{
  "title": "IMF Staff Concludes Visit to Senegal",
  "publication": "IMF News, November 6, 2025",
  "sourceUrl": "https://www.imf.org/en/news/articles/2025/11/06/pr-25360-senegal-imf-concludes-visit",
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  "summary": "A team from the International Monetary Fund (IMF), led by Mr. Edward Gemayel, IMF Mission Chief for Senegal, visited Dakar from October 22 to November 6, 2025, to advance discussions initiated during the 2025 Annual Meetings on a new IMF-supported program and to review progress on corrective measures related to the hidden debt.",
  "publishDate": "2025-11-06",
  "sections": [
    {
      "heading": "Visit summary",
      "content": "- Mission dates: October 22 to November 6, 2025.\n- Mission leader: Mr. Edward Gemayel, IMF Mission Chief for Senegal.\n- Purpose: advance discussions initiated during the 2025 Annual Meetings on a new IMF-supported program and review progress on corrective measures related to the hidden debt.\n- Outcome: Productive discussions focused on actions to address fiscal and debt vulnerabilities revealed by the hidden debt episode; laid a solid foundation for continued engagement toward a potential new IMF-supported program. This mission will not result in a Board discussion."
    },
    {
      "heading": "Macroeconomic outlook and near-term projections",
      "content": "- Real GDP growth projected at about 7.9 percent in 2025.\n- Non-hydrocarbon growth projected at around 3.4 percent in 2025.\n- Inflation expected to average about 1.4 percent in 2025.\n- Drivers of resilience in 2025: start/first full year of oil and gas production and a rebound in agriculture.\n- Global context: resilience noted despite global uncertainty and tighter financing conditions."
    },
    {
      "heading": "Fiscal performance, 2024–2026 targets, and risks",
      "content": "- Fiscal performance through end-September 2025: broadly in line with the revised 2025 budget; revenues on target and non-priority spending contained.\n- Overall deficit projected to narrow from 13.4 percent of GDP in 2024 to 7.8 percent in 2025.\n- Draft 2026 Budget Law target: reduce the deficit to 5.4 percent of GDP.\n- Revenue measures in the draft 2026 Budget Law: new taxes on gambling, mobile transfers and other measures notably related to land taxation, and gradual phasing-out of tax exemptions.\n- Staff caution: the very high tax yield assumed from announced measures poses a significant risk; call for more conservative projections.\n- Recommendation: adopt a balanced approach to preserve high-impact investment and well-targeted priority spending to maintain credibility and safeguard growth."
    },
    {
      "heading": "Debt levels, hidden debt corrective actions, and debt-management priorities",
      "content": "- Total public sector debt estimated at 132 percent of GDP at end-2024.\n- Included in that estimate: 4 percent in domestic expenditure arrears pending the results of the ongoing audit by the Inspectorate General of Finance.\n- Authorities’ actions: pursuing active debt-management operations on domestic and external debt to reduce debt-related vulnerabilities.\n- Progress on corrective actions related to misreporting: good progress achieved, notably improved debt publications.\n- Remaining needs and priorities:\n  - Further decisive steps required to resolve the hidden debt case.\n  - Strengthen debt-management capacity.\n  - Centralize debt functions within a single ministry to enhance control, transparency, and accountability.\n  - Completion of the debt-management reform and full implementation of remaining corrective measures essential.\n- Mission and authorities exchanged views on several options to address fiscal and debt-management challenges highlighted by the public finance audit."
    },
    {
      "heading": "Structural reforms, governance, and policy recommendations",
      "content": "- Authorities recognized for commitment to transparency, fiscal discipline, and sound macroeconomic management.\n- Agreed priorities to underpin a new IMF-supported program and durable growth:\n  - Strengthen fiscal sustainability.\n  - Enhance debt management.\n  - Reinforce governance and anti-corruption measures.\n  - Pursue pro-growth fiscal consolidation with sustained robust reforms.\n- Emphasis on continued progress to maintain investor confidence and foster durable growth."
