IMF Team Visits Senegal to Discuss Corrective Measures
A team from the International Monetary Fund (IMF), led by Edward Gemayel, visited Senegal from August 19 to 26, 2025, to discuss corrective measures following the report of the Court of Auditors published in February 2025.
Objective of the Visit
The visit aimed to exchange with Senegalese authorities on resolving a significant case of financial misstatement, analyzing the current debt situation, and outlining the contours of a future IMF-supported program.
Outcome of the Mission
At the end of the mission, Gemayel praised the commitment of Senegalese authorities to transparency and fiscal responsibility, particularly following the revelation of serious errors in financial declarations over the past few years.
Fruitful discussions were held to strengthen public financial management, ensure reliable budget reports, and preserve the sustainability of public finances.
Debt Stock Revision
Thanks to an in-depth audit conducted by Forvis Mazars, the central government's debt stock was revised from 74.4% to 111.0% of GDP as of 2023, due to previously undeclared debts. By the end of 2024, this debt had risen to 118.8% of GDP.
Economic Resilience
Despite these challenges, the Senegalese economy has shown resilience, with a 12.1% annual growth rate in the first quarter of 2025, driven by the hydrocarbon sector. However, growth excluding hydrocarbons remains moderate at 3.1%, affected by payment delays in the construction sector and structural difficulties in the chemical industry. Inflation is under control at 0.7% in July 2025.
Corrective Measures
The mission discussed a set of measures to address the root causes of financial misstatements, including:
- Centralizing debt management
- Strengthening the National Public Debt Committee
- Auditing outstanding payments
- Creating a centralized database on debt
- Gradually consolidating bank accounts under a single Treasury account
Future IMF-Supported Program
The authorities expressed their ambition to request a new IMF-supported program. The IMF stands ready to support Senegal in implementing a reform agenda aligned with Vision 2050 and the Economic and Social Recovery Plan, taking into account the lessons learned from the Court of Auditors' report.
Strategic Axes
Four strategic axes have been identified:
- Strengthening financial management and budget transparency
- Supporting the recovery of key sectors for inclusive growth
- Improving human capital and social equity
- Enhancing resilience to climate and natural disasters
These priorities aim to consolidate macroeconomic stability, rebalance public finances, better control debt, and promote sustainable growth.
IMF Appreciation
The IMF thanks the Senegalese authorities for their warm welcome, frank exchanges, and exemplary cooperation throughout the mission.
During the visit, the delegation met with notable figures, including Cheikh Diba, Minister of Finance and Budget, Ahmadou Al Aminou Lo, Minister of State to the President of the Republic, Boubacar Camara, Secretary General of the Government, and other high-ranking officials.
