Washington, DC: A Staff team from the International Monetary Fund (IMF), led by Mercedes Vera Martin, IMF Mission Chief for Senegal, visited Senegal during June 15-19 to assess recent macroeconomic developments and outlook, and held discussions with the Senegalese authorities on their plans to navigate the challenges ahead.
At the conclusion of the mission, Ms. Vera Martin issued the following statement:
“The IMF team held open and constructive technical discussions with the Senegalese authorities. The team welcomed the authorities’ continued engagement and their commitment to addressing the vulnerabilities revealed by the past misreporting, including through reforms to strengthen public financial management, fiscal governance, and transparency. It also welcomed institutional reforms to unify debt management functions as a critical corrective measure in the misreporting process. Further decisive action will be important to support progress toward resolving the case.
“Senegal’s economy has shown resilience, although it is facing a challenging economic situation amid a difficult global environment. Real GDP growth reached 6.7 percent in 2025, supported by a strong expansion of the hydrocarbon sector. The current account deficit narrowed significantly in 2025, driven by oil exports and import compression. The overall fiscal deficit narrowed sharply from 13.4 percent of GDP in 2024 to 6.4 percent of GDP in 2025, mostly driven by spending rationalization, but fiscal and debt vulnerabilities remain elevated. The near-term outlook is subject to elevated risks. Higher global oil prices since the start of the war in the Middle East are expected to put additional pressure on Senegal’s public finances this year, given the budgetary cost of untargeted subsidies. In the context of elevated debt vulnerabilities, heightened global uncertainty and tighter financial conditions could further exacerbate financing pressures.
“Discussions focused on assessing the impact of the war in the Middle East on the Senegalese economy and public finances; reviewing financing needs and conditions for the remainder of the year; and designing reforms to enhance growth, reinforce social safety nets and strengthen governance.
“The authorities reiterated their interest in a new IMF-supported program. IMF staff will continue to engage with the authorities on their policies and reform priorities that could be supported by an IMF arrangement. These include measures to support fiscal consolidation and address debt vulnerabilities, strengthen debt management, enhance public governance, and promote inclusive and sustainable growth.
“We reaffirm our commitment to supporting Senegal in these challenging times.
“The IMF staff team thanks the Senegalese authorities for their warm hospitality, excellent cooperation, and the candor and quality of discussions during the visit.”
During the visit, the IMF team met with Mr. Ahmadou Al Aminou Lo, Prime Minister; Mr. Cheikh Diba, Minister of Economy, Finance and Planning; Mr. Bassirou Sarr, Minister-Delegate to the Minister of Economy, Finance and Plan in charge of the Budget; Mr. Allé Nar Diop, Minister-Delegate to the Minister of Economy, Finance and Plan in charge of Economy, Planning and Cooperation; and Mr. François Sène, National Director of the BCEAO; as well as several senior officials.
