“ We have never seen a hidden debt of this magnitude ” in Africa, stated Edward Gemayel. The head of the International Monetary Fund (IMF) mission to Senegal spoke on Thursday, November 6, at the conclusion of a two-week visit to discuss the resumption of a loan program by the international institution. This significant debt, he explained, explains why discussions must continue and have not yet resulted in the conclusion of a new loan that Senegal is awaiting.

“ The case of Senegal, with a hidden debt of this magnitude, ” is unprecedented, acknowledged Edward Gemayel, the IMF mission chief in Dakar, speaking to RFI, referring to the debt accumulated by Senegal between 2019 and 2024, amounting to nearly seven billion dollars (under the administration of Macky Sall). And that is “ what complicates matters .”   he told Léa-Lisa Westerhoff . This is a way of justifying why the discussions that began last August with Senegal are taking time and will have to continue remotely from next week, assures the IMF, which says it is " committed " to reaching a new loan agreement " quickly ".

Among the prerequisites is the implementation of so-called " corrective " measures to prevent such concealment from recurring. Centralizing debt management functions within a single ministry is one example. The IMF expects Senegal to implement this measure, as well as to publish the results of the arrears audit.

On the side of the international monetary institution, the debt sustainability analysis is proving difficult to finalize. This crucial step—conducted with the World Bank—is necessary to determine whether Senegal's debt is sustainable. Despite the lack of an agreement on November 6, the IMF is trying to reassure. " It is rare for a new agreement to be finalized after an initial visit ," asserts Edward Gemayel, who believes the next round of negotiations could conclude in a few weeks, although he is unwilling to commit to a specific date.

For Senegal, the failure to reach a new agreement with the IMF is bad news. It risks prolonging and worsening Senegal's financial situation, whose credit rating has already been downgraded three times in one year , " given the increased risks concerning the debt trajectory and the country's worrying fiscal situation ," according to the rating agency Moody's. Senegal's debt now stands at 132% of GDP.