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The International Monetary Fund (IMF) has confirmed the figures published a few weeks ago by Senegal’s Court of Auditors.
According to the financial institution, the administration of Macky Sall did indeed "hide" a significant portion of Senegal’s debt, amounting to 4,585 trillion CFA francs ($7 billion).
“There was a very deliberate decision to underestimate the debt stock. We therefore agree with the conclusions of the Court of Auditors’ report,” stated Edward Gemayel, head of the IMF delegation.
According to the IMF official, the debt over the past five years was underreported to allow Senegal to maintain a positive financial standing and secure additional funding.
“There was an underestimation. Part of the debt was concealed, enabling the authorities to borrow more on the markets, send a more positive signal to financial markets, and secure loans at more favorable rates than they would have if the debt had been accurately reported,” explained the IMF delegation head.
During Macky Sall’s final term, the IMF had approved a 1,179 trillion CFA franc program, which it suspended following the government’s revelations and the Court of Auditors’ report.
In the coming weeks, the IMF will decide whether to initiate a new program with the government of Diomaye Faye or demand repayment of funds already disbursed under the previous arrangement.