In its latest report, the American rating agency Moody's downgraded Senegal's rating, placing the country in fourth place among the eight WAEMU states.

A position that reflects increased vulnerability and a high risk of non-repayment of the debt, according to analysts.

For economist Ibrahim Adamou Louché, this ranking is largely explained by the deterioration of the country's budgetary situation.

"The fact that Senegal is ranked fourth, with a high risk, reflects budgetary and financial fragility, rather than a deep crisis. The economic dynamic remains real, but it is accompanied by increased fragility linked to debt, imports and the very fluid international situation," he explained to DW.

The direct consequence is more difficult access to external financing and higher costs for the state. But according to Etienne Fakaba Sissoko, professor of economics at the University of Bamako, nothing is irreversible.

"To improve its rating today, the country must above all work to restore budgetary discipline, accelerate the agreement with the IMF and finally strengthen transparency in public management," he advises.

A plan to revive the economy

Despite the red flags, the Senegalese government is banking on implementing the Emerging Senegal Plan by 2035 to redress the economic trajectory. This plan could herald bright prospects for the country.

"The Emerging Senegal Plan, which aims to make Senegal an emerging nation by 2035, is the only benchmark for Senegal's development policies and strategies in the medium and short term.

But we can already say that in the wake of Moody's downgrade of Senegal's rating, the country has bounced back well with the raising of 450 billion CFA francs in a public offering, with a coverage rate of 150%," assures economist Modibo Makalou.

Senegal is therefore entering a decisive phase of its economic development. Its challenge: to reassure the markets, while maintaining its development momentum.