Macky Sall returns to Dakar for UN Secretary-General consultations, requests no large mobilization

politics Senegal

Aminata Touré denies role in alleged rift between President Faye and Ousmane Sonko

Aminata Touré, the High Representative of the President of the Republic and general supervisor of the Kiiraay – Les Patriotes Républicains party, has responded to accusations that she caused a political rift between President Bassirou Diomaye Faye and his former Prime Minister, Ousmane Sonko. Touré categorically denied these claims, stating she had no responsibility in any discord between the two leaders. She emphasized that she was already serving as the supervisor for the "Diomaye Président" coalition before Bassirou Diomaye Faye's election to the presidency. The former Prime Minister explained that her commitment to the head of state is a continuation of her political work, asserting it would be inconsistent to help him gain power only to then obstruct his actions.

SeneNews12 mins ago1 min

Moody's downgrades Senegal's rating due to political tensions

Must read

business Senegal

Moody's downgrades Senegal's rating due to political tensions

Moody's has downgraded Senegal's sovereign rating from Caa1 to Caa2, marking the fifth downgrade in just over a year. The rating agency's comprehensive report indicates that political instability at the highest levels of government is eroding the confidence of international creditors and investors. Moody's analysis highlights several constraints on Senegal's economic dynamics, particularly sociopolitical risks. The agency notes that political tensions, significant social pressures, and rising regional security risks limit the Senegalese authorities' ability to implement the necessary sustainable fiscal adjustment to reduce debt. Moody's explicitly points to the tensions between the Executive and the National Assembly as a significant risk factor that could directly impact the implementation of budgetary measures crucial for public finance consolidation. The agency specifically cites the dismissal of former Prime Minister Ousmane Sonko and his subsequent election as President of the National Assembly as having exacerbated institutional tensions between the executive and legislative branches, increasing the risk of delays in fiscal measures. This rupture between President Bassirou Diomaye Faye and his former Prime Minister is now viewed by markets as a concrete risk to the country's fiscal trajectory and its ability to honor its debt. Moody's warns that prolonged confrontation between the executive and the National Assembly could slow fiscal reforms at a time when Senegal needs

Moody's downgrades Senegal's sovereign rating to Caa2 with a negative outlook

Must read

business Senegal

Moody's downgrades Senegal's sovereign rating to Caa2 with a negative outlook

Moody's has once again downgraded Senegal's sovereign rating, lowering it from Caa1 to Caa2 and maintaining a negative outlook. This marks the fifth downgrade for the country in just over a year, following a series of reductions that began in October 2024. The rating agency attributes this decision to a heightened risk of default, stemming from persistent liquidity tensions and the potential need for debt treatment to alleviate these issues. Moody's also points to increased refinancing risks and a high debt burden. Despite ongoing discussions with the IMF, the prolonged absence of concessional financing and a fiscal anchor forces Senegal to rely more on regional financial markets for debt refinancing, as access to international capital markets is considered prohibitive. The agency notes that interest payments have surged from 16.1% of state revenues in 2023 to 23.7%, illustrating the growing financial pressure on public finances. While acknowledging the government's commitment to reducing the deficit, Moody's highlights limiting factors such as social pressures, political and institutional tensions, slower-than-expected growth, and high subsidies, particularly for energy. The agency warns that an insufficient fiscal adjustment could exacerbate liquidity tensions and jeopardize debt sustainability. Dakar has consistently responded to previous downgrades by denouncing the analyses as speculative, subjective, and biased, arguing they do not reflect the country's economic fundame

Macky Sall returns to Dakar for UN Secretary-General consultations, requests no large mobilization

Get the pulse of Africa in your inbox

More from Senegal

Aminata Touré denies role in alleged rift between President Faye and Ousmane Sonko

Moody's downgrades Senegal's rating due to political tensions

Moody's downgrades Senegal's sovereign rating to Caa2 with a negative outlook