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Senegal’s Dollar Bonds Fall on Reports Revealing Understated Debt, Deficit Numbers
February 13, 2025
Senegal’s dollar bonds fell by over 1-1.2 points across the curve after the state auditor’s findings revealed that the sovereign had understated government debt, budget deficit numbers. As per Senegal’s Court of Auditors, government debt-to-GDP jumped to a recalculated 99.7% and averaged at 76.3% through the five-year period spanning 2019-23. Senegal had initially reported it to be at 65.9%. The budget deficit was estimated at 12.3% of GDP in 2023, almost double the previously stated number. The court added that the numbers previously supplied to the IMF over the reviewed period were “very far from its real value”. The IMF had earlier suspended a $1.8bn program with Senegal. At the time, it was in talks for a new facility that was halted pending the auditors report. The IMF has said that it will now analyze the report before initiating “the misreporting process” that involves internal consultations and discussions with the authorities.
Senegal’s 6.25% 2033s were down by 1.2 points, trading at 81.2, yielding 9.95%.
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