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Bond Market News
IMF Plans New Loan Program Discussion with Senegal
July 25, 2025
The IMF is planning to send a mission to Senegal in August to address billions in hidden debts uncovered under the previous administration and to begin discussions on a new loan program. Following the news, Senegal’s bonds rose sharply as seen in the chart above. Senegal’s hidden debt is estimated at $11.3bn by end-2023 as per the IMF, with other estimates at around $13bn. As Reuters notes, the scale of Senegal’s hidden debts makes it significantly larger than Mozambique’s $3bn “tuna bond” scandal. The IMF, which froze its previous loan program, needs more data and agreement on corrective measures before its board can decide whether to grant a misreporting waiver or require Senegal to repay previous disbursements. An agreement could be reached in the coming weeks, potentially enabling Senegal to negotiate a new IMF program. The IMF is also conducting an internal review to understand how the hidden debts went undetected. Senegal was downgraded by S&P last week to B- due to mounting financing needs.
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