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Senegal Faces Calls to Cancel Additional $7bn in Previously Undisclosed Debt
August 25, 2025
A coalition of lawmakers, economists, and civil groups in Senegal have called for an audit and potential cancellation of an additional $7bn in previously undisclosed debt. This debt, which was incurred by the previous administration without parliamentary approval, was discovered by the new government. The revelation has created financial problems for Senegal that included the cancellation of a $1.8bn IMF loan and a further downgrade of its credit rating to B3 and B- by Moody’s and S&P respectively. The new government, while ruling out debt restructuring, is focused on extending repayment deadlines, cutting spending, and increasing revenue to manage the fiscal strain. Lawmakers argue that the unapproved debt should be audited and, if found to be illegal, cancelled to protect the country’s interests. An IMF team is currently in Senegal to investigate the misreporting, and their findings will determine if Senegal has to repay part of a previously disbursed loan.
Senegal’s dollar bonds were trading ~0.4 points higher with its 6.25% 2033s currently at 75.6, yielding 11.6%.
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