","33":"tag-mce","34":"tag-news1","35":"tag-pol","36":"tag-reorg","37":"tag-sn","38":"tag-wafr"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115553819985292553","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/182047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=182047"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/182047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/182048"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=182047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=182047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=182047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}