26.03.2025 09:11
The International Monetary Fund has confirmed that approximately $7 billion of public debt in Senegal was concealed between 2019 and 2024. IMF officials have been in contact in Senegal to establish a new roadmap following the debt scandal.
The International Monetary Fund (IMF) confirmed that Senegal concealed approximately $7 billion of public debt between 2019 and 2024. The IMF stated that the findings of the Court of Accounts regarding the concealment of $7 billion of public debt during the presidency of former President Macky Sall were accurate.
DEBT STILL AT A PAYABLE LEVEL
An IMF delegation visited Senegal to establish a new roadmap following the revelation of the debt scandal. Edward Gemayel, who led the delegation, confirmed in a statement to the press that the manipulation of public borrowing figures, previously revealed by the Court of Accounts report, was indeed true. Gemayel emphasized that although the concealed public debt during the 2019-2024 period constituted 100% of the Gross Domestic Product (GDP), the debt is still payable.
INCOMPLETE DECLARATIONS
Gemayel highlighted that Senegal has the capacity to repay the mentioned debt and stated that they have begun working on establishing necessary mechanisms to prevent such a situation from occurring again. He informed that they would present a report to the IMF Board of Directors regarding this incomplete declaration, noting that the IMF would decide on the repayment of the loans given to Senegal. This decision is expected to be clarified as early as the beginning of May.
APPROXIMATELY 10% OF PUBLIC DEBT CONCEALED
In February, the Court of Accounts in Senegal published a report covering the public finances between 2019 and 2024 during the presidency of former President Macky Sall, revealing that a portion of the country's public debt had been concealed. The report indicated that during this period, the amount of debt equivalent to 99% of GDP was recorded as 73.6%, revealing that approximately 10% of the debt was concealed. Former President Sall, who voluntarily relocated to Morocco after the presidential elections in March 2024, denied allegations of fraud in public accounts. Claims regarding the underreporting of debt first emerged in October 2024, leading the IMF to suspend its €1.8 billion support program for Senegal.