IMF Staff Concludes Visit to Senegal

IMF News, August 26, 2025

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A staff team from the International Monetary Fund (IMF), led by Mr. Edward Gemayel, visited Senegal from August 19-26, 2025, to discuss corrective measures following the Court of Auditors' report published on February 12, 2025.
The mission engaged with the authorities on actions needed to address the misreporting case before consideration by the IMF Executive Board, reviewed the current debt situation, and exchanged views on the contours of a potential new IMF-supported program.

Forvis Mazars, an international audit firm, conducted a comprehensive reconciliation exercise that led the authorities to revise the stock of central government debt from 74.4 percent to 111.0 percent of GDP at end-2023.
At end-2024, the revised debt statistics show central government debt reached 118.8 percent of GDP.
The Court of Auditors’ report confirmed significant data misreporting for the 2019-2023 period.
Growth dynamics:
- Overall growth accelerated to 12.1 percent year-on-year in the first quarter of 2025, driven by strong hydrocarbon sector expansion following the start of production at the Sangomar and GTA fields.
- Non-hydrocarbon growth remained subdued at 3.1 percent year-on-year, reflecting persistent challenges in the construction sector due to payment arrears and structural difficulties in chemical industries.
Inflation remained contained at 0.7 percent year-on-year through July 2025.

Centralizing debt management functions.
Strengthening the role of the National Public Debt Committee.
Completing the ongoing comprehensive audit of payment arrears launched by the Inspectorate General of Finance on July 21, 2025.
Establishing a centralized debt database.
Strengthening budgetary commitment controls.
Progressive consolidation of bank accounts under the Treasury Single Account.
The mission noted that discussions on several corrective measures will continue over the next few weeks before the misreporting case can be presented to the IMF Executive Board.

The authorities have expressed their intention to request a new IMF-supported program.
The IMF stands ready to assist Senegal in designing an ambitious reform agenda aligned with:
- the national development strategy, Vision 2050,
- the recently released Economic and Social Recovery Plan,
- and lessons from the Court of Auditor’s findings.
The mission took note of four strategic pillars the authorities intend to prioritize:
- (i) strengthening public financial management and budget transparency;
- (ii) supporting the recovery of strategic sectors to foster inclusive growth;
- (iii) enhancing human capital and improving social equity;
- (iv) strengthening resilience to climate shocks and natural disasters.
These priorities aim to consolidate macroeconomic stability, strengthen fiscal balances, achieve better control of debt, and promote sustainable and resilient growth.

During the visit, the team met with Mr. Cheikh Diba, Minister of Finance and Budget; Mr. Ahmadou Al Aminou Lo, State Minister, Minister to the President of the Republic; Mr. Boubacar Camara, Minister, Secretary General of the Government; and other senior government officials.
The mission thanked the Senegalese authorities for their hospitality, the candor of discussions, and excellent cooperation throughout the mission.

IMF Press Release No. 25/282 — August 26, 2025