The Senegalese head of state, President Bassirou Diomaye Faye, is taking a hands-on approach to resolving the country’s debt crisis, personally overseeing negotiations with the International Monetary Fund (IMF). This move comes as Prime Minister Ousmane Sonko hosted a high-profile conference in Dakar, focusing on alternatives to traditional solutions proposed by Bretton Woods institutions. The presidential office clarified that Faye is directly engaged in the talks to address the fallout from undisclosed liabilities uncovered in 2024 by the previous administration.
In a display of leadership, President Faye met with the IMF’s Managing Director, Kristalina Georgieva, on the sidelines of the Africa Forward Summit in Nairobi. Their discussions centered on potential solutions to Senegal’s mounting debt challenges. The two leaders agreed to continue negotiations, as confirmed by the presidential office. «This is a matter of top priority for the President, one to which he is fully committed,» the statement emphasized. The meeting also addressed economic shocks stemming from conflicts in the Middle East, particularly rising energy costs and their impact on the national economy.
Prime Minister Sonko had previously criticized the IMF’s push for debt restructuring, calling the proposal «shameful» in a public statement last year. The Fund suspended a $1.8 billion program in 2024 after discrepancies were found in initial debt reports. Dakar is now seeking a new loan program to manage a debt load exceeding 130% of the country’s GDP.
The IMF has also revised downward its economic growth forecasts for Senegal this year, warning of a larger-than-anticipated current account deficit.