    },
    {
      "heading": "Stakeholder engagement and meetings",
      "content": "- High-level meetings held with:\n  - His Excellency Mr. Bassirou Diomaye Diakhar Faye, President of the Republic;\n  - Mr. Ousmane Sonko, Prime Minister;\n  - Mr. Ahmadou Al Aminou Lo, Minister of State to the President of the Republic in charge of Monitoring the National Transformation Agenda;\n  - Ms. Yacine Fall, Keeper of the Seals, Minister of Justice;\n  - Mr. Abdourahmane Sarr, Minister of Economy, Planning and Cooperation;\n  - Mr. Cheikh Diba, Minister of Finance and Budget;\n  - Mr. Jean-Claude Kassi Brou, Governor of the BCEAO;\n  - Mr. François Sène, National Director of the BCEAO;\n  - Several other senior officials.\n- Discussions also held with development partners and other stakeholders.\n\nIMF Communications Department — End-of-Mission press release dated November 6, 2025.\n\n---\n\n\n References\n\n- Senegal and the IMF\n- Press Releases\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2025/11/06/pr-25360-senegal-imf-concludes-visit"
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    "Published: November 6, 2025",
    "Mission dates: October 22 to November 6, 2025.",
    "Mission leader: Mr. Edward Gemayel, IMF Mission Chief for Senegal.",
    "Purpose: advance discussions initiated during the 2025 Annual Meetings on a new IMF-supported program and review progress on corrective measures related to the hidden debt.",
    "Outcome: Productive discussions focused on actions to address fiscal and debt vulnerabilities revealed by the hidden debt episode; laid a solid foundation for continued engagement toward a potential new IMF-supported program. This mission will not result in a Board discussion.",
    "Real GDP growth projected at about 7.9 percent in 2025.",
    "Non-hydrocarbon growth projected at around 3.4 percent in 2025.",
    "Inflation expected to average about 1.4 percent in 2025.",
    "Drivers of resilience in 2025: start/first full year of oil and gas production and a rebound in agriculture.",
    "Global context: resilience noted despite global uncertainty and tighter financing conditions.",
    "Fiscal performance through end-September 2025: broadly in line with the revised 2025 budget; revenues on target and non-priority spending contained.",
    "Overall deficit projected to narrow from 13.4 percent of GDP in 2024 to 7.8 percent in 2025.",
    "Draft 2026 Budget Law target: reduce the deficit to 5.4 percent of GDP.",
    "Revenue measures in the draft 2026 Budget Law: new taxes on gambling, mobile transfers and other measures notably related to land taxation, and gradual phasing-out of tax exemptions.",
    "Staff caution: the very high tax yield assumed from announced measures poses a significant risk; call for more conservative projections.",
    "Recommendation: adopt a balanced approach to preserve high-impact investment and well-targeted priority spending to maintain credibility and safeguard growth.",
    "Total public sector debt estimated at 132 percent of GDP at end-2024.",
    "Included in that estimate: 4 percent in domestic expenditure arrears pending the results of the ongoing audit by the Inspectorate General of Finance.",
    "Authorities’ actions: pursuing active debt-management operations on domestic and external debt to reduce debt-related vulnerabilities.",
    "Progress on corrective actions related to misreporting: good progress achieved, notably improved debt publications.",
    "Remaining needs and priorities:",
    "Mission and authorities exchanged views on several options to address fiscal and debt-management challenges highlighted by the public finance audit.",
    "Authorities recognized for commitment to transparency, fiscal discipline, and sound macroeconomic management.",
    "Agreed priorities to underpin a new IMF-supported program and durable growth:",
    "Emphasis on continued progress to maintain investor confidence and foster durable growth.",
    "High-level meetings held with:",
    "Discussions also held with development partners and other stakeholders.",
    "[Senegal and the IMF](http://www.imf.org/external/country/SEN/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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