IMF Reaches Staff-Level Agreement on an Extended Credit Facility Arrangement with Senegal
IMF News, September 1, 2026
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- Published: September 1, 2026
Mission and procedural status
- IMF staff and the Senegalese authorities reached a staff-level agreement on key economic policies that could underpin a new Extended Credit Facility (ECF) arrangement.
- The agreement is subject to IMF Management and Executive Board approval.
- The IMF staff team, led by Ms. Mercedes Vera Martin, held discussions in Dakar between August 19 and September 1, 2026.
- The agreement requires:
- Decisive corrective actions to support the authorities’ request for a waiver in the misreporting case prior to Executive Board approval.
- Receipt of the necessary financing assurances from Senegal's partners.
Program design and financials
- Proposed arrangement: 36-month arrangement under The Extended Credit Facility (ECF).
- Financial envelope: about US$2.2 billion (SDR 1,537.1 million, or 475 percent of quota).
- Program period: 2026–29.
- The IMF-supported program is expected to help catalyze financing from the World Bank, the African Development Bank, and other development partners.
Macroeconomic performance and outlook (as reported by staff)
- Growth:
- Senegal’s overall economy grew by 6.7 percent in 2025 as oil production entered its first full year.
- Non-hydrocarbon GDP growth eased to 2.2 percent in 2025.
- In the first quarter of 2026, non-hydrocarbon GDP growth rebounded to 4.7 percent year-on-year, supported by strong private consumption.
- Inflation:
- Inflation remained within the target range at 1.4 percent (2025).
Policy objectives and reforms
- Program aims:
- Restore macroeconomic stability and debt sustainability.
- Reduce fiscal and external vulnerabilities.
- Increase social spending.
- Support sustainable, private sector-led growth.
- Fiscal strategy:
- Strengthen domestic resource mobilization.
- Streamline expenditure.
- Reinforce social safety nets, particularly through targeted cash transfers.
- Structural and governance reforms:
- Adopt a medium-term revenue strategy in 2027 to strengthen domestic revenue mobilization and create space for priority spending.
- Enhance fiscal governance, including improved public debt management, stronger monitoring of domestic arrears, and improved oversight of state-owned enterprises (SOEs).
- Improve the business environment and promote financial inclusion to support private sector-led growth.
- Authorities have announced their intention to seek a debt treatment to restore debt sustainability.
- Safeguards and accountability:
- Staff welcomes the authorities’ engagement and commitment to addressing vulnerabilities revealed by past misreporting.
- Further decisive action is needed to resolve misreporting issues and strengthen safeguards to prevent similar occurrences.
Engagement and consultations
- During the visit, the IMF team met with:
- His Excellency President of the Republic Mr. Bassirou Diomaye Diakhar Faye
- Prime Minister Mr. Ahmadou Al Aminou Lo
- First President of the Cour des Comptes Mr. Abdoul Madjib Guèye
- Minister of Economy, Finance and Planning Mr. Cheikh Diba
- Minister-Delegate to the Minister of Economy, Finance and Plan in charge of the Budget Mr. Bassirou Sarr
- Vice-Governor of the Central Bank of West African States (BCEAO) Mr. Mamadou Diop
- National Director of the BCEAO Mr. François Sène
- Several senior officials, development partners, private sector and civil society representatives, and other stakeholders.
Contact and press information
- Press Release No. 26/282
- Date: September 1, 2026
- IMF Communications Department — MEDIA RELATIONS
- PRESS OFFICER: Tatiana Mossot
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- @IMFSpokesperson
International Monetary Fund — Press Release No. 26/282, September 1, 2026