Senegal recruits financial advisor for public debt management amid IMF negotiations
via SeneNews5 min read
Senegal is actively seeking a financial advisor specializing in public debt management. This move is part of broader reforms aimed at enhancing transparency and rebuilding investor confidence, especially during ongoing negotiations with the International Monetary Fund IMF. The country's efforts to reorganize its public debt management come after new authorities in 2024 revealed over $13 billion in undeclared commitments. The IMF has made an independent audit of public debt a prerequisite for a new support program. Senegal's debt-to-GDP ratio is estimated by the IMF to be around 132%. The selected firm may collaborate with Global Sovereign Advisory GSA, a Parisian firm already assisting the government with debt matters since November. This initiative is crucial as access to international markets remains challenging due to increased borrowing costs. Senegal has recently utilized the UEMOA regional financial market and complex financing mechanisms like TRS to meet its needs and avoid default. The recruitment of this advisor follows the establishment of the Directorate General of Financing and Public Debt DGFD on June 17, led by Babacar Touré, former director general of Africa Bank Senegal. This new directorate centralizes the management of public financing and debt, which was previously spread across multiple administrations. Discussions with the IMF are ongoing to finalize a new program, following the suspension of a previous $1.8 billion program, with both parties expressing a
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