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Bond Market News
Senegal Bonds Tumble After Audit Unveils Larger Deficit
September 30, 2024
Senegal’s bonds dropped by 1-2 points across the curve after the current government’ audit revealed larger debt and deficit figures than the previous administration had reported. The audit revealed a deficit exceeding 10% at the end of 2023, in contrast to approximately 5% reported by the previous administration, economy minister Abdourahmane Sarr disclosed on Thursday. Public debt surged to an average of 76.3% of GDP, significantly higher than the previously reported 65.9%. Sarr highlighted that these alarming figures, coupled with the fear of breaching IMF regulations, prevented the previous government from requesting IMF funds that could have been released in July. The IMF said the government had shared the initial audit findings and that it was working with them to determine appropriate next steps.
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