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Senegal and the IMF are extending talks in Dakar to finalize the framework for a new lending program, following an IMF spokesperson describing the talks as “productive”. Senegal is urgently seeking to secure this agreement, after its Finance Minister met with the IMF Managing Director in Washington last month to accelerate the process. This new facility is crucial after the IMF suspended Senegal’s previous $1.8bn program, triggered by the discovery of misreported debt figures under the former administration. The IMF had then estimated Senegal’s total liabilities to be 132% of its GDP, significantly higher than the government’s own latest estimate of 119%. The ongoing talks aim to establish a stable financial path forward for the nation amid these debt concerns.
Senegal’s 6.25% 2033s were trading weaker by 0.4 points at 70.9, yielding 13.0%.
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